The world needs infrastructure more acutely than ever. A cumulative $106 trillion in investments is imperative to meet global infrastructure requirements through 2040, not only for traditional assets such as roads, ports, bridges, and power grids but also for the next generation of those assets—and an emerging intersection of systems and facilities across verticals, including data centers, charging stations, fiber-optic networks, and more. This unprecedented call for capital can no longer be answered by the public sector alone.

Private capital is meeting the moment. In 2025, global infrastructure fundraising reached a record of nearly $200 billion, surpassing the previous high of $180 billion in 2022. Limited partners (LPs) continue to name infrastructure as the asset class they most want to increase their allocations to (increasingly for both diversification and performance) and are also displaying a willingness to move up the risk curve. General partners (GPs) are doing larger, more complex deals, with notably large funds (several holding $5 billion or more of committed capital) gaining share as the industry matures. - Mckinsey & Co

Muna B. Ndulo, William Nelson Cromwell Professor of International & Comparative Law; Elizabeth and Arthur Reich Director, Leo and Arvilla Berger International Legal Studies Program, Cornell LAw School.  His focus is in the fields of constitution making, governance and institution building, international criminal law, African legal systems, human rights, and international law and foreign direct investments.