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U.S. infrastructure cools in 2018; pension fund interest creeps higher

There were 690 private-capital infrastructure deals closed in 2018 covering $65 billion in investment, according to data from Preqin. Both deal size and the number of deals were down from 2017, when 883 deals were closed for an aggregate value of $100 billion. The average deal size was $90 million in 2018, down from $110 million the year before and the smallest average deal size since $70 million in 2010.

Energy infrastructure deals made up almost two-thirds of all U.S.-based deals. Renewable energy projects were the most prevalent at 45.1% off all deals, while conventional energy deals were about one-fifth of total activity.

The largest U.S. pension plans allocated about $31 billion to infrastructure as of Sept. 30, 2018, according to data from Pensions & Investments. The average allocation was 1.9% in 2018, up slightly from 1.8% in 2017.