As shown in Figures 2 and 3, nearly three-quarters of new fundraising by first-time fund managers is in infrastructure, but more than half of the funds are held by managers with more than one fund. Some of the largest fund managers-such as Macquarie and Highstar Capital-have also raised multiple funds.4 This would seem to indicate that investors are starting to recognize the importance of a track record in infrastructure, not only to develop well-structured transactions but also to provide the depth and breadth of resources necessary for ongoing asset management.