The Infrastructure Fund That's Betting $8 Billion on Mid-Sized Cities

The Second-City Thesis

Brookfield Asset Management has quietly raised $8.2 billion for a fund targeting mid-sized cities in OECD countries — places like Hamilton, Halifax, Eindhoven, Lyon, and Adelaide.

The Numbers

Returns on infrastructure investment in mid-sized cities have outperformed major metropolitan areas by 180 basis points over the past decade. Less competition for deals, more cooperative municipal governments, and faster permitting.

What They're Buying

District energy systems. Fibre networks. Water treatment plants. EV charging infrastructure.