Data room for an infrastructure fund raise
An infrastructure fund data room shows LPs how each asset earns its cash flow: regulated returns, long-term contracts or concessions, and the risks attached to each. Alongside the PPM, LPA and DDQ, LPs read asset-level cash yield history, contract and permit summaries, and the manager's approach to construction and political risk.
Folder index
- 01 Fund overview Strategy (core, core-plus, value-add), sectors, target yield and return, fund term.
- 02 Offering documents PPM, LPA draft, subscription booklet.
- 03 Track record Asset-level returns and cash yield by year, entry and exit details.
- 04 Asset files Per-asset summaries of revenue model, contracts, concession terms and capex.
- 05 Construction record Projects delivered, budget versus actual, schedule versus actual.
- 06 Regulatory and political risk Rate regime summaries, government counterparty exposure, review processes.
- 07 ESG and safety Emissions data, safety incidents, reporting framework used.
How this raise works
Infrastructure funds invest in transport, energy, utilities, digital infrastructure such as fiber and towers, and social infrastructure. Core and core-plus funds aim for steady cash yield and often run longer than buyout funds or as open-ended vehicles; value-add and opportunistic funds take construction or repositioning risk for higher returns. LPs are mainly pensions, insurers and sovereign wealth funds that want long-dated, inflation-linked income.
Diligence goes asset by asset. LPs review revenue models (regulated rate base, availability payments, take-or-pay contracts, merchant exposure), contract counterparties and their credit quality, concession end dates and handback terms, permits, and capital expenditure plans. For development assets they read construction contracts, contractor track records and cost overrun history.
Regulatory and political risk gets its own review: rate cases, government counterparties, and, for foreign LPs or foreign-controlled managers, possible national security review of investments in critical infrastructure. Many LPs also want ESG data such as emissions and safety records, which belong in a dedicated folder with sources noted.
Best data rooms for this raise
The 16 rooms re-ranked with this raise's weights. Raise workflow carries the most weight here.
- Investor tracking 22%
- Permission control 22%
- Raise workflow 25%
- Investor onboarding 15%
- Cost of a raise 16%
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Full deal room with AI, a listed price and a 14-day free trial.
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Long-running M&A platform with layered permissions and fast support.
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Bank-grade platform for large processes, with AI and a mobile app.
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Deal room with AI and readiness tools for preparing a process.
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One of the oldest deal rooms, common on bank-led transactions.
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Simple flat-rate deal room with signing and Q&A.
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Price Priced on request Trial Free trial available Features 7 of 12 listed -
Content cloud with watermarks and signing, priced per user.
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European deal room strong in real estate, with AI features.
Price Priced on request Trial Demo on request Features 8 of 12 listed
Places 11 to 16: DealRoom (7.0), SmartRoom (7.0), ShareVault (6.8), Venue by DFIN (6.4), Digify (6.1), DocSend (5.8)
Folder index for the room
A starting index for this raise. Number the folders so the order survives exports and investors can cite them in questions.
- 01 Fund overviewStrategy (core, core-plus, value-add), sectors, target yield and return, fund term.
- 02 Offering documentsPPM, LPA draft, subscription booklet.
- 03 Track recordAsset-level returns and cash yield by year, entry and exit details.
- 04 Asset filesPer-asset summaries of revenue model, contracts, concession terms and capex.
- 05 Construction recordProjects delivered, budget versus actual, schedule versus actual.
- 06 Regulatory and political riskRate regime summaries, government counterparty exposure, review processes.
- 07 ESG and safetyEmissions data, safety incidents, reporting framework used.
- 08 TeamBios with sector and operating experience, asset management resources.
- 09 DDQ and ODDDDQ, valuation policy and discount rate approach, administrator, auditor.
- 10 LP foldersPer-LP side letter drafts, co-investment interest, specific requests.
Features this raise needs
| Feature | Why | Ellty | iDeals | Datasite | Ansarada | Intralinks | SecureDocs |
|---|---|---|---|---|---|---|---|
| Investor activity log | A per-investor record of opens, pages and minutes, which tells the IR team who is in diligence and who stalled. | ||||||
| Q&A module | LPs and lead investors post questions on a file; the deal team routes each one, drafts a reply and decides who sees it. | ||||||
| Drag-and-drop folders | An entire numbered folder tree goes up in a single drop, structure intact. | ||||||
| Dynamic watermarks | Stamps the reader and a timestamp over every page, so a PPM that leaks carries its source with it. |
Setting up the room
- 01
Build one file per asset
Use the same subfolder order for every asset so LPs can compare contracts, capex and yield quickly.
- 02
Show cash yield, not only IRR
Infrastructure LPs buy income. Give annual distributions by asset and the drivers behind them.
- 03
Explain the discount rates
Valuations rest on long cash flow models. State the discount rate approach and how it changed over time.
- 04
Collect counterparty summaries
Summarize contract counterparties, their ratings and the contract end dates in one schedule.
- 05
Plan for co-investment demand
Large LPs often ask for co-investment rights. Track that interest in per-LP folders from the start.
Common mistakes
- Merchant exposure buried inside assets described as contracted.
- No construction track record when the strategy includes development.
- Concession end dates and handback obligations missing from asset summaries.
- Discount rate changes that move valuations with no explanation.
Calculators for this raise
Or take the four-question quiz and check the raise checklist.
Questions and answers
What do LPs look for in an infrastructure fund?
Reliable cash yield, contracted or regulated revenue, strong counterparties, a capable asset management team, careful valuation and a clear view of regulatory and construction risk.
How long is an infrastructure fund term?
Closed-end infrastructure funds often run longer than buyout funds, and some core strategies use open-ended structures with periodic liquidity. Terms vary by strategy and should be read in the LPA.
Do infrastructure LPs ask for co-investment?
Often. Large pensions and sovereign wealth funds use co-investment to add exposure at lower fees, so managers should plan how they will offer it.