Top Infrastructure Investment Banks Ranked

The top infrastructure investment banks are Morgan Stanley, JPMorgan, Goldman Sachs and RBC Capital Markets on large infrastructure M&A. Evercore, Perella Weinberg, Lazard and Macquarie Capital lead among the independents and specialists. Santander, MUFG, SMBC, BNP Paribas and Société Générale lead project finance lending.

Infrastructure banking has two halves. Advisory teams sell and buy toll roads, pipelines, data centres and utilities. Project finance teams arrange the non-recourse debt (loans repaid only from the asset’s cash flows) behind them. The banks that lead one half are often absent from the other.

We rank banks on 2025 league table positions (Dealogic, PFI, GlobalData and TMT Finance) and on adviser roles in the largest infrastructure deals announced between January 2024 and October 2025.

Top infrastructure investment banks at a glance

The table groups the banks by where they win infrastructure mandates.

How infrastructure league tables work

A league table ranks banks by the value or number of deals they worked on. Infrastructure tables come from specialist providers such as IJGlobal, PFI, Infralogic and TMT Finance, plus general M&A providers such as Dealogic and GlobalData.

IJGlobal’s published methodology credits the two roles very differently:

• Financial advisers: credited with the full value of each transaction, if they were formally mandated.
• Mandated lead arrangers (MLAs): the banks that commit and arrange the debt. Each is credited with its underwritten share of the debt at financial close (the date the loans are signed and funds become available).
• Equal split: if each bank’s share is not disclosed, IJGlobal splits each tranche equally between the lenders.
• Late joiners: lenders that join more than 90 days after financial close get no credit.

Here is how the same project shows up in each table. Assume a $1,000m project loan with four MLAs on equal shares and one financial adviser (example figures):

• Credit per MLA = $1,000m / 4 = $250m
• Credit to the financial adviser = $1,000m
• Total lender table credit = 4 x $250m = $1,000m

An adviser on ten such deals shows $10bn of credit. A lender on the same ten deals shows $2.5bn. Compare banks only within the same table and role.

Bulge bracket banks in infrastructure M&A

The large US banks win the biggest infrastructure company sales and take-privates. They combine M&A advice with the balance sheet to fund the buyer.

1. Morgan Stanley: joint financial adviser to Brookfield Infrastructure on the acquisition of Colonial Enterprises, the US fuel pipeline owner. Brookfield’s 3 April 2025 announcement put the enterprise value at about $9bn, or 9x EBITDA. Morgan Stanley was also fourth by value in GlobalData’s 2025 construction M&A table, at $28.3bn across 15 deals.

2. JPMorgan: financial adviser to Blackstone Infrastructure on its $11.5bn take-private of TXNM Energy, announced on 19 May 2025. JPMorgan advised on the most construction deals in GlobalData’s 2025 table (19) and was third by value ($35.5bn). TMT Finance also placed it in the top three in several 2025 US digital infrastructure lending tables.

3. Goldman Sachs: first by value in GlobalData’s 2025 construction M&A table, at $43.3bn across 15 deals. Bank of America ($41.9bn) and JPMorgan followed. That table covers the construction sector, which includes the contractors that build infrastructure.

Canadian and Japanese banks

These banks pair infrastructure advice with large lending books. That combination wins mandates from funds that need advice and debt on the same deal.

4. RBC Capital Markets: lead financial adviser to Blackstone Infrastructure on TXNM Energy. TXNM’s own advisers were Wells Fargo (lead) and Citi. RBC was also joint financial adviser to Blackstone and CPP Investments on AirTrunk, the data centre operator, at an enterprise value of over A$24bn. On AirTrunk it was the lead structuring bank on the debt and the lead deal-contingent hedging provider.

5. Mizuho: Greenhill, a Mizuho affiliate, was joint financial adviser to Brookfield on Colonial alongside Jefferies and Morgan Stanley. Mizuho was fifth by value in GlobalData’s 2025 construction M&A table, at $24.4bn.

Elite boutiques and independent advisers

Independent advisers have no loan book. They win board-level mandates where conflict-free advice counts, such as sales of infrastructure managers and contested take-privates.

6. Evercore: lead financial adviser to Global Infrastructure Partners (GIP) on its sale to BlackRock. Infralogic reported the deal on 12 January 2024 at more than $12.5bn, made up of $3bn in cash and about 12 million BlackRock shares.

7. Perella Weinberg Partners: lead financial adviser to BlackRock on the same GIP deal.

8. Lazard: agreed to buy Campbell Lutyens, the private capital adviser, for $575m, as Infrastructure Investor reported on 30 April 2026. The deal creates Lazard CL, a private capital advisory platform. It expands Lazard’s work for infrastructure and credit funds.

Infrastructure specialist: Macquarie Capital

9. Macquarie Capital: the advisory and principal investing arm of Macquarie Group. Its advisory work covers M&A, PPPs (public-private partnerships) and project finance. Macquarie says it ranked No. 1 for M&A in Australia and New Zealand on Dealogic data for completed deals from 1 April 2025 to 31 March 2026, by value and count.

It had 30 offices across 22 markets at 31 March 2026. In June 2025 it named Sean Yajnik Head of Digital Infrastructure Advisory for the Americas, in New York. Macquarie Capital also invests its own capital in infrastructure and energy projects.

Project finance banks

These banks lead the debt side. They arrange and underwrite project loans and bonds for renewables, transport, digital and social infrastructure. Several also run project finance advisory teams.

10. Santander: ranked number one in the 2025 Dealogic project finance tables overall, across financial advisory, loan arranging and energy transition financing. It also holds leading positions in EMEA, Latin America and North America.

11. MUFG: ranked No. 1 among global lead arrangers on PFI’s 2024 project finance league table. PFI also named it Global Debt House of the Year in its 2024 awards.

12. SMBC: led every lender table in TMT Finance’s first US digital infrastructure loans league tables, for 2025, published in February 2026. Those tables tracked nearly $133bn of deals, and just over $106bn came from 57 data centre financings.

13. BNP Paribas: first globally as project finance bookrunner on 2025 data, according to Euromoney’s 2026 awards. The deals Euromoney cited included the £5.5bn financing for Sizewell C, the UK nuclear plant, and the £3.6bn debt package for East Anglia 3 offshore wind.

14. Société Générale: named the world’s best investment bank for infrastructure finance in Global Finance’s 2026 sector awards, published on 20 April 2026.

What is driving infrastructure deal flow

Project finance volumes rose sharply in 2025. IJGlobal recorded $1.174tn of global project finance for the year, up 37.37% on 2024.

Three themes run through the mandates above:

• Data centres: AirTrunk and the 57 US data centre financings in TMT Finance’s tables show how much debt digital infrastructure now absorbs.
• Take-privates by infrastructure funds: Blackstone’s TXNM deal and Brookfield’s Colonial deal both needed a bank to advise and a bank to fund.
• Manager consolidation: BlackRock’s purchase of GIP and Lazard’s purchase of Campbell Lutyens show advisers following the funds themselves.

Our guide to infrastructure private equity explains how these funds underwrite assets, and our ranking of the top infrastructure private equity firms lists the investors on the other side of these mandates.

How to choose an infrastructure bank

Start by deciding which half of infrastructure banking you want. M&A advisory and project finance lending lead to different day-to-day work.

If you are recruiting, check three things for each bank:

• Team type: an infrastructure M&A group values companies and runs sale processes. A project finance team builds cash flow models, sizes debt on cover ratios and negotiates loan terms. Ask which team the role sits in.
• Client mix: some teams mostly advise infrastructure funds and pension investors, others advise governments and corporates. Fund-heavy teams give you the best route into infrastructure private equity.
• Sub-sector: power and utilities overlap with energy groups. Our list of top energy and power investment banks covers that side.

If you are choosing an adviser for a sale, ask for recent deals in your sub-sector and size band, and who on the team ran them. If you need debt, ask the bank which of its recent project loans it underwrote and which it only joined.

Our guide to bulge bracket vs elite boutique banks compares pay and training, and our guide to project finance modelling covers the model you will build in a project finance team.

FAQ

Which bank is number one for infrastructure?

Santander is number one for project finance, ranking first in the 2025 Dealogic tables across advisory and loan arranging. MUFG was first among global lead arrangers on PFI’s 2024 table. For large infrastructure M&A, Morgan Stanley, JPMorgan and RBC advised on large 2025 deals such as Colonial and TXNM.

What is the difference between infrastructure M&A and project finance?

Infrastructure M&A teams advise on buying and selling companies and assets, such as pipelines, utilities and data centres. Project finance teams arrange non-recourse debt for individual projects, repaid only from each project’s cash flows. M&A league tables credit advisers with the full deal value. Lender tables credit each bank with its share of the debt.

Which boutiques are strongest in infrastructure?

Evercore and Perella Weinberg advised the two sides of BlackRock’s purchase of GIP, valued at more than $12.5bn. Lazard is adding Campbell Lutyens, a private capital adviser, in a $575m deal reported in April 2026. Macquarie Capital is the main infrastructure specialist, with PPP and project finance advisory teams and the No. 1 ANZ M&A ranking.

Is infrastructure a good group for investment banking analysts?

Yes, if you want long-term cash flow modelling and a route to infrastructure funds. You learn contracted and regulated revenue models, debt sizing and asset valuation. Deal flow is strong, with IJGlobal recording $1.174tn of project finance in 2025. Fund-facing teams give you the most contact with future employers.

Conclusion

The top infrastructure investment banks split into two groups. Morgan Stanley, JPMorgan, Goldman Sachs, RBC and the elite boutiques lead infrastructure M&A, while Santander, MUFG, SMBC, BNP Paribas and Société Générale lead project finance. Compare banks within the same role and league table before you apply or hire one.

P.S. If you are reaching out to infrastructure bankers for a role or a mandate, start with the Investment Banking Contacts Database [Global]. Browse our Premium Resources for additional tools, and join the Private Equity Bros newsletter for weekly finance updates and the latest financial reports.

Sources

• Brookfield Infrastructure Announces the Acquisition of Colonial Enterprises
• TXNM Energy Enters Agreement to be Acquired by Blackstone Infrastructure
• Blackstone and CPP Investments acquire AirTrunk in A$24B landmark deal
• Blackrock to acquire GIP for over USD 12.5bn
• Goldman Sachs leads construction M&A deal value for 2025
• Global project finance leadership across advisory and lending
• League Table Criteria & Methodology