Real assets have dominated private capital fundraising in France this year, as a single fund took the lion’s share of capital—hinting at investor appetite for risk-off assets against an uncertain political backdrop.

Fundraising for vehicles in the country targeting real assets—which mostly comprise infrastructure—hit €10.2 billion (about $11.9 billion) in the first three months, making up 67% of the €15.2 billion of French private capital raised in the period, according to PitchBook’s Q1 2026 France Private Capital Breakdown.

Much of the capital raised is down to one vehicle: InfraVia Capital Partners’ sixth European infrastructure fund, which closed at its €8 billion hard cap in March. The fund targets energy transition, digital infrastructure, mobility, and social infrastructure across European mid-market companies.

Also in March, Paris-based infrastructure fund manager Meridiam closed a €2.2 billion multi-asset continuation vehicle covering 22 infrastructure assets across Europe.

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The report notes how institutional investors typically favor infrastructure for its defensive characteristics and more predictable cash flows amid France’s continuing political uncertainty.

A prolonged crisis marked by repeated failures to pass a government budget, successive parliamentary no-confidence votes, and a revolving door of prime ministers have already dampened investor confidence in France.

More recently, this has been exacerbated by renewed global trade tensions and the ongoing conflict in the Middle East, which have weighed on investor sentiment. Against this backdrop, real assets can offer greater certainty than traditional buyout strategies for risk-off investors.

This article originally appeared on PitchBook News