BlackRock’s Global Infrastructure Partners is preparing to launch its sixth flagship infrastructure fund towards the end of this year, according to four sources familiar with the process.

The manager is expected to begin fundraising for its Global Infrastructure Partners VI (GIP VI) “towards the back end of this year”, the sources said, while discussions over the fund are in “early days”, one source added.

GIP is “discussing fund terms internally”, said one of the sources, adding that “no specific terms” have been “determined”.

GIP declined to comment.

The preparations come as GIP V, which closed on USD 25.2bn in 2025 above its USD 25bn target, is around 60% invested, one of the sources said.

BlackRock CEO Larry Fink said on the firm’s 1Q26 earnings call in April that GIP V was already majority committed.

“The speed at which we are deploying capital in GIP V in infrastructure speaks to that,” Fink said on the call.

“More countries have a greater need to build out their infrastructure, especially with the AI revolution,” he added.

GIP V has the same structure and strategy as its predecessor funds, with a 10-year fund length, a five-year investment period and a gross IRR target of 15%-20%, according to Infralogic data.

GIP V’s investments include TCR Group, the Brussels-based airport ground support equipment lessor, and the Rio Grande LNG export project in the US, according to Infralogic data.