Carlyle Closes $2.3 B Infrastructure Credit Fund II as Hines and Rialto Finalize $1.1 B Office Credit Fund

The global private markets landscape saw two noteworthy developments on September 14–15, 2026. First, Carlyle successfully closed its second Infrastructure Credit Fund (CICF II) with total capital commitments of approximately $2.3 billion, exceeding its $2 billion target. Second, Hines and Rialto Credit Partners reached final close on a $1.1 billion office-focused private credit fund, underscoring continued investor interest in real estate credit amid office sector dynamics.

Carlyle Hits $2.3 B Final Close for Infrastructure Credit Fund II

On September 14, 2026, Carlyle announced the final closing of its Infrastructure Credit Fund II (CICF II), raising approximately $2.3 billion—beating its initial $2 billion target. The fund is more than triple the size of its predecessor, reflecting an acceleration of investor demand for private infrastructure credit strategies. CICF II has already committed roughly $500 million across six investments in infrastructure assets and businesses in North America and Europe, spanning sectors such as energy transition, digital infrastructure, transportation and logistics, low‑carbon power, and water and waste treatment. The fund pursues a relative value approach focused on below‑investment grade opportunities via directly originated and privately negotiated financing solutions. This ramp-up speaks to growing investor appetite for long-duration, income-generating infrastructure exposure outside traditional equity channels.

Hines and Rialto Secure $1.1 B for Office-Focused Credit Strategy

Also on September 14, Hines and Rialto Capital announced final close of their office-oriented credit fund—Hines Rialto Credit Partners—with commitments totaling $1.1 billion. The fund, launched in 2024, had previously secured a $700 million first close; this latest round completes the raise. The fund has already deployed capital, including a $228.9 million bridge loan to refinance the Textile Building at 295 Fifth Avenue in New York. The close signals significant investor demand for private real estate credit solutions, particularly for office assets, as managers employ specialized underwriting to navigate evolving sector dynamics.

Why These Moves Matter for Investors

Carlyle’s over-target fund close highlights robust investor confidence in private infrastructure credit as a growing segment of fixed-income allocations—driven by demand for yield, diversification, and exposure to critical infrastructure across multiple sectors. Meanwhile, the successful $1.1 billion raise for office-focused lending indicates that, despite broader office-sector headwinds, investors are channeling capital into niche credit strategies where underwriting expertise can unlock value.

Together, these developments underscore two parallel trends: the expanding role of private credit across infrastructure and real estate, and the continued willingness of institutional capital to flow into non‑public investment structures that offer tailored risk‑return profiles.

Looking Ahead

Investors now will watch how Carlyle deploys CICF II’s capital amid infrastructure opportunities, especially in energy transition and digital connectivity. Similarly, market participants will monitor Hines and Rialto’s lending activity in office markets to assess how effectively private capital is addressing liquidity and refinancing needs amid structural shifts.