Cantor Fitzgerald Infrastructure Fund
Score
4
- ClassA
- Managed byCantor Fitzgerald Investment Advisors, L.P.; Capital Innovations, LLC (Sub-Advisor)
- Release dateOctober 10, 2024
- UpdatedSeptember 10, 2025
Net Asset Value
$450M (as of July 2025)Max. Offering Size
Unlimited (interval fund)Investment Style
Global private & public infrastructureHQ Location
New York, NYAmount Raised
$450M (as of July 2025)Legal Construction
Delaware statutory trust; interval fund (1940 Act)Asset Class
InfrastructureInception
June 2022Eligibility
U.S. retail & institutional investorsMin. Investment
$2,500 (regular); $1,000 (retirement); $100 subsequentAnnualized Distribution Rate
4.00% (2025)Net Total Return
13.34% annualized (Class A)Distributions
QuarterlyIncentive Fee
NoneAnnual Management Fee
2.50% cap (Class A)Holding Period
Open-ended; quarterly redemptionsAdvisor
Cantor Fitzgerald Investment Advisors, L.P.Dealer Manager
Cantor Fitzgerald SecuritiesAuditor
RSM US LLPCounsel
In-house (Cantor Fitzgerald, L.P.)The Bottom Line
Cantor Fitzgerald Infrastructure Fund promises access to institutional-quality private infrastructure with an impressive 13.34% annualized return since inception and quarterly distributions averaging 4–5%, but here’s what they don’t highlight upfront: you’re paying 3.34% annual fees (among the highest in the industry) plus up to 5.75% sales loads while locked into quarterly liquidity windows that can limit access during market stress. The infrastructure theme sounds compelling until you realize you're essentially getting a leveraged real estate play with commodity exposure during a period when infrastructure faces secular headwinds from rising rates.
The real story? While Cantor significantly outperformed all traditional investments over the recent 3+ years, including crushing the struggling REIT sector, you’re paying premium fees for access to an asset class that historically correlates with REITs during downturns. For investors building wealth, this represents a legitimate portfolio diversifier that offers inflation protection and income generation, but requires careful consideration of the high fee structure and complex underlying investments.
Your Money vs. Reality
Over the 3.25-year period since fund launch (June 2022 – September 2025), Cantor Fitzgerald Infrastructure Fund significantly outperformed all traditional asset classes, generating $5,713+ more than REITs. The fund’s resilience during rising rate environments demonstrates the value proposition of diversified infrastructure exposure, though high fees remain a concern for long-term compounding.
$10,000 Over 3.25 Years (Jun 2022 – Sep 2025):
Index Sources: iShares Select US REIT ETF, iShares Core 60/40 Balanced Allocation, SPDR S&P 500 ETF Trust, SPDR Gold Trust, iShares 0-5 Year TIPS Bond ETF, and iShares 7-10 Year Treasury Bond ETF.
Key Takeaways:
- Cantor Infrastructure significantly outperformed all asset classes during a challenging period for real assets
- Generated $5,713+ more than REITs over the period
- High fees remain a concern — outperformance must persist just to keep pace with low-cost alternatives
Fund Strategy
Provides diversified global infrastructure exposure across private funds (~70%) and public securities (~30%). Focuses on sectors like energy, utilities, transport, digital, water, and renewables, aiming to deliver steady income with inflation protection and long-term growth through an interval fund structure.
Fit Check
Available to:
U.S. retail and institutional investors
Ideal For:
- Investors seeking core, income-oriented infrastructure exposure with inflation protection
- Those comfortable with quarterly liquidity and moderate fund fees
Less Ideal For:
- Investors needing daily liquidity or ultra-low fees
- Those already heavily allocated to real estate or infrastructure via ETFs
Fast Facts
Key Concern
Reality Check
High Fee Structure at 3.34%
Among the highest in the industry, significantly reducing net returns.
Quarterly Liquidity Limitations
Repurchase requests subject to 5% quarterly limits and delays.
Complex Private Infrastructure Exposure
Underlying investments lack transparency and daily pricing.
High Correlation to REITs in Stress
May not provide diversification when most needed in downturns.
Pros/Bulls Say
- Institutional-quality infrastructure access made retail-friendly: Tapping a $20B+ platform that normally requires $25M+ minimums, with daily NAV pricing and simplified 1099 tax reporting.
- Diversified exposure to secular infrastructure megatrends: Including digital transformation, renewable energy, utilities, transport, and data centers across global markets.
- Strong early performance: 13.3% annualized returns since inception with a ~4–5% distribution yield, providing both income and growth plus historical inflation protection when bonds falter.
Cons/Bears Say
- Extremely high costs: A 3.34% annual expense load plus up to 5.75% upfront sales charge, versus ETFs charging under 0.60%. Reliant on consistent outperformance just to breakeven.
- Liquidity pinch: Quarterly redemptions are capped at 5% of NAV, meaning investors could be blocked from accessing cash during downturns or market stress.
- Secular headwinds: Rising rates can compress valuations, ESG/regulatory hurdles add costs, and technology-driven disruption threatens legacy utility models within the portfolio.
Verdict
4/5 — Cantor Fitzgerald Infrastructure Fund offers rare retail access to institutional-scale private infrastructure and an attractive mix of income and growth. However, very high fees and liquidity limits make it best suited for investors seeking a long-term, core infrastructure allocation who can tolerate complexity and costs, rather than fee-sensitive wealth builders.
Fees & Expenses
Fee Type
Why It Matters
How Calculated
Class A
Management Fee
Portfolio management and administration
% of NAV, accrued daily
1.25% annually
Total Expense Ratio
All-in operating costs (mgmt + sub-adviser)
% of NAV, accrued daily
3.34% annually (after waivers)
Sales Load
Upfront broker/dealer commission (Class A)
% of investment at purchase
Up to 5.75%
Fee Impact Example:
A $10,000 investment held for 10 years at a 6% net portfolio return:
- You’d pay $575 upfront in sales charges, plus about $334/year in ongoing expenses = $3,915 over a decade.
- That could erase 40–50% of potential gains, making outperformance critical just to keep pace with low-cost infrastructure ETFs.
Portfolio Snapshot
Based on July 2025 data:
Sector Breakdown:
Investment Type Split
Geographic Allocation
Overview
ALIGNMENT: Above Average
- The 3.34% expense ratio and up to 5.75% sales load create meaningful misalignment, rewarding managers and distributors upfront while reducing investor returns from the start.
- Limited transparency on fee allocation and the interval fund structure reduce accountability, though quarterly distributions provide some shared alignment through visible cash flow.
PERFORMANCE: Above Average
- Recent 13.34% annualized returns were earned in favorable markets and may not persist without a longer record through challenging economic or rate environments.
- Heavy allocations to private infrastructure funds heighten concentration concerns, raising uncertainty about distribution sustainability over full cycles.
BUSINESS RISK: Above Average
- Cantor’s infrastructure platform, launched in 2022, lacks maturity and long-term credibility, relying heavily on external adviser Capital Innovations for expertise.
- The firm’s strength in trading contrasts with infrastructure’s operational demands, leaving potential capability gaps in monitoring and execution.
MARKET RISK: High
- Rising interest rates and regulatory changes can materially impact asset values, eroding the relative appeal of infrastructure yields versus fixed income.
- Broader economic downturns and technology disruption, such as distributed energy or 5G costs, may weaken traditional infrastructure demand and revenues.
LIQUIDITY RISK: Above Average
- Investors are restricted to quarterly redemptions capped at 5% of NAV, which can create extended access delays during market stress or personal cash needs.
- Illiquidity of private holdings introduces timing mismatches, potentially forcing distressed sales of public securities to meet redemption requests.
DEBT RISK: Average
- Use of up to 33% leverage increases volatility, with refinancing and debt servicing pressures amplified by an environment of higher interest rates.
- Infrastructure projects are often debt-heavy and exposed to currency swings, environmental liabilities, or stranded asset risk requiring fresh capital.
TRANSPARENCY: Average
- Regular NAV updates and quarterly reports provide some visibility, but details on underlying holdings and valuations are sparse compared to public funds.
- Heavy reliance on appraisals and estimates adds uncertainty, making attribution of specific sector or regional performance difficult to evaluate.
Manager Insights
The people running your money matter. Here's what you need to know about this team:
Bill Ferri
Global Head of Asset ManagementExperience & Highlights: 25+ years in finance; leads Cantor Fitzgerald Asset Management with $2B+ AUM; former senior roles at UBS and Credit Suisse; expertise in real assets and alternative strategies.
Education: B.S., Cornell University (1988); J.D., University of North Carolina at Chapel Hill School of Law (1991).
Jay Frank
President, Cantor CapitalExperience & Highlights: 20+ years in investment management; COO of Cantor Fitzgerald Investment Management; former roles at Deutsche Bank and Morgan Stanley; infrastructure and real assets expertise.
Education: B.A., Economics, UC Santa Barbara.
Cantor Fitzgerald Infrastructure Fund is managed by Cantor Fitzgerald Investment Advisors, L.P., with Capital Innovations, LLC serving as sub-adviser. The team brings over 45 combined years of experience across real assets, alternative strategies, and global infrastructure investment.
Peer Comparison
No peers have been profiled for this fund yet.
Disclaimer
All Rights Reserved. The data and analyses contained herein are the property of Noyack and are protected by copyright and other intellectual property laws. The information provided is intended solely for informational purposes and should not be construed as investment advice. It is not an offer to buy or sell a security, and it is not intended to be used as the sole basis for any investment decision. The information contained in this document is believed to be accurate and reliable based on sources believed to be reliable, but Noyack makes no representation or warranty, express or implied, as to its completeness, accuracy, or timeliness. The data and analyses are subject to change without notice and Noyack is not obligated to update this information. The use of the information contained in this document is at the sole risk of the reader, and Noyack shall not be responsible for any losses, damages, or expenses incurred by any person as a result of reliance on the information contained herein. Noyack does not endorse or approve any investment or trading strategy and does not guarantee any specific outcome or profit. The reader should always conduct their own independent analysis and consult with a qualified financial advisor before making any investment decisions. This document may contain forward-looking statements and projections which are subject to risks and uncertainties, and actual results may differ materially. Past performance is not indicative of future results. This document is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. Noyack reserves the right to modify or discontinue the provision of the information contained in this document, in whole or in part, at any time and without notice. The information contained in this document is provided “as is” and Noyack makes no representation or warranty of any kind, express or implied, as to the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of the information contained in this document. Noyack shall not be liable for any errors or omissions contained in this document or for any damages whatsoever arising out of or in connection with the use of this document.