Cantor Fitzgerald Infrastructure Fund: What It Holds, Fees, Exit

What it is: a fund of private funds, with a listed-stock portfolio on top

The fund started on June 30, 2022 and is organized as a Delaware statutory trust registered under the Investment Company Act of 1940. Its annual report describes it as an “interval fund” that offers to repurchase shares every quarter at net asset value, “calculated on a daily basis.” It has four share classes: A (CAFIX, sold with a load), C, I (CFIIX) and S (CFISX, closed to new investors since February 28, 2025). The ticker symbols look like a listing, but they are mutual fund quote symbols: the repurchase notice says “The Shares are not traded on any organized market or securities exchange.” The only way out is the quarterly offer.

It is a different product from the non-traded REIT on our Cantor Fitzgerald Income Trust page: a different registrant, different assets and different rules. If you want the plain-English rules of this wrapper first, read what an interval fund is; by size it ranks 34th in our list of interval funds.

Growth has been fast. Net assets were $54.95 million at March 31, 2024, $364.5 million a year later and $676.7 million at March 31, 2026, 12.3 times the 2024 figure (our arithmetic). Over the year to March 2026 it took in $285.2 million from share sales and paid out $38.5 million for repurchases in cash terms, 7.4 times as much in as out (our arithmetic). The quarter to June 30, 2026 repeats the pattern in Form N-PORT: $55.8 million of sales against $14.9 million of redemptions (our arithmetic).

The first three rows are the percentages the fund prints in its shareholder letters. The last comes from the Form N-PORT filed August 31, 2026 (accession 0000910472-26-013798), where we added up the 53 listed stock positions, the money market fund and the 19 private positions. The direction is clear: each quarter the private share rises, and its 2025 reports say it expects “a methodical deployment of capital into private investments” over the following four to six quarters. We could not reproduce the 74.20% committed figure from the schedule: private fair value of 39.9% plus unfunded commitments of 21.9% of net assets (our arithmetic) gives about 62%, so we quote the fund’s number and do not build on it.

What is actually in it: 53 stocks, 18 private funds, two loans

The annual report gives a look-through that few interval funds print: 53 public holdings, 18 underlying private funds, 14,040 underlying infrastructure investments and $30 billion of gross asset value in those funds. “Gross asset value” is the underlying funds’ own total, not what this fund owns.

The listed sleeve is utilities and midstream energy. Electric utilities are 22.4% of net assets and energy 17.5%, then transportation and logistics 4.5%, communication services 3.1% and data center REITs 2.2%. The five biggest listed positions at March 31 were Williams Companies (4.22%), SLB (3.83%), NextEra Energy (3.18%), Vistra (2.71%) and Constellation Energy (2.51%). At June 30 the top two were still Williams (4.16% of net assets) and SLB (3.40%).

The private sleeve is 17 fund positions plus two term loans. The ten largest, at March 31, 2026:

Those ten are $239.3 million, 90.2% of the $265.2 million in private funds (our arithmetic). The theme is digital infrastructure (DigitalBridge, Switch, Peppertree) and energy, which fits the fund’s own “three megatrends” of digital transformation, energy transition and aging infrastructure. Our percentages are of net assets; the annual report’s own weights differ slightly for some positions because they are measured differently, for example 5.87% for the DBP II position against 6.28% here.

Two things stand out. First, commitments still to be paid: $148.2 million, 21.9% of net assets (our arithmetic), and 83.1% of it ($123.1 million) sits in six funds led by Ardian Infrastructure Fund VI ($34.4 million), Rockland Power Partners V Feeder ($31.0 million) and Manulife Infrastructure Fund III ($23.7 million). The fund will pay those calls from new share sales, stock sales or its credit line. Second, the June 30 Form N-PORT lists a new $23.7 million position, ICG APAC Infrastructure (3.28% of net assets), that is not in the March 31 schedule. The two term loans are to CoreWeave Compute Acquisition Co. IV, LLC, a data center compute borrower: $4.6 million at 9.67% (SOFR3M plus 6%) and 7.92% (SOFR3M plus 4.25%), due 2029 and 2031.

Cost versus value gives a sense of how much of the 2026 return was marks. The private investments cost $230.6 million and were carried at $269.8 million, $39.3 million above cost; the listed stocks cost $309.0 million and were worth $392.9 million, $83.9 million above cost (our arithmetic). The net change in unrealized appreciation on securities for the year was $93.5 million.

Three answers to “how much is Level 3?”

Anyone comparing this fund with a private credit or evergreen fund will ask for its Level 3 share, the portion valued with inputs nobody can observe. Its filings give three answers, all correct under their own rules:

The annual report’s GAAP table is the one that gets quoted, and it shows a fund that is 0.7% Level 3. That is a presentation rule, not a statement that the private sleeve is easy to value. The same report says that for the Level 3 loans the reconciliation was left out because they “were not considered significant to the Fund’s net assets,” and that fair value “involves subjective judgments, and it is possible that the fair value determined for a security may differ materially from the value that could be realized upon the sale of the security.” The Form N-PORT, which uses the SEC’s own categories, treats the private funds as Level 3. For a reader comparing across funds, the 40% to 42% figure is the like-for-like number.

How the private sleeve gets a daily price

The fund’s NAV is struck every business day, but the private funds only report to it quarterly. The note on valuation explains the bridge: the sponsors “measure their investment assets at fair value and report a NAV per share no less frequently than quarterly,” and “in between receipt of Sponsor NAVs, where applicable, the value of each Private Investment Fund is adjusted daily by the change in a proprietary index” that the board has deemed representative of the private infrastructure market. The index uses “third-party data providers and broad securities indices.” The Adviser, as the board’s valuation designee, reviews each sponsor NAV before applying it.

What that means for a buyer or seller: on most days the private 40% of the NAV moves with an index the adviser monitors, not with reported results, then is reset when a manager’s quarterly NAV arrives. The filings do not say what the index is made of or how large the resets have been.

There is also a gap between the two NAVs the fund publishes. The audited financial statements show Class I at $14.15 on March 31, 2026; the repurchase offer that priced the same day used $14.04 (0.8% lower, our arithmetic). A footnote to the financial highlights says the “net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.” If you are valuing your holding for a statement or an estate, ask which one is meant.

Fees: what each class costs

The management fee is 1.50% of average daily net assets, paid monthly ($7.96 million in the year). The adviser pays the sub-adviser, Capital Innovations, LLC, a contract rate of 0.35% of net assets that is currently reduced to 0.15%; that fee is not charged to the fund on top. The cost to the investor is the sum of several layers:

Read the 3.50% and 4.25% lines closely, because three items in them are not management fees. The prospectus table includes 0.44% of acquired fund fees (the private funds’ own charges, which “typically range from 1.00% to 2.00%” a year), 0.27% of equalization interest paid to private funds when the fund joined them after their first closing, and 0.67% of deferred income tax expense, an estimate of tax the fund’s taxable subsidiaries may owe on unrealized gains. The fund carried a $5.8 million deferred tax liability at March 31, 2026 (0.86% of net assets, our arithmetic). The tax accrual is deducted from NAV each day, so it lowers your return even though no one bills you for it.

Waivers matter more here than at most funds. The adviser waived $2.13 million of Class S management fees in the year, and the prospectus says the Class A and Class C expense cap runs to July 31, 2027, with the fund allowed to repay waived amounts within three years if it stays under the cap. The prospectus’s own example puts the cost of $1,000 held one year in Class A at $91 and over ten years at $413, assuming a 5% return and that the cap stays in place. A Class C holder pays no repurchase fee, but the 1.00% charge applies in the first year. For the repurchase itself the fund does not charge a fee; wiring proceeds costs $15.

NAV per share: up 34.5% since June 2023, down 1.1% since May

Class I NAV at each repurchase pricing date, from the annual reports, and then the latest notices:

From $10.44 to $14.04 is a 34.5% rise in price over about two years and nine months (our arithmetic), before distributions. Class I returned 19.29% in the year to March 31, 2026 and Class A 18.97% before its load. That beat the S&P 500’s 17.80% but trailed the S&P Global Infrastructure Index, which returned 26.91% in the same year, and the report shows the fund’s Class A since-inception annualized return at 12.71% with the load waived and 10.95% with it. From May 12 to August 12, 2026 Class I NAV fell 1.1% (our arithmetic). Remember the quoted period returns are the fund’s own and mix daily marks with quarterly resets.

The payout: 4.00% a year, mostly return of capital

Distributions are quarterly. The annual report states an annualized distribution rate of 4.00% at March 31, 2026 and notes that 66.62% of it “was treated as return of capital for tax purposes.” The September 2025 semiannual report gave 4.00% with 69% return of capital.

In dollars, the fund’s net investment income was $348,576 in the year to March 2026, against $21.26 million of distributions: 1.6% (our arithmetic). The rest of the payout came from what the private funds sent back; the cash flow statement shows $17.1 million of “return of capital from investments” in the year, against $0.9 million of income distributions from them. Dividends from the listed stocks were $9.35 million, but net operating expenses of $10.27 million absorbed nearly all of the $10.6 million of investment income. About 54% of distributions were reinvested ($11.4 million of $21.26 million, our arithmetic).

The tax result follows. The fund’s tax year ends September 30, not December 31. For the tax year ended September 30, 2025, it paid $14,736,249: $571,565 ordinary income, no long-term gain and $14,164,684 return of capital, 96.1% (our arithmetic). The fund warns that “return of capital will reduce the tax basis of their shares and potentially increase the taxable gain, if any, upon disposition of their shares.” The actual split for your 1099-DIV is set after year end, and our guides to return of capital distributions and the 1099-DIV calendar explain what to do with it.

Repurchases: twelve offers, small dollars, rising

Under Rule 23c-3 the fund must offer to buy back at least 5% of its shares each quarter (up to 25% is allowed). The current notice says it will offer 5% and, if holders tender more, “may, but is not required to” buy up to 2% more. If tenders exceed that, the fund repurchases pro rata, and the notice adds: “Subsequent repurchase requests will not be given priority over other shareholder requests.” These are the twelve offers in the last three annual reports, with the dollars summed across classes (our arithmetic):

Dollars rose from $0.43 million to a peak of $18.9 million in December 2025, then $14.7 million in March 2026, which matches the $14,680,633 “payable for Fund shares redeemed” on the March 31 balance sheet. Measured against the shares outstanding, March 2026 was 2.2% of the fund (1,043,107 shares of 47,530,755, our arithmetic), and December 2025 was at most 3.5% (against the September 30 share count, our arithmetic). Both are below the 5% offer. Class S, which is closed to new money, was the most active class that quarter: 5.41% of its own shares, $11.7 million.

What the table does not say is how much was tendered. The annual reports give results by class and no total amount requested, so whether anyone was prorated is not disclosed. On these numbers, the fund has not been near the 5% line in any offer we can see, which is what a fund that is still selling $17 million to $20 million of new shares a month looks like (Form N-PORT, April to June 2026). That can change fast if sales slow, because the fund has to take back 5% whether or not new money arrives.

The offer that matters now. As of October 15, 2026 the offer open is the one in the notice filed August 19, 2026 (accession 0001580642-26-005428), which offers 5% of shares at NAV on the pricing date, September 30, 2026, which is also the request deadline: 4:00 p.m. Eastern. You cannot know your price when you tender, and you may withdraw or change a request until that deadline. Proceeds are paid within seven calendar days of pricing, with no repurchase fee. The August 12 NAV was $13.94 for Class I. The notices have come between the 17th and 19th of February, May, August and November; if the pattern holds, the next one would open around November 19, 2026 with a pricing date of December 31, 2026 (our reading of the pattern, not a filed notice).

What backs the offers. At June 30, 2026, listed stocks plus the money market fund were 58.59% of net assets, $424.3 million, and no bank borrowings were reported. A 5% offer on today’s net assets is about $36.2 million (our arithmetic). The fund also has a $75 million revolving line of credit from Wells Fargo that it did not use in the year to March 2026; it is described as not committed, so the bank is not obliged to lend, and it expires on December 31, 2026. The prospectus allows borrowing of up to 33 1/3% of consolidated assets. The pressure point is not the first quarter of heavy requests but the private share: it is growing, and it is the part that cannot be sold on a day’s notice.

How it differs from the evergreen infrastructure funds

Our comparison of Apollo, EQT, K-INFRA and BXINFRA covers four private-placement holding companies for wealthy investors; K-INFRA has its own page. This fund is built differently:

The cost is the other difference. The 5.75% load and 3.34% to 3.50% annual cost on Class A are what a retail interval wrapper adds; the listed half of the portfolio could also be held through a fund that charges far less, and the question to put to any adviser is what the private half does for you that the listed half does not. We do not answer it: the fund’s 18.97% against the 26.91% of its listed infrastructure benchmark in the year to March 2026 is one year only. For another interval fund in the same field, see Hamilton Lane Private Infrastructure Fund, and for the wrapper question the NAV REIT versus interval fund comparison.

Who holds the shares, and who runs the fund

At March 31, 2026, Charles Schwab & Co. and National Financial Services LLC held 47% and 31% of the voting securities and “may be deemed to control the Fund.” These are brokerage platforms that hold shares for many clients, so the figure says the fund is sold through custodial platforms, not that two investors own 78%; the filing does not break it down.

The adviser’s parent, Cantor Fitzgerald, L.P., announced on May 19, 2025 that its former chairman and chief executive had agreed to transfer his ownership interest to trusts for his adult children and certain other investors (no more than 10%). The change of control ended the old management agreement. The August 12, 2025 proxy statement asked shareholders to approve new management and sub-advisory agreements, saying “There will be no increase in the advisory fee payable by the Fund to the Adviser,” and set a special meeting for November 24, 2025. A filing of November 28, 2025 moved it to March 5, 2026; the change of control closed on October 6, 2025, and interim agreements run 150 days from then, which ends on March 5, 2026 (our arithmetic). We found no filing reporting the vote. The August 2026 prospectus describes the firm as controlled by trusts for which its current chairman and chief executive is the controlling trustee, and the management fee is still 1.50%. If you hold the fund, ask your platform whether the new agreements were approved.

What a holder or buyer can do with this

• Ask which class you are being sold, and what it costs in total. Class A adds a 5.75% load to roughly 3.5% a year; Class I removes the load but is sold under a different prospectus whose minimum we did not verify.
• Ask for the latest Section 19(a) notice to see how much of the 4.00% payout is return of capital, and ask how it affects your basis.
• Decide when to tender, if at all. The deadline and pricing day are the same, you can withdraw until 4:00 p.m. Eastern, and the notice says a tender is generally taxable: “any gain or loss would be treated as a capital gain or loss, either short or long term.” If a December 31, 2026 pricing date matters to your tax year, ask your CPA which year a sale priced that day belongs to. Our year-end tax calendar lists the dates.
• Ask about concentration. Ten private funds hold 90.2% of the private sleeve, and $148.2 million of capital calls are still to come.
• Ask what the index is. Which index prices the private funds between marks, and how big was the last reset?
• Ask what you would own instead. Compare the fund with the listed infrastructure stocks it already holds, with the other vehicles on our interval fund list, and with your total portfolio.

This is analysis of public documents, not investment, legal or tax advice.

FAQ

All figures are from Cantor Fitzgerald Infrastructure Fund's SEC filings read on EDGAR on October 15, 2026: annual reports on Form N-CSR for the years ended March 31, 2024, 2025 and 2026 (accessions 0001580642-24-003134, 0001580642-25-003603 and 0001580642-26-003657), the semiannual report for the six months ended September 30, 2025 (0001580642-25-007744), five Form N-23C-3 repurchase notices from August 2025 to August 2026, the August 1, 2026 prospectus (0001580642-26-004667), the proxy statement of August 12, 2025 and a proxy supplement filed November 28, 2025 (0001580642-25-007480), and Form N-PORT for June 30, 2026 (0000910472-26-013798, summed with the script saved with the dataset). Percentages, sums and ratios marked as ours are our arithmetic. The number of shares tendered in each offer is not disclosed in these filings. This is analysis of public documents, not investment, legal or tax advice.