Infrastructure Funds Compared: Apollo, EQT, K-INFRA, BXINFRA

The four funds, one table

All four are holding-company or feeder structures that buy stakes in infrastructure businesses, sell shares monthly at a Transactional NAV, and repurchase quarterly. They are not mutual funds, interval funds or BDCs. This page covers what only the filings show side by side; each fund's own record is on its page for K-INFRA and BXINFRA, and the wider field is in our evergreen fund comparison and plain-English guide.

A naming point: the filer behind the “EQT Nexus” marketing name is EQT Infrastructure Company LLC, abbreviated EQIC. The word Nexus does not appear in its 10-K, its June 2026 10-Q or its September 2026 8-K, so a search of EDGAR for “Nexus” will not find it. BXINFRA is built in layers: BXINFRA U.S., a tax-exempt feeder (BXINFRA (TE)) and the Aggregator that actually holds the investments, with BXINFRA U.S. investing all or substantially all of its assets through the Aggregator.

Who can buy, and the minimum nobody prints

Apollo, EQT and K-INFRA sell to accredited investors under Regulation D, and to non-US persons under Regulation S. BXINFRA's bar is higher: its investors must be both accredited investors and qualified purchasers, a defined status under the 1940 Act.

No filing states a minimum initial investment for the standard classes. The only dollar floors in the four sets of filings are these: BXINFRA's Class I-Series II requires $50 million and Series III $250 million; K-INFRA's new Class I-Series 2, 3 and 4 (designated July 2, 2026) have “a higher minimum initial investment and subject to certain additional restrictions, including a minimum holding period,” with no amount given; and EQT and K-INFRA each state a $1,000 minimum account balance after a partial repurchase. Minimums for ordinary classes sit in each fund's private placement memorandum, which is not on EDGAR.

What each class costs

Two things the table hides. First, at Apollo and EQT the cheaper classes are tied to the seller: Apollo says its Anchor shares “are being offered only to clients of certain financial intermediaries designated by the Company or the Dealer Manager,” and EQT names founder classes with a lower fee. For Apollo, the fee you pay can depend on the intermediary you came through, not only on your check size. Second, fee ratios are reported at different levels. BXINFRA U.S. reports total expenses of 0.04% for the first half of 2026, but that excludes the Aggregator, where the same class shows 2.49% (not annualized), including 1.45% of performance allocation. K-INFRA's Class I-Series 1 shows 1.22% (not annualized), 0.57 points of it performance allocation, and Apollo's A-II shares 1.50% annualized.

Dollars booked in the first half of 2026 (our arithmetic where summed):

How you get out

Measured against June 30 net assets, the second-quarter repurchases were 0.98% at Apollo, 0.57% at K-INFRA and 0.19% at BXINFRA, and the August windows 0.50% at Apollo and 0.61% at K-INFRA (our arithmetic). The caps are measured on average NAV, so these are indicators, not usage rates. All four are far below the cap, which is what a fund taking in new money looks like: first-half share sales were $387.8 million at Apollo and $711.5 million since February at EQT.

Three terms matter more than the cap. At K-INFRA, if requests exceed the limit the board may run a tender offer for the excess shares “at or about a 10% discount to the most recent NAV available prior to the commencement of the tender offer.” At EQT, the sponsor's own Class E shares, $111.2 million or 12.7% of net assets (our arithmetic), are repurchased monthly in an amount equal to net new subscriptions less plan repurchases, outside the 5% limit, so on our reading EQT AB group is repaid from incoming investor money. And at BXINFRA, unfilled requests do not roll over: “Unsatisfied redemption requests will not be automatically carried over to the next redemption period.”

The price is Transactional NAV, not GAAP NAV

Every fund sells and repurchases at a Transactional NAV that differs from the NAV in its audited accounts. The August 31, 2026 bridges, in millions:

K-INFRA's exhibit says GAAP accrues servicing and distribution fees “for the estimated life of the shares as an offering cost at the time we sell Class S Shares,” while Transactional NAV recognizes them monthly as they accrue. The $243 million at K-INFRA is that difference. The exclusion of deferred taxes is a judgment: Apollo's exhibit describes them as liabilities “not expected to be incurred.”

What they pay out, and what pays for it

Yields are four times the latest quarterly rate over the August 31 NAV (BXINFRA: twice the first-half rate), our arithmetic. Income covered 122% of distributions at Apollo, 33.6% at K-INFRA and 76.0% at the BXINFRA Aggregator (our arithmetic); the rest is funded from unrealized gains, which is how a fund with negative net investment income pays a distribution. Net investment income is after the performance allocation, which accrues when NAV rises: $69.3 million at the Aggregator in the half, 2.3 times its management fee (our arithmetic).

Reported first-half total returns are on different bases and should not be ranked: BXINFRA Class I Series I 10.42%, Apollo A-II 3.85% in Series I and 4.38% in Series II, K-INFRA Class I-Series 1 3.51%, and EQT Class I 6.23% for April to June, its first full quarter. Apollo's two series differ by 0.53 points, and Series I is the one taxed as a corporation (our reading of the gap).

Debt and cash

K-INFRA reports $9.0 million of interest expense in the half with nothing drawn at June 30, and EQT held 34.9% of net assets in money market funds, which is why its income is only interest.

What they own

Apollo, EQT and K-INFRA name operating companies. BXINFRA's schedule names holding vehicles instead, and 17.7% of net assets sits in an affiliated Blackstone fund whose own mix the filing gives only as 46.0% digital, 28.0% energy and 26.0% transportation. K-INFRA also says it purchased an interest for $245.8 million from an affiliated KKR vehicle in the first half, alongside a third-party investor, a related-party transaction a buyer should read in context.

Tax: K-1 or corporation

For when K-1s actually arrive, see when K-1s are due and K-1 versus 1099-DIV. Which Apollo series you hold decides the form, and the series is on your account statement.

What the filings do not say

• Minimum investment for the standard classes of all four funds (see above).
• Requests versus repurchases at Apollo and K-INFRA. Only BXINFRA says whether every request was met.
• Which intermediaries qualify for Apollo's Anchor and Founder classes, or for EQT's founder classes.
• The companies behind BXINFRA's code-named vehicles, and what the affiliated fund beneath 17.7% of its net assets charges.
• Any distribution policy at EQT and any repurchase history, because neither has started.
• A like-for-like expense ratio. The funds report them at different levels and on different bases.

What a holder or buyer can do with this

• Read your account statement for the exact class and, at Apollo, the series. That sets fees, tax form and, for new classes, minimums.
• Ask your intermediary whether you qualify for a cheaper class, and in writing which tier of fees applies.
• If you might need the money inside two years, compare the 5% early fee at EQT, K-INFRA and BXINFRA with Apollo's lack of one, and remember each fund may repurchase less than requested.
• Compare net investment income with the distribution before treating the yield as income.
• Plan for K-1 timing and possible extensions if you hold a partnership class.

Other infrastructure vehicles are covered in Ares Core Infrastructure, Brookfield Infrastructure Income and Hamilton Lane Private Infrastructure. This is analysis of public documents, not investment, legal or tax advice.

FAQ

All figures are from SEC filings read on EDGAR on October 14, 2026: the FY2025 Forms 10-K of Apollo Infrastructure Company (0001193125-26-132670), EQT Infrastructure Company (0001193125-26-134921), K-INFRA (0001948056-26-000023) and BXINFRA U.S. (0001193125-26-096453); the June 2026 Forms 10-Q (0001193125-26-349987, 0001193125-26-351941, 0001948056-26-000065, 0002030772-26-000017); the August 2026 NAV 8-Ks and exhibits (0001193125-26-402724, 0001193125-26-399360, 0001948056-26-000074, 0002030772-26-000026); Apollo's September 30, 2026 distribution 8-K (0001193125-26-409249); and K-INFRA's July 2, 2026 8-K (0001948056-26-000058). Sums, percentages, yields and coverage ratios are our arithmetic. This is analysis of public documents, not investment, legal or tax advice.