The “dry powder” or money available for investments in European infrastructure that has been raised, but not spent, has reached a record high of $33.5 billion.

That total, as of the start of November, compares with $24.2 billion at the end of last year, data provider Preqin estimates. In the first 10 months of the year, Europe-focused funds have raised €9.1 billion ($12.38 billion).