| N-2 | Apr. 30, 2024 USD ($) | |
| Cover [Abstract] | ||
| Entity Central Index Key | 0001902944 | |
| Amendment Flag | false | |
| Document Type | 424B3 | |
| Entity Registrant Name | Cantor Fitzgerald Infrastructure Fund | |
| Fee Table [Abstract] | ||
| Shareholder Transaction Expenses [Table Text Block] | Shareholder Transaction Expenses Class I Class S Maximum Sales Load ( as a percent of offering price None None Contingent Deferred Sales Charge None None | |
| Other Transaction Expenses [Abstract] | ||
| Annual Expenses [Table Text Block] | Annual Expenses (as a percentage of net assets attributable to shares) Management Fees 1.50% 1.50% Other Expenses 1 9.34% 9.34% Shareholder Servicing Fee None None Distribution Fee None None Acquired Fund Fees and Expenses 2 0.03% 0.03% Total Annual Fund Operating Expenses 10.87% 10.87% Less Fee Waiver and/or Expense Limitation 3 (8.59)% (9.59)% Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Limitation 2.28% 1.28% 1 Other Expenses represents the Fund expenses as they are calculated in the Fund’s Annual Report. Other Expenses does not include the indirect fees and expenses of certain underlying Private Investment Funds, as discussed further in footnote 2 below. The Fund’s Other Expenses will increase as a percentage of the Fund’s average net assets if the Fund’s assets decrease. Actual fees and expenses may be greater or less than those shown. 2 Acquired Fund Fees and Expenses (“AFFE”) include an estimate of certain of the fees and expenses incurred indirectly by the Fund as a result of the Fund’s investment in shares of registered investment companies (including, short-term cash sweep vehicles) and certain Private Investment Funds. Although the Private Investment Funds in which the Fund may invest are not registered as “investment companies” under applicable provisions of the Investment Company Act of 1940, as amended (the “1940 Act”), some of the Private Investment Funds in which the Fund invests would meet the definition of an investment company for purposes of the 1940, but for the exceptions provided in sections 3(c)(1) and 3(c)(7) of the 1940 Act; however, the Fund may invest in a range of Private Investment Funds, including Private Investment Funds which are excluded from the definition of an investment company due to applicable exclusions under the 1940 Act other than sections 3(c)(1) and 3(c)(7) (together, the “Other Private Funds”). AFFE does not reflect the fees and expenses of the Other Investment Funds. The indirect fees and expenses of the Private Investment Funds typically range from 1.00% to 2.00% on an annual basis and include management fees, administration fees and professional and other direct, fixed fees and expenses of the Private Investment Funds. 3 The Adviser and the Fund have entered into an expense limitation and reimbursement agreement (the Expense Limitation Agreement) under which the Adviser has agreed contractually to waive its fees and to pay or absorb the ordinary annual operating expenses of the Fund (including all organizational and offering expenses, but excluding taxes, interest, brokerage commissions, acquired fund fees and expenses and extraordinary expenses), to the extent that they exceed 2.25% and 1.25% per annum of the Fund’s average daily net assets attributable to Class I and Class S shares, respectively (the Expense Limitation). In consideration of the Adviser’s agreement to limit the Fund’s expenses, the Fund has agreed to repay the Adviser in the amount of any fees waived and Fund expenses paid or absorbed, subject to the limitations that: (1) the reimbursement for fees and expenses will be made only if payable not more than three years from the date in which they were incurred; and (2) the reimbursement may not be made if it would cause the lesser of the Expense Limitation in place at the time of waiver or at the time of reimbursement to be exceeded. The Expense Limitation Agreement will remain in effect at least until July 31, 2025 for the Class I shares and July 31, 2027 for the Class S shares, unless and until the Board approves its modification or termination. The Expense Limitation Agreement may be terminated only by the Fund’s Board on 60 days’ written notice to the Adviser. The Adviser has also contractually agreed to waive 1.00% of its management fee for Class S shares until July 31, 2027 unless the Adviser and the Board approves its continuation. See “Management of the Fund.” | |
| Other Annual Expenses [Abstract] | ||
| Expense Example [Table Text Block] | Share Class 1 Year 3 Years 5 Years 10 Years Class I $23 $234 $420 $798 Class S $13 $140 $347 $768 Shareholders who choose to participate in repurchase offers by the Fund will not incur a repurchase fee. However, if shareholders request repurchase proceeds be paid by wire transfer, such shareholders will be assessed an outgoing wire transfer fee at prevailing rates charged by the Transfer Agent, which is currently $15. The purpose of the above table is to help a holder of shares understand the fees and expenses that such holder would bear directly or indirectly. The example should not be considered a representation of actual future expenses. Actual expenses may be higher or lower than those shown. | |
| Basis of Transaction Fees, Note [Text Block] | as a percent of offering price | |
| General Description of Registrant [Abstract] | ||
| Investment Objectives and Practices [Text Block] | This summary does not contain all of the information that you should consider before investing in the shares. You should review the more detailed information contained or incorporated by reference in this prospectus and in the SAI, particularly the information set forth under the heading “Risk Factors.” The Fund Cantor Fitzgerald Infrastructure Fund is a continuously offered, non-diversified, closed-end management investment company. The Fund is an interval fund that will provide limited liquidity by offering to make quarterly repurchases of shares at net asset value (“NAV”), which will be calculated on a daily basis. See “Quarterly Repurchases of Shares,” and “Determination of Net Asset Value.” Investment Objective The Fund’s investment objective is to maximize total return, with an emphasis on current income, while seeking to invest in issuers that are helping to address certain United Nations Sustainable Development Goals (“SDGs”) through their products and services. Investment Strategy The Fund pursues its investment objective by strategically investing in a portfolio of private institutional infrastructure investment funds (“Private Investment Funds”) as well as public infrastructure securities. Under normal circumstances, the Fund intends to invest at least 80% of its assets (net assets plus borrowings for investment purposes) in securities issued by sustainable infrastructure companies, including Private Investment Funds, secondary interests and co-investments, and public infrastructure securities. The Fund may also invest in ETFs and other investment vehicles such as closed-end funds, mutual funds and unregistered investment funds that invest principally, directly or indirectly, in infrastructure (collectively, “Other Investment Vehicles” and together with Private Investment Funds, the “Underlying Funds” and each an “Underlying Fund”), as well as other publicly traded income producing securities. The Fund may also invest in investment-grade debt securities of infrastructure companies. The Fund expects to invest in both domestic and foreign (including emerging markets) securities. Potential investments include all types of equities including American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) of global infrastructure securities trading on U.S. and global exchanges and marketplaces. In addition, the Fund may invest in real estate investment trusts (“REITs”) that invest in infrastructure related assets. With respect to recommending to the investment committee (the “Investment Committee”) the Private Investment Funds in which the Fund invests, the Sub-Adviser considers various inputs, including quantitative and qualitative assessment of the management team and its track record, asset evaluation and structure, and other information that is typically not available to an individual investor. The Sub-Adviser provides ongoing research, opinions and recommendations to the portion of the Fund’s investment portfolio that is allocated to Private Investment Funds. Under normal circumstances, while the portion of the Fund’s investment portfolio that is allocated to securities of Private Investment Funds will likely comprise between 50% and 95% of the Fund’s portfolio, the Fund will target an allocation of 70% of the Fund’s portfolio to Private Investment Funds. Within the allocation targets set by the Adviser from time to time, the Sub-Adviser also manages the portion of the Fund’s investment portfolio that is allocated to publicly traded securities, such as common stocks, preferred stocks, and debt securities of issuers that are principally engaged in or related to the infrastructure industry. Under normal circumstances, while such securities will likely comprise between 5% and 50% of the Fund’s portfolio, the Fund will target an allocation of 30% of the Fund’s portfolio to publicly traded securities. The public securities allocation is expected to be diversified across a number of positions (20-60 under normal circumstances). The Fund defines an infrastructure company as a company that derives at least 50% of its revenues or profits from, or devotes at least 50% of its assets to, the ownership, management, development, construction, renovation, enhancement, or operation of infrastructure assets or the provision of services to companies engaged in such activities. Infrastructure assets may include, among other asset types, regulated assets (such as electricity generation, transmission and distribution facilities, gas transportation and distribution systems, water distribution, and waste water collection and processing facilities), transportation assets (such as toll roads, airports, seaports, railway lines, intermodal facilities), renewable power generation (wind, solar and hydro power) and communications assets (including broadcast and wireless towers, fiber, data centers, distributed network systems and satellite networks). These assets share certain investment features that may be attractive as part of a diversified portfolio, including some or all of the following: ● Provision for essential services with few substitutes that generally serve as the backbone for local, regional, and national economic and social activity. ● Stable and predictable income and cash flow that are often inflation-linked with low return correlations to traditional asset classes. ● Inelastic demand with strong pricing power for their use as essential assets for a functioning society. ● Limited operating risk. ● High operating margins and predictable maintenance capital requirements. ● Strong competitive advantages characteristics with high barriers to entry. In many cases, the rates, or the fees charged to end users, that are charged by infrastructure assets are determined by regulators, concession agreements with governments, and long-term contracts. Owners of such assets in many cases have the ability to increase such rates or fees at some level linked to inflation or economic growth. The Fund will use a multi-step investment process that combines top-down geographic region and infrastructure sector allocations with bottom-up security selection focused within the Megatrends. It is the opinion of the Adviser and Sub-Adviser that such investments by the Fund will offer investors exposure aligning with a number of the SDGs. The Fund intends to focus on three infrastructure megatrends: (i) digital transformation, (ii) energy transition, and (iii) enhancement of aging infrastructure assets (the “Megatrends”). Digital Transformation: Energy transition: Enhancement of Aging Infrastructure Assets: By investing in the Fund, the Adviser expects that shareholders may realize (either directly or indirectly) the following potential benefits: ● Access to Institutional Managers ● Multi-Strategy, Multi-Manager Investment Strategy ● Advantageous Investment Terms ● Customized Public Market Strategy in line with Fund Objectives Sustainable Investing Sustainable investing incorporates environmental, social, and governance (“ESG”) insights to improve long-term outcomes to impact a wide range of ecological and human issues, from the preservation of natural resources to a commitment to human and societal wellbeing. The Fund will seek to invest in issuers that are helping to address certain SDGs through their products and services. Thus, in identifying investments for the Fund, the Sub-Adviser will first seek to screen out certain issuers based on ESG criteria determined by the Sub-Adviser. Such screening criteria includes, among other things, (i) issuers with exposure to the following beyond specified thresholds: controversial weapons, civilian firearms, tobacco or certain fossil fuels, although the Fund may invest in certain companies that currently have exposure beyond such thresholds but have made commitments to reduce climate impact, and (ii) United Nations Global Compact violators. The Sub-Adviser next considers various SDGs and identifies those goals that are supported by sustainable infrastructure. With respect to its investments, the Registrant intends to invest only in companies that align with and advance at least one of the SDGs. In selecting investments for the Registrant, the Adviser and Sub-Adviser intend to focus on SDGs related to (i) good health and well-being, (ii) clean water and sanitation, (iii) affordable and clean energy, (iv) industry, innovation and infrastructure, (v) sustainable cities and communities, and (vi) climate action. In selecting investments for the Registrant, the Adviser and Sub-Adviser may not consider all SDGs when making investment decisions and there may be limitations with respect to the availability of investments that address certain SDGs. There is no guarantee that all investments made by the Fund will align with the SDGs at all times. With respect to private market investments, including investments in the Private Investment Funds, the Sub-Adviser’s private markets analysis is modeled after the United Nations Principles for Responsible Investing Due Diligence Questionnaire (“UNPRI DDQ”) for private equity limited partners. The UNPRI DDQ has been developed to evaluate a general partner’s processes for incorporating material ESG risks and opportunities into their investment practices and to understand where responsibility for doing so lies. In determining whether a particular private market investment fits within the sustainability framework established by the Fund, the Sub-Adviser reviews the offering materials and any other introductory marketing materials to establish whether a particular Private Investment Fund addresses ESG considerations. If the Sub-Adviser is considering an investment involving a UNPRI signatory, the Sub-Adviser reviews the latest public UNPRI Transparency Report of the potential investment target on the UNPRI website. The Fund’s sustainable infrastructure investment policy is not fundamental and may be changed without shareholder approval by a vote of the Board. Shareholders will receive 60 days’ prior written notice before a change to the Fund’s sustainable infrastructure investment policy takes effect. The SAI contains a list of all of the fundamental and non-fundamental investment policies of the Fund, under the heading “Investment Objective and Policies.” Subsidiaries Certain investments of the Fund will be held in single-asset subsidiaries controlled by the Fund (the “Single-Asset Subsidiaries”). In addition, the Fund may engage in bank borrowings through a wholly-owned and controlled domestic subsidiary (the “Financing Subsidiary”; together with the Single-Asset Subsidiaries, the “Subsidiaries”), which may act as the borrower of one or more revolving credit facilities. The Subsidiaries are subject to the same investment restrictions as the Fund, when viewed on a consolidated basis. The principal investment strategies and principal investment risks of the Subsidiaries are the principal investment strategies and principal investment risks of the Fund as reflected in this Prospectus. The financial statements of the Subsidiaries are consolidated with those of the Fund. The Fund aggregates direct investments with investments held by its wholly-owned and controlled Subsidiaries in constructing the Fund’s portfolio and for purposes of the Fund’s investment policies. Leverage and Credit Facilities The Fund and/or its Financing Subsidiary may utilize leverage, including borrowing from banks in an amount of up to 33 1/3% of the Fund’s consolidated assets (defined as net assets plus borrowing for investment purposes). The Fund and its Financing Subsidiary are authorized to borrow money in connection with its investment activities, to satisfy repurchase requests from Fund shareholders, and to otherwise provide the Fund with liquidity. The Financing Subsidiary may enter into one or more revolving credit facilities (“Credit Facilities”) on behalf of the Fund for the purpose of investment purchases and other liquidity requirements, subject to the limitations of the 1940 Act (as defined below) for borrowings. The Credit Facilities will be secured by all of the assets held by the Financing Subsidiary. The SAI contains a list of all of the fundamental and non-fundamental investment policies of the Fund, under the heading “Investment Objective and Policies.” Investment Adviser The Adviser was formed in 2010, commenced operations in 2011, and is registered as an investment adviser with the SEC pursuant to the provisions of the Advisers Act. The Adviser is wholly owned subsidiary of Cantor. With respect to the management of the Fund, the Adviser principally will oversee the investment and reinvestment of the net assets of the Fund by the Sub-Adviser. In addition, in consultation with the Sub-Adviser, the Adviser will set allocation targets for the Fund between public and private securities and, through its representation on the Investment Committee, will consider the investment in Private Investment Funds recommended by the Sub-Adviser. In addition, the Adviser will supervise and provide oversight of the Fund’s service providers. Founded in 1945, Cantor is a global, diversified organization specializing in financial services, investment banking and real assets for institutional and high net worth clients operating in the financial, healthcare, power, energy, infrastructure, and real estate industries. For over 77 years, Cantor has pioneered new markets and provided superior service to investors while successfully building a well-capitalized company across multiple business lines with numerous market-leading financial services, infrastructure and real estate products. The firm is led by Howard W. Lutnick, Chairman and Chief Executive Officer, who has been with Cantor since 1983. As one of the few remaining private partnerships on Wall Street, Cantor has the distinct advantage of being able to focus on long-term value creation while aligning its interests with investors. As of December 31, 2022, Cantor and its subsidiaries and affiliates had over 12,000 employees operating in most major financial centers throughout the world with 160 offices across 22 countries. The Adviser is a division of Cantor Fitzgerald Asset Management (“CFAM”). CFAM consists of over 100 individuals and manages approximately $13 billion in assets across over 60 investment strategies. CFAM provides alternative investment solutions and traditional investment solutions to investors in global fixed income, equity, and real assets markets through the use of mutual funds, interval funds, exchange traded funds, separately managed accounts, non-traded REITs, opportunity zone funds and other private investment vehicles. As of December 31, 2022, CFAM and its affiliates provide investment management on $4.3 billion of real assets and private markets strategies and $8.7 billion of traditional market strategies. CFAM’s traditional strategies are offered through Cantor Fitzgerald Investment Advisors, Cantor Ireland, and a majority ownership stake in Smith Group Asset Management, LLC. Sub-Adviser The Adviser has engaged Capital Innovations, LLC (the “Sub-Adviser”), a registered investment adviser under the Advisers Act, to provide ongoing research, recommendations, and day-to-day portfolio management with respect to the Fund’s investment portfolio. The Sub-Adviser was founded in 2007 and is registered as an investment adviser with the SEC pursuant to the provisions of the Advisers Act. The co-founders and portfolio managers of the Sub-Adviser, Michael Underhill and Susan Dambekaln, have substantial experience in managing publicly traded securities, private funds, and pursuing an investment strategy substantially similar to the strategy being pursued by the Fund. The Sub-Adviser is a privately-held, alternative investment asset manager strategically positioned to advise investors. The Sub-Adviser has advised, managed, or co-sponsored investment programs since its inception. The Sub-Adviser is a boutique investment organization specializing in infrastructure, real estate and natural resources with a focus on sustainable investing. The Sub-Adviser is majority female owned, and its senior executives possess over 95 years of collective investment experience throughout multiple market cycles overseeing capital for institutional investors, sophisticated high net worth individuals and fund management companies. The Sub-Adviser’s alternative investment solutions include actively-managed listed real assets strategies and private markets real asset strategies. The Sub-Adviser manages a suite of carefully curated, institutional quality real asset investment solutions through a community of partners, including independent and insurance broker-dealers, wirehouses, registered investment advisory firms, and the financial advisors who work with these enterprises. Fees and Expenses The Adviser is entitled to receive a monthly management fee at the annual rate of 1.50% of the Fund’s daily net assets. The Adviser and the Fund have entered into an expense limitation and reimbursement agreement (the “Expense Limitation Agreement”) under which the Adviser has contractually agreed to waive its fees and to pay or absorb the ordinary operating expenses of the Fund (including all organizational and offering expenses, but excluding interest, brokerage commissions, acquired fund fees and expenses and extraordinary expenses), to the extent that such expenses exceed 2.25% and 1.25% per annum of the Fund’s average daily net assets attributable to Class I and Class S shares, respectively (the “Expense Limitation”). In consideration of the Adviser’s agreement to limit the Fund’s expenses, the Fund has agreed to repay the Adviser in the amount of any fees waived and Fund expenses paid or absorbed, subject to the limitations that: (1) the reimbursement for fees and expenses will be made only if payable not more than three years from the date in which they were incurred; and (2) the reimbursement may not be made if it would cause the lesser of the Expense Limitation in place at the time of waiver or at the time of reimbursement to be exceeded. The Expense Limitation Agreement will remain until July 31, 2025 for the Class I shares and July 31, 2027 for the Class S shares, unless and until the Board of Trustees of the Fund (the “Board” or the “Trustees”) approves its modification or termination. The Fund does not anticipate that the Board will terminate the Expense Limitation Agreement during this period. The Expense Limitation Agreement may be terminated only by the Board on 60 days’ written notice to the Adviser. After July 31, 2025 for the Class I shares and July 31, 2027 for the Class S shares, the Expense Limitation Agreement may be renewed at the Adviser’s discretion. The Adviser has also contractually agreed to waive 1.00% of its management fee for Class S shares until July 31, 2027 unless the Adviser and the Board approves its continuation. See “Management of the Fund.” Administrator, Transfer Agent, and Accounting Agent Ultimus Fund Solutions, LLC (“Administrator”) serves as the Fund’s Administrator, Transfer Agent, and Accounting Agent. See “Management of the Fund.” Distribution Fees Class I and Class S shares are not subject to a Distribution Fee. See “Plan of Distribution.” Closed-End Fund Structure Closed-end funds differ from mutual funds in that closed-end funds do not typically redeem their shares at the option of the shareholder. Rather, closed-end fund shares typically trade in the secondary market via an exchange. Unlike many closed-end funds, however, the Fund’s shares will not be listed on an exchange. Instead, the Fund will provide limited liquidity to shareholders by offering to repurchase a limited amount of the Fund’s shares (at least 5%) quarterly, which is discussed in more detail below. The Fund, similar to a mutual fund, is subject to continuous asset inflows, although not subject to the continuous outflows; see “Quarterly Repurchases of Shares.” Share Classes The Fund currently offers four different classes of shares: Class A, Class C, Class I, and Class S shares. The Fund began continuously offering its Class A shares on June 30, 2022. On March 10, 2023, the Fund created its Class C and Class I shares. On April 30, 2024, the Fund created its Class S shares. An investment in any share class of the Fund represents an investment in the same assets of the Fund. However, the purchase restrictions and ongoing fees and expenses for each share class are different. The fees and expenses for the Fund are set forth in “Summary of Fund Expenses.” If an investor has hired an intermediary and is eligible to invest in more than one class of shares, the intermediary may help determine which share class is appropriate for that investor. When selecting a share class, you should consider which share classes are available to you, how much you intend to invest, how long you expect to own shares, and the total costs and expenses associated with a particular share class. Each investor’s financial considerations are different. You should speak with your financial advisor to help you decide which share class is best for you. Not all financial intermediaries offer all classes of shares. If your financial intermediary offers more than one class of shares, you should carefully consider which class of shares to purchase. Investor Suitability An investment in the Fund involves a considerable amount of risk. It is possible that you will lose money. An investment in the Fund is suitable only for investors who can bear the risks associated with the limited liquidity of the shares and should be viewed as a long-term investment. Before making your investment decision, you should (i) consider the suitability of this investment with respect to your investment objectives and personal financial situation and (ii) consider factors such as your personal net worth, income, age, risk tolerance and liquidity needs. An investment in the Fund should not be viewed as a complete investment program. Repurchases of Shares The Fund is an interval fund and, as such, has adopted a fundamental policy to make quarterly repurchase offers, at NAV, of no less than 5% of the Fund’s shares outstanding. There is no guarantee that shareholders will be able to sell all of the shares they desire to sell in a quarterly repurchase offer, although each shareholder will have the right to require the Fund to purchase at least 5% of such shareholder’s shares in each quarterly repurchase. Liquidity will be provided to shareholders only through the Fund’s quarterly repurchases. See “Quarterly Repurchases of Shares.” | |
| Risk Factors [Table Text Block] | Summary of Risks Investing in the Fund involves risks, including the risk that you may receive little or no return on your investment or that you may lose part or all of your investment. Therefore, before investing you should consider carefully the following risks that you assume when you invest in the Fund’s shares. See “Risk Factors.” Risks Related to an Investment in the Fund Minimal Capitalization Risk Limited Operating History Allocation Risk Private Investment Fund Risk Issuer and Non-Diversification Risk Liquidity Risk The Fund’s investments also are subject to liquidity risk. Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations. Management Risk Market Risk Pandemic Risk Failure of Financial Institutions and Sustained Financial Market Illiquidity Repurchase Policy Risks Distribution Policy Risk i.e. Cybersecurity Risk Risks Related to the Fund’s Investments Infrastructure Industry Risk Underlying Funds Risk Lack of Control Over Private Investment Funds and Other Portfolio Investments Use of Leverage by the Fund Use of Leverage by Underlying Funds Valuation of Private Investment Funds ESG Investing Risk Preferred Securities Risk Convertible Securities Risk Fixed Income Risk Foreign Securities and Emerging Markets Risk The Fund may also invest in emerging markets, which are markets of countries in the initial stages of industrialization and have low per capita income. In addition to the risks of foreign securities in general, countries in emerging markets are more volatile and can have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries, and securities markets that trade a small number of issues which could reduce liquidity. Risks Associated with Debt Financing Leveraging Risk Credit Risk Possible Risk of Conflicts Possible Competition Between Underlying Funds and Between the Fund and the Underlying Funds Allocation of Investment Opportunities Risk U.S. Federal Income Tax Matters The Fund intends to elect to be treated and to qualify each year for taxation as a regulated investment company under Subchapter M of the Code. In order for the Fund to qualify as a regulated investment company, it must meet an income and asset diversification test each year. If the Fund so qualifies and satisfies certain distribution requirements, the Fund (but not its shareholders) will not be subject to federal income tax to the extent it distributes its investment company taxable income and net capital gains (the excess of net long-term capital gains over net short-term capital loss) in a timely manner to its shareholders in the form of dividends or capital gain distributions. The Code imposes a 4% nondeductible excise tax on regulated investment companies, such as the Fund, to the extent they do not meet certain distribution requirements by the end of each calendar year. The Fund anticipates meeting these distribution requirements. Unless a shareholder is ineligible to participate or elects otherwise, all distributions will be automatically reinvested in additional shares of the Fund pursuant to the dividend reinvestment plan. For U.S. federal income tax purposes, all dividends are generally taxable whether a shareholder takes them in cash or they are reinvested pursuant to the policy in additional shares of the Fund. The information above briefly summarizes some of the important federal income tax consequences to shareholders of investing in the Fund’s shares, reflects the federal tax law as of the date of this prospectus, is intended for U.S. shareholders, and does not address special tax rules applicable to certain types of investors, such as corporate, tax-exempt and foreign investors. Investors should consult their tax advisers regarding other federal, state, local, or foreign tax considerations that may be applicable in their particular circumstances, as well as any proposed tax law changes. See “U.S. Federal Income Tax Matters.” Distribution Policy and Dividend Reinvestment Plan The Fund’s distribution policy is to make quarterly distributions to shareholders. Unless a shareholder elects otherwise, the shareholder’s distributions will be reinvested in additional shares of the same class under the Fund’s dividend reinvestment plan. Shareholders who elect not to participate in the Fund’s dividend reinvestment plan will receive all distributions in cash paid to the shareholder of record (or, if the shares are held in street or other nominee name, then to such nominee). See “Distribution Policy and Dividend Reinvestment Plan.” Custodian UMB Bank, N.A. (“Custodian”) serves as the Fund’s custodian. See “Management of the Fund.” | |
| Minimal Capitalization Risk [Member] | ||
| General Description of Registrant [Abstract] | ||
| Risk [Text Block] | Minimal Capitalization Risk | |
| Limited Operating History [Member] | ||
| General Description of Registrant [Abstract] | ||
| Risk [Text Block] | Limited Operating History | |
| Allocation Risk [Member] | ||
| General Description of Registrant [Abstract] | ||
| Risk [Text Block] | Allocation Risk | |
| Private Investment Fund Risk [Member] | ||
| General Description of Registrant [Abstract] | ||
| Risk [Text Block] | Private Investment Fund Risk | |
| Issuer And Non Diversification Risk [Member] | ||
| General Description of Registrant [Abstract] | ||
| Risk [Text Block] | Issuer and Non-Diversification Risk | |
| Liquidity Risk [Member] | ||
| General Description of Registrant [Abstract] | ||
| Risk [Text Block] | Liquidity Risk The Fund’s investments also are subject to liquidity risk. Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations. | |
| Management Risk [Member] | ||
| General Description of Registrant [Abstract] | ||
| Risk [Text Block] | Management Risk | |
| Market Risk [Member] | ||
| General Description of Registrant [Abstract] | ||
| Risk [Text Block] | Market Risk | |
| Pandemic Risk [Member] | ||
| General Description of Registrant [Abstract] | ||
| Risk [Text Block] | Pandemic Risk | |
| Failure Of Financial Institutions And Sustained Financial Market Illiquidity [Member] | ||
| General Description of Registrant [Abstract] | ||
| Risk [Text Block] | Failure of Financial Institutions and Sustained Financial Market Illiquidity | |
| Repurchase Policy Risk [Member] | ||
| General Description of Registrant [Abstract] | ||
| Risk [Text Block] | Repurchase Policy Risks | |
| Distribution Policy Risk [Member] | ||
| General Description of Registrant [Abstract] | ||
| Risk [Text Block] | Distribution Policy Risk i.e. | |
| Cybersecurity Risk [Member] | ||
| General Description of Registrant [Abstract] | ||
| Risk [Text Block] | Cybersecurity Risk Risks Related to the Fund’s Investments | |
| Infrastructure Industry Risk [Member] | ||
| General Description of Registrant [Abstract] | ||
| Risk [Text Block] | Infrastructure Industry Risk | |
| Underlying Funds Risk [Member] | ||
| General Description of Registrant [Abstract] | ||
| Risk [Text Block] | Underlying Funds Risk | |
| Lack Of Control Over Private Investment Funds And Other Portfolio Investments [Member] | ||
| General Description of Registrant [Abstract] | ||
| Risk [Text Block] | Lack of Control Over Private Investment Funds and Other Portfolio Investments | |
| Use Of Leverage By The Fund [Member] | ||
| General Description of Registrant [Abstract] | ||
| Risk [Text Block] | Use of Leverage by the Fund | |
| Use Of Leverage By Underlying Funds [Member] | ||
| General Description of Registrant [Abstract] | ||
| Risk [Text Block] | Use of Leverage by Underlying Funds | |
| Valuation Of Private Investment Funds [Member] | ||
| General Description of Registrant [Abstract] | ||
| Risk [Text Block] | Valuation of Private Investment Funds | |
| E S G Investing Risk [Member] | ||
| General Description of Registrant [Abstract] | ||
| Risk [Text Block] | ESG Investing Risk | |
| Preferred Securities Risk [Member] | ||
| General Description of Registrant [Abstract] | ||
| Risk [Text Block] | Preferred Securities Risk | |
| Convertible Securities Risk [Member] | ||
| General Description of Registrant [Abstract] | ||
| Risk [Text Block] | Convertible Securities Risk | |
| Fixed Income Risk [Member] | ||
| General Description of Registrant [Abstract] | ||
| Risk [Text Block] | Fixed Income Risk | |
| Foreign Securities And Emerging Markets Risk [Member] | ||
| General Description of Registrant [Abstract] | ||
| Risk [Text Block] | Foreign Securities and Emerging Markets Risk The Fund may also invest in emerging markets, which are markets of countries in the initial stages of industrialization and have low per capita income. In addition to the risks of foreign securities in general, countries in emerging markets are more volatile and can have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries, and securities markets that trade a small number of issues which could reduce liquidity. Risks Associated with Debt Financing | |
| Leveraging Risk [Member] | ||
| General Description of Registrant [Abstract] | ||
| Risk [Text Block] | Leveraging Risk | |
| Credit Risks [Member] | ||
| General Description of Registrant [Abstract] | ||
| Risk [Text Block] | Credit Risk Possible Risk of Conflicts | |
| Possible Competition Between Underlying Funds And Between The Fund And The Underlying Funds [Member] | ||
| General Description of Registrant [Abstract] | ||
| Risk [Text Block] | Possible Competition Between Underlying Funds and Between the Fund and the Underlying Funds | |
| Allocation Of Investment Opportunities Risk [Member] | ||
| General Description of Registrant [Abstract] | ||
| Risk [Text Block] | Allocation of Investment Opportunities Risk | |
| U S Federal Income Tax Matters [Member] | ||
| General Description of Registrant [Abstract] | ||
| Risk [Text Block] | U.S. Federal Income Tax Matters The Fund intends to elect to be treated and to qualify each year for taxation as a regulated investment company under Subchapter M of the Code. In order for the Fund to qualify as a regulated investment company, it must meet an income and asset diversification test each year. If the Fund so qualifies and satisfies certain distribution requirements, the Fund (but not its shareholders) will not be subject to federal income tax to the extent it distributes its investment company taxable income and net capital gains (the excess of net long-term capital gains over net short-term capital loss) in a timely manner to its shareholders in the form of dividends or capital gain distributions. The Code imposes a 4% nondeductible excise tax on regulated investment companies, such as the Fund, to the extent they do not meet certain distribution requirements by the end of each calendar year. The Fund anticipates meeting these distribution requirements. Unless a shareholder is ineligible to participate or elects otherwise, all distributions will be automatically reinvested in additional shares of the Fund pursuant to the dividend reinvestment plan. For U.S. federal income tax purposes, all dividends are generally taxable whether a shareholder takes them in cash or they are reinvested pursuant to the policy in additional shares of the Fund. The information above briefly summarizes some of the important federal income tax consequences to shareholders of investing in the Fund’s shares, reflects the federal tax law as of the date of this prospectus, is intended for U.S. shareholders, and does not address special tax rules applicable to certain types of investors, such as corporate, tax-exempt and foreign investors. Investors should consult their tax advisers regarding other federal, state, local, or foreign tax considerations that may be applicable in their particular circumstances, as well as any proposed tax law changes. See “U.S. Federal Income Tax Matters.” | |
| Distribution Policy And Dividend Reinvestment Plan [Member] | ||
| General Description of Registrant [Abstract] | ||
| Risk [Text Block] | Distribution Policy and Dividend Reinvestment Plan The Fund’s distribution policy is to make quarterly distributions to shareholders. Unless a shareholder elects otherwise, the shareholder’s distributions will be reinvested in additional shares of the same class under the Fund’s dividend reinvestment plan. Shareholders who elect not to participate in the Fund’s dividend reinvestment plan will receive all distributions in cash paid to the shareholder of record (or, if the shares are held in street or other nominee name, then to such nominee). See “Distribution Policy and Dividend Reinvestment Plan.” | |
| Custodian [Member] | ||
| General Description of Registrant [Abstract] | ||
| Risk [Text Block] | Custodian UMB Bank, N.A. (“Custodian”) serves as the Fund’s custodian. See “Management of the Fund.” | |
| Class I Shares [Member] | ||
| Fee Table [Abstract] | ||
| Sales Load [Percent] | 0% | |
| Other Transaction Expenses [Abstract] | ||
| Management Fees [Percent] | 1.50% | |
| Dividend Expenses on Preferred Shares [Percent] | 0% | |
| Dividend and Interest Expenses on Short Sales [Percent] | 0% | |
| Distribution/Servicing Fees [Percent] | 0% | |
| Acquired Fund Fees and Expenses [Percent] | 0.03% | [1] |
| Other Annual Expenses [Abstract] | ||
| Other Annual Expense 1 [Percent] | 9.34% | [2] |
| Total Annual Expenses [Percent] | 10.87% | |
| Waivers and Reimbursements of Fees [Percent] | (8.59%) | [3] |
| Net Expense over Assets [Percent] | 2.28% | |
| Expense Example, Year 01 | $ 23 | |
| Expense Example, Years 1 to 3 | 234 | |
| Expense Example, Years 1 to 5 | 420 | |
| Expense Example, Years 1 to 10 | $ 798 | |
| Class S Shares [Member] | ||
| Fee Table [Abstract] | ||
| Sales Load [Percent] | 0% | |
| Other Transaction Expenses [Abstract] | ||
| Management Fees [Percent] | 1.50% | |
| Dividend Expenses on Preferred Shares [Percent] | 0% | |
| Dividend and Interest Expenses on Short Sales [Percent] | 0% | |
| Distribution/Servicing Fees [Percent] | 0% | |
| Acquired Fund Fees and Expenses [Percent] | 0.03% | [1] |
| Other Annual Expenses [Abstract] | ||
| Other Annual Expense 1 [Percent] | 9.34% | [2] |
| Total Annual Expenses [Percent] | 10.87% | |
| Waivers and Reimbursements of Fees [Percent] | (9.59%) | [3] |
| Net Expense over Assets [Percent] | 1.28% | |
| Expense Example, Year 01 | $ 13 | |
| Expense Example, Years 1 to 3 | 140 | |
| Expense Example, Years 1 to 5 | 347 | |
| Expense Example, Years 1 to 10 | $ 768 | |
| [1] Acquired Fund Fees and Expenses (“AFFE”) include an estimate of certain of the fees and expenses incurred indirectly by the Fund as a result of the Fund’s investment in shares of registered investment companies (including, short-term cash sweep vehicles) and certain Private Investment Funds. Although the Private Investment Funds in which the Fund may invest are not registered as “investment companies” under applicable provisions of the Investment Company Act of 1940, as amended (the “1940 Act”), some of the Private Investment Funds in which the Fund invests would meet the definition of an investment company for purposes of the 1940, but for the exceptions provided in sections 3(c)(1) and 3(c)(7) of the 1940 Act; however, the Fund may invest in a range of Private Investment Funds, including Private Investment Funds which are excluded from the definition of an investment company due to applicable exclusions under the 1940 Act other than sections 3(c)(1) and 3(c)(7) (together, the “Other Private Funds”). AFFE does not reflect the fees and expenses of the Other Investment Funds. The indirect fees and expenses of the Private Investment Funds typically range from 1.00% to 2.00% on an annual basis and include management fees, administration fees and professional and other direct, fixed fees and expenses of the Private Investment Funds. | ||
