Core, core, core. This is not new news. For the past five years, core has been the safety net for portfolios. Investors want the stable and predictable returns/yields from their infrastructure portfolios — established, operational “brownfield” infrastructure assets in Europe and North America.

Look at the amount of capital seeking to invest in core. Managers are targeting approximately $106 billion from investors and the majority of these funds are core strategies. In 2012 the largest unlisted infrastructure fund of all time closed — Global Infrastructure Partners II, managed by Global Infrastructure Partners, which raised $8.25 billion. And in 2013, Brookfield Infrastructure Fund II, managed by Brookfield Asset Management, closed with $7 billion. Both are core infrastructure funds. In addition to the equity raised, leverage wi