Traditionally, infrastructure investing has been about tapping into the cash flows of assets that keep economies running — power plants, roads, bridges, ports and water facilities — and it is the operations of those assets that can make or break investor expectations. Now that the go-go days of the past few years are gone, a new emphasis on the nuts and bolts of asset management has returned to the forefront of investors’ minds. What should investors look for when deciding who is best suited to manage an infrastructure investment?

After the thrill of the chase, the hard-knuckle negotiations, the nail-biting suspense winning the bid, comes the elation, followed by the celebration of victory. With the cashing of the check, champagne and toasts mark the end of a successful acquisition. Such is the glamorous life of an infrastructure fund manager, the M&A specialist that bags another deal for the adoring plan sponsors. On the other hand, the asset management part of th