The following article is the fourth of several excerpts that will appear in I3 from Institutional Investment in Infrastructure in Emerging Markets and Developing Economies, a report commissioned by the World Bank and the Public-Private Infrastructure Advisory reviewing the role of institutional investors in financing infrastructure in emerging markets and developing economies. The report with footnotes and references is available at www.georginderst.com, www.ppiaf.org or the SSRN.

This excerpt will focus on the impact of domestic pension funds on emerging market infrastructure. The first excerpt in this series — “Lessons for investors and policymakers” — was published in the February issue of I3. The second excerpt — “Institutional investors and infrastructure” — was published in the March issue and the third excerpt — “A global perspective on emerging market infrastructure” — was published in the April