The pace of development in the infrastructure market has been relatively swift, at least by institutional standards. Those U.S. pension investors that were not eyeing infrastructure investing before the financial crisis were considering the asset class in its aftermath. This steadily building attention (read: capital) has driven a lot of change in the past handful of years.

Different limited partner investors tread different paths to reach their current investment exposure to infrastructure. To gain some insight into this development, Institutional Investing in Infrastructure (I3) spoke with four institutions about the evolution of their infrastructure investment programs, the changes they made to their portfolios, the challenges they faced and the lessons they learned.

To free up the flow of information from the professionals at each pension fund, I3 agreed to conduct the interviews anonymously. The limited partners will be referred to as co