It is tough to blame investors for being disillusioned with fund managers and the business models to date for infrastructure investing. Many funds have been expensive, included risky assets in portfolios intended to be relatively low risk and offered a generally poor alignment of interests. These issues were heightened by an early period of poorly timed acquisitions, the resultant poor returns, and a run of failed P3 deals, which were expected to drive growing investments in the sector. But if previous sentiment was based on high hopes and frustration, today there seems to be a more measured understanding of what it takes to execute a successful infrastructure strategy and a renewed commitment to the asset class.

It’s no surprise that many institutions are searching for alternative approaches to investing all of their infrastructure allocation with third-party infrastructure fund managers. What is something of a surprise is that the market has begun to ada