In today’s volatile markets, investors are learning that risk is more risky than they might have wanted to admit, and yet it can be treated as just another box to check in the investment process. This could be because the potential risks are well known and the analysis is straightforward and can be clearly specified in an investment decision. But after the boxes are checked come the realities of global economies and all the uncertainties and unexpected consequences that come with them.

“Many investors didn’t fully appreciate the complexities associated with risk in infrastructure investments,” says Brian Chase, principal with Campbell Lutyens, a London-based placement agent. “They were relying on general impressions such as ‘core brownfield infrastructure has less risk than greenfield projects’ and ‘infrastructure investing in Western Europe and the United States is inherently less risky