The year 2023 brought a slowdown in fundraising across private infrastructure funds — and private markets more broadly. Although weaker investor sentiment is frustrating for closed-end vehicles that may not reach their desired sizes, open-end strategies can face more chilling consequences: gates, long queues, suboptimal selling and even performance problems for the investors that remain. Open-end infrastructure funds, however, are weathering the change of climate well so far. Fundraising is down and redemptions have shot up, but the attractions of core/core-plus assets continued to support net inflows. Anish Butani, who heads bfinance’s infrastructure manager research, and Kathryn Saklatvala, senior director, head of investment content at the firm, recently held a question-and-answer session to discuss current challenges, the rapid evolution of the open-end fund landscape and Butani’s outlook for the sector.