Long duration is one of infrastructure’s defining features. It is also one of its least interrogated risks.
Infrastructure assets are designed to endure. Regulated utilities, transportation systems, energy networks and digital infrastructure are built to operate for decades, often with lives measured in generations rather than business cycles. Their appeal lies precisely in that longevity: long-dated, contractually supported cash flows that deliver current income with limited volatility and only modest upside through appreciation. For investors seeking predictability rather than exponential growth, this is not a weakness. It is the feature.
But duration is not free. The longer the holding period, the more variables come into play. A 30- or 40-year investment horizon requires inv
