Uncertainty has become a mainstay in markets during the past year. Higher inflation, elevated interest rates and increased geopolitical instability have made it harder for traditional diversifiers to deliver and protect the returns investors have come to expect. Public equities have become riskier, and bonds, once considered the cornerstones of institutional portfolios, are now considered to be less predictable. In this environment, infrastructure is attracting attention. It offers the long-term return horizon investors need to weather short-term volatility. At the same time, it provides exposure to the essential things that keep communities moving and the megatrends that are shaping the future.

What stands out today is the magnitude of this shift. Infrastructure is no longer a specialist allocation held by a relatively narrow set of investors. It is steadily becoming a mainstream holding as a wide range of allocators position portfolios for an era where instability may persi