As institutions work to diversify their growing credit portfolios, they are facing two key questions — where to deploy capital in an expanding global market and where infrastructure credit should sit within their portfolio allocations.

One of the key themes in infra credit investing during the past dozen years is the expansion and diversification of the underlying investment opportunities. “Ten years ago, infrastructure credit was a bit of a niche strategy in places like Australia and some parts of Europe, and now it’s a global strategy used by global investors,” says Nick Cleary, a senior partner at Vantage Infrastructure. International issuance of infrastructure debt has more than tripled in the past decade, with an estimated $1.5 trillion in global annual issuance in 2024, according to IJ Global.

Hodes Weill’s 2025 Infrastructure Allocations Monitor reports infra debt is gaining favor across regions globally, with the greatest interest coming from