In our 2025 Infrastructure Outlook, we argued the macro backdrop is positive for private infrastructure and that the 2025 edition of our report is the most bullish one we have written in the past three years. That positive sentiment may feel off the mark after the first few months of 2025, especially with volatility across the global markets due to uncertain policies under the new Trump presidency.

One hundred days have passed since President Trump’s inauguration. During this time, there has been a flood of policy announcements — global tariffs, energy policies, artificial intelligence (AI), defense, etc. As infrastructure investors, the obvious question is: How should we react to these daily headlines? The simple answer is — we try not to.

Infrastructure is viewed by many as a safe haven asset class. Its underlying investments provide essential services, are more defensive in nature, exhibit monopolistic characteristics and have multi-decade useful live