The following article is the fourth of several excerpts that have appeared in i3from Infrastructure Investment, Private Finance, and Institutional Investors: Asia from a Global Perspective, a report commissioned by the Asian Development Bank Institute that reviews infrastructure investment and finance in Asia from a global perspective. The report with footnotes and references is available at www.georginderst.com, www.adb.org, or https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2721577.

Institutional investment in infrastructure has become a much discussed topic in recent years, also in terms of public policy. Governments frequently call for a higher engagement of asset owners in the financing of infrastru