- May 1, 2022: Vol. 15, Number 5

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Infrastructure finding itself: Evolving as an asset class, infrastructure is in its awkward teen years

by Chase McWhorter

It has been discussed in various meetings we host, whether our i3 Virtual Roundtables or at the i3 Editorial Advisory Board meeting in December, that infrastructure, as an institutional asset class, is akin to a teenager. Rapidly growing. Awkward at times. Trying to find itself. And while teenagers (and infrastructure) can be frustrating, you still love them. At least that is my take after many discussions with industry participants. Below are some thoughts that can help make sense of this analogy:

Still finding/defining itself: Is it real assets? Or is it a branch of private equity? Investors brought up the idea that because of how much value is derived from the underlying businesses as opposed to physical assets, it might eventually be considered a branch of private equity rather than real assets. Many teenagers are constantly trying to reinvent themselves, seeing where they fit in their broader universe. Befriending many different groups, trying dif
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