for investment in infrastructure, driven by economic growth and continued high demand for private capital to fund infrastructure investment. Investable opportunities remain scarce, however, not least because of intensified currency volatility and continued uncertainty surrounding regulatory risk in many countries. At the same time, investor demand keeps driving valuations up as investors seek alternative options away from competitive markets such as the United States and Europe.

Opportunities surrounding the build-out of energy, transportation and communication systems and, in particular, sourcing “out of market” investments that offer solid fundamentals can protect investors from downside risks, such as currency risk.

Across emerging markets, regulatory changes in support of renewable energy could provide significant investment opportunities in the months and years to come. Subsidy regimes are being boosted by fundamental demand drivers, and many governments are p