While there is broad agreement on the need for significant investment in U.S. infrastructure, the question of how to pay for it is more contentious, with different views of how to privately finance public assets.

The United States in fact has a long history of successful private market solutions to infrastructure needs, dating back to the creation of our railway system over 150 years ago. More recently, listed structures such as REITs and MLPs, targeting telecommunications and energy pipelines, have proven successful in answering the challenge of stimulating private investment to address infrastructure needs by offering access to the widest possible pool of capital.

We believe that tapping into private capital to fund broader public infrastructure investment presents a mutually beneficial opportunity to meet a public need and generate compelling returns for investors. In addition, by making the investment opportunity available broadly via a listed structure, it would d