Despite several decades of private money being allocated to infrastructure investment, the asset class does not have a clear common definition, from a financial investor perspective. This situation only started to change in 2016, when infrastructure was defined as a separate asset class under Solvency II, a financial regulation for managing risk exposure that is binding on many institutional investors in Europe. Defining infrastructure as an asset class with predictable returns and low exposure to volume, financing and operational risks, Solvency II sets an important precedent globally of translating a “common wisdom” of what infrastructure is and is not into a set of crisp and testable definitions. The legislation also recognized benefits that investing in infrastructure should carry from the portfolio risk management perspective. In simple terms, reduction of the Solvency Risk Charge for qualifying investments in infrastructure equities and debt has made capital allocations to