The Global Unlisted Infrastructure Equity, Value-weighted (U.S.-dollar) Index is a market-value weighted representation of the global private infrastructure equity market. It covers all investable infrastructure sectors. Index constituents include all business models and both infrastructure projects (special purpose vehicles) and corporates. As of Sept. 20, 2019, the index had a total market capitalization of $337.35 billion, representing 516 firms. Since inception, a total of 621 firms have been included in this index.

In local currency terms, the combined evolution of interest rates and infrastructure equity risk premia this summer (as measured from infrastructure secondaries) led to higher capital gains and total returns in the quarter (3.75 percent in local currency terms). U.S.-dollar returns have been on the decline, shrinking to 0.34 percent in third quarter 2019 from 1.46 percent in second quarter, following the depreciation of Sterling against the Dollar and because