Infrastructure markets, similar to most markets today, have had a long run of rising valuations, but if the discussions at IREI’s 10th annual Institutional Investing in Infrastructure Editorial Advisory Board meeting are an indication, those valuations will be challenged in the near future. This was one of the key takeaways from the discussions among i3 board members at their meeting in Chicago in November.

i3’s board comprises 40 members — 13 institutional investors such as public and corporate pensions, sovereign wealth funds and insurance companies totaling more than $2 trillion in total assets under management and $9.3 billion in infrastructure holdings; 11 consultants with $5.3 trillion in total assets under management and more than $94 billion in infrastructure assets under advisement; and 12 investment managers with $1.2 trillion in AUM and $134.2 billion in infrastructure holdings. Combined AUM and infrastructure holdings in the room for this year’s board meet