Over the past 10 years, infrastructure investment has gained momentum among investors such as pension funds, insurance companies and sovereign wealth funds, but to a certain extent, infrastructure investment has hit a crossroads. From one side, the global economy is crying out for more infrastructure investment, but governments still own much of their economic infrastructure directly and are struggling to grow the pipeline of investable infrastructure assets. On the other side, a large and growing number of investors are competing for exposure to a relatively small pool of non-government-owned core infrastructure assets. This has seen transaction multiples increase strongly over the past decade. There is a clear supply and demand imbalance.