After a year that tested the resilience of infrastructure investments and their sensitivity to lower dividends in the transport sector because of COVID-19 lockdowns and a higher equity risk premium across all sectors, first quarter 2021 is a reminder of the role of interest rate risk in long-term investments that have “bond-like” characteristics.

It is pretty common to refer to institutional investors these days as “LPs” or “limited partners,” and to investment managers as “GPs” or “general partners.” But while an investor can become a limited partner, and an investment manager can serve as a general partner, the terms are not synonymous.

The transition to renewable-generated power is happening all around us, but as the pace of transition from fossil fuels to renewables accelerates, the infrastructure needed to support these new sources of energy is sorely lagging behind. This is creating both opportunities and challenges for investors.

The COVID-19 pandemic has played a substantial part in the burgeoning digital world, triggering a massive infrastructure build-out of fiber, tower networks, 5G and data centers to meet the growing needs of urban and rural communities.

If most transportation infrastructure is owned by the public-sector and there is adequate and cheap public sector capital — whether through local, state or federal sources — why does the American Society of Civil Engineers award U.S. transportation infrastructure a near-failing grade?

Infrastructure has always supported America’s economic competitiveness. Canals, railroads, and telegraph lines opened the country’s hinterland to global trade partners, brought money back to our shores, and attracted immigrants to chase their own opportunities. The engineering around paved roads, mass transit, telephone lines, managed water and electricity systems allowed our cities and towns to flourish as new types of housing, factories and offices grew around these physical systems. From rural farms to busy urban neighborhoods, infrastructure is our economic foundation.

Those firms who allocate alternative investment dollars for large investors are showing no signs of skittishness, according to the Alternative Investment Allocator Survey conducted by leading law firm Seward & Kissel.