Institutional investment in infrastructure has become a much discussed topic in recent years, also in terms of public policy. Governments frequently call for a higher engagement of asset owners in the financing of infrastructure projects. Many investors have become interested in infrastructure as an “asset class” for their own reasons. In an environment of low interest rates in major markets, they are looking for alternative sources of income and better diversification.

A relatively quiet quarter ended in volatile fashion following the June 23 U.K. referendum in which voters elected to leave the European Union. Global equities drifted higher in April and May but fell sharply immediately following the vote, before recouping some losses in the last week of trading. 

When visualizing infrastructure fundraising over the years, a mountain range comes more to mind than a flat sandy beach. Everything about infrastructure — amount of capital raised, number of mega-funds closed, time for funds to close — seems to go up one year and then down the next.