Market conditions

Infrastructure investments remain an attractive source of income and capital appreciation for investors.

Infrastructure assets held up well during the Covid-19 pandemic, other than transportation businesses and projects that were exposed to a fall in demand.

Investor appetite remains strong, particularly in areas such as renewables and digital infrastructure.

Investor sentiment for the infrastructure asset class remains positive with increasing numbers of investors allocating capital to this asset class or indeed increasing their allocations. Sourcing yield from resilient businesses has remained challenging for investors. The intense level of competition has led to high pricing of assets.

We remained disciplined investors which resulted in lower new investment activity than in recent years.


Market conditions have shaped our investment activity to focus on:

  • Mid-market economic infrastructure businesses in the core and adjacent sub-sectors;
  • Economic infrastructure businesses with characteristics that can be managed to enhance value over the period of ownership, including for example some level of demand or market risk.

Latest Results

Our results for the six months to 30 September 2021 were announced on 09 November 2021.

Back to top