The spectrum of infrastructure assets

July 2025

When you hear the word infrastructure, most people imagine highways, power lines, and water utilities.

These are the familiar structures of daily life – essential, tangible, ubiquitous, and often taken for granted. However, the investable universe of infrastructure assets is far broader and more nuanced than many people’s experiences. Today, it stretches across a vast spectrum from lower-risk “core” investments to a wide range of higher risk, potentially higher returning “non-core” strategies that pursue “value add” approaches. At the upper end, “opportunistic” investments involve greater levels of infrastructure-related risks and may introduce private equity-style playbooks and associated types of risk. For investors, understanding this continuum is vital to navigating the risks and rewards of this asset class.

View white paper