Infrastructure: Capital Markets Assumption

2025-05-29

Pierre Dongo-Soria, CFA

Principal Investment Strategist, EMEA

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Infrastructure offers a diverse range of investment opportunities—each with distinct risk-return profiles:

Core and super-core: Stable, low-risk assets like utilities, with predictable, inflation-linked returns
Core-plus and value-add: Higher return potential via operational improvements and moderate risk exposure
Opportunistic: High-risk, high-reward investments in emerging markets or new developments

Cover of Infrastructure: Capital Markets Assumption white paper

Investors can access infrastructure through both listed (liquid, stable) and unlisted (diverse, higher return potential) vehicles. While unlisted infrastructure has historically outperformed with lower volatility, return assessments require nuance due to valuation methods.

Download the paper to see our detailed return assumptions and sector-by-sector inflation analysis.

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