From December 2016 to March 2017, Campbell Lutyens endeavoured to seek the views of a cross-section of thoughtful investors in private infrastructure, not necessarily just the largest, through over 60 in-depth interviews and meetings. These interviews were across the world in Asia Pacific, the Middle East, North America and Europe.

This report seeks to distil the combined wisdom of those we spoke to in a form which we hope you will find useful and thought-provoking. Our original objective was to reflect on the ten years since a number of infrastructure funds started to be raised in 2005-2006 and allocations were made by a number of institutions. We also look forward, beyondthe current opportunities available, to what investors want to see from the infrastructure asset class in the medium to long-term.

The focus of these interviews was on equity rather than debt and on the developed markets of North America and Northern Europe. Consequently, we did not seek views in any particularly systematic way on the desire for infrastructure equity investments in Africa, South East Asia or Latin America.