Once seen as a slow-moving, low-risk asset class dominated by roads, airports and utilities, infrastructure today reflects a far more dynamic and diverse universe. Traditionally, infrastructure investment centred on essential, long-duration assets such as transport networks, regulated utilities and communications. To begin with, this was financed through both listed and private markets, but over time private capital has become the dominant force. Chart 1: Private infrastructure AUM has grown rapidly, outpacing listed marketsToday’s infrastructure market looks markedly different to that of a generation ago. Energy infrastructure in particular has undergone significant transformation.