Infrastructure: private versus listed opportunities

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Transactions in the private infrastructure marketplace highlight the opportunity to own core infrastructure assets in the listed market at a significant 20%+ discount to their underlying asset value. This valuation gap is unlikely to persist indefinitely, which makes a compelling case for allocating to Global Listed Infrastructure.

The private market continues to see significant capital flows making it the largest marginal buyer of assets. The combination of the growing demand for infrastructure and the mismatch between the supply of assets and capital seeking to invest is likely to remain supportive of private market valuation levels, while highlighting the valuation discount of the listed market. Our investment approach incorporates this private market perspective which informs our constructive views of listed company valuations and total return potential.

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