Infrastructure

Garner exposure to next-generation infrastructure assets that form the backbone of our modern society.

What is Infrastructure?

As an asset class, infrastructure encompasses the essential physical assets and systems that support the functioning of our economies and daily lives. It forms the backbone of modern society, enabling everything from transportation, energy and power, water supply, and the networks that keep us connected. Traditionally, infrastructure has been financed and operated by the public sector (i.e., governments); however, private capital is playing an increasingly significant role in the development, operations, and management of infrastructure assets. Infrastructure investments offer investors the opportunity to participate in the ownership and operation of these physical assets, providing potential for attractive risk-adjusted returns and diversification benefits.

Why consider Infrastructure for your portoflios?

Infrastructure asset revenues often feature embedded growth and are linked to inflationary increases through contractual indexing or natural links to inflation, ensuring long-term stability. Additionally, the essential nature of infrastructure services often results in inelastic demand, irrespective of price increases.

Infrastructure investments tend to exhibit a low correlation with traditional asset classes, such as stocks and bonds, and private assets, particularly over the long term.

Infrastructure assets often exhibit defensive characteristics, which make them particularly valuable during economic downturns or periods of market stress. The essential nature of infrastructure services means that demand remains relatively stable even in challenging economic conditions.

The essential nature of infrastructure has historically helped drive the compelling risk/return profile of the asset class. Modern infrastructure presents the opportunity to achieve meaningful upside by capitalizing on long-term trends that significantly transform how people live and conduct business.

Infrastructure has historically outperformed in inflationary periods

Average returns during periods with above-average inflation, Q4 2004 to Q2 2025 Data as of June 30, 2025. Source: PitchBook, Bloomberg, Westcourt analysis. Note: Global Listed Infrastructure is represented by S&P Global Infrastructure Net Return Index; Global Equities by MSCI World Net Total Return Index; Global Fixed Income by Bloomberg Global Aggregate Total Return Index. For illustrative purposes only. Past results do not guarantee future performance.

Low correlation to listed infrastructure and traditional public asset classes

Correlation of private infrastructure to public assets, Q4 2002 to Q2 2025 Data as of June 30, 2025. Source: PitchBook, Bloomberg, Westcourt analysis. Note: Global Listed Infrastructure is represented by S&P Global Infrastructure Net Return Index; Global Equities by MSCI World Net Total Return Index; Global Fixed Income by Bloomberg Global Aggregate Total Return Index. For illustrative purposes only. Past results do not guarantee future performance.

Private infrastructure has protected capital during periods of stress

Maximum drawdowns of private infrastructure vs. public assets, Q4 2002 to Q2 2025 Data as of June 30, 2025. Source: PitchBook, Bloomberg, Westcourt analysis. Note: Global Listed Infrastructure is represented by S&P Global Infrastructure Net Return Index; Global Equities by MSCI World Net Total Return Index; Global Fixed Income by Bloomberg Global Aggregate Total Return Index. For illustrative purposes only. Past results do not guarantee future performance.

Private infrastructure has historically outperformed public assets

Cumulative performance of private infrastructure vs. public assets, Q4 2002 to Q2 2025 Data as of June 30, 2025. Source: PitchBook, Bloomberg, Westcourt analysis. Note: Global Listed Infrastructure is represented by S&P Global Infrastructure Net Return Index; Global Equities by MSCI World Net Total Return Index; Global Fixed Income by Bloomberg Global Aggregate Total Return Index. For illustrative purposes only. Past results do not guarantee future performance.
Zoom Chart

Learn More About Our Infrastructure Strategy