Re-wiring the future: pipes, roads & AI’s energy hunger

The macro

• Infrastructure pays off long term; short-term impact depends on context: Outcomes vary by region and project type, with emerging markets often seeing stronger economic effects.
• Digital and defence projects stand out: Broadband boosts productivity fast; defence spending drives long-term growth – making infrastructure a strategic lever for governments.

The market

• Infrastructure is recession-resilient and in demand: It offers stable returns and diversification when other assets struggles making it a valuable portfolio anchor.
• Energy and AI are reshaping global infrastructure: Clean power and data needs are driving investment, especially in frontier and emerging markets.

The managers

• Big themes, bigger growth: Energy transition, climate adaptation and AI are accelerating infrastructure investment, with utilities expanding faster than at any point in recent decades.
• Regulated assets offer stability and scale: Long-term contracts and supportive policy frameworks help infrastructure operators deliver predictable returns and attract investor capital.