
The start of 2020 has brought a slew of commentary on cooling appetite for direct lending, with the release of data showing a second year-on-year decline in private debt fundraising.

Today, investors in many illiquid asset classes are seeking subsectors and asset managers that can defy the overall yield compression of the last five years.

Amid the recent rise of Listed Infrastructure and REITs, one particularly notable change is the emergence of strategies that incorporate both of these strategies within one offering.

With investors honing in on the potential for greater operational efficiency, external fund hosting services are becoming increasingly popular, with a diverse range of banks, asset managers and platform providers getting in on the act.

Infrastructure, as an asset class, is now grappling with something of an identity crisis. Does it offer the same promise that underpinned demand a decade ago?
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