With fast-appearing tariffs, an increasingly uncertain regulatory environment, hidden contract risks and fickle supply chains, keeping projects on the straight and narrow infra path in 2025 is no mean feat.

Macquarie’s co-heads of APAC infra tell us which markets excite them, why the AirTrunk exit valuation was not excessive and what makes for an effective partnership.

While the UK is pushing for pensions to be modelled more closely on their Canadian and Australian counterparts, the more established direct investors are facing troubles of their own, throwing into question whether the model is worth replicating.

Co-founders Sadek Wahba and Gautam Bhandari on I Squared Capital’s journey from start-up to blue-chip infra manager, why they’re not migrating to ‘larger and larger cheque sizes’, and why they intend to remain independent.

The subpar fundraising environment of the past two years has played a role in spurring interest in co-investments, but it’s not the only driving force behind the rising trend.