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This week we’re joined by James Baldwin, Real Assets Researcher at LCP.

We’re talking about the future of infrastructure investing. James shares his insights from recent research on a raft of new infrastructure assets and funds becoming known as “infrastructure 2.0”, including battery storage, EV charging, data centres, sustainable transport and, of course, renewable energy. We cover some of the characteristics of these investments compared to traditional infrastructure as well as the investment case.

We cover the investment case for investing in, and decarbonising, more traditional infra assets. We also touch on a number of fund-level features of infrastructure investing such as open vs closed-ended, specialist vs multi-strategy etc.

Anyone interested in infrastructure investing will get a lot out of this episode.

We discuss:

• James recaps some of the new ways he’s seeing managers build infrastructure portfolios – including new sorts of assets
• We discuss the most important trends and changes in the infrastructure investing space
• We address how investors should think about the investment characteristics of some of these new kinds of asset:
  • Risk, return, income
• And how should investors build these into a portfolio:
  • Core, satellite, specialist fund, generalist multi-strat funds
  • Uk vs global (or European?)
• We step back and cover how investors are thinking about real assets more generally right now:
  • UK property
  • Long lease
  • Global property
  • Private vs public markets
• We ask James where there is real innovation/investment happening in the fund industry
• We discuss some of the key things James is watching out for over the next couple of years

One thing to take away:

Emissions in infrastructure aren’t just about low emissions being good, and high emissions being bad. Taking assets on the journey to reduce emissions is a value-add activity.

The most underappreciated thing about investing:

We don’t always place enough emphasis on the simple answers, things like holding cash.

Recommendations:

• The Big Short (film & book) – Check out our book club episode 

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Each LCP investment uncut podcast is for information and marketing purposes only and does not constitute any form of investment or financial advice or a financial promotion (under the Financial Services and Markets Act 2000). All views expressed by the podcast hosts and guests are purely their own opinions and do not represent those of LCP, its clients or affiliates. Our podcast listeners should always seek independent financial or legal advice before making any financial or investment decisions. Please refer to the Legal Notices section on the LCP website for further information.​