In this chart

Private infrastructure has a reputation for stability in returns, but a look beneath the hood tells a different story. 

Industries within the asset class have experienced significant variability over the past decade. For the 12 months through Q1 2025, the performance differential between the strongest-performing industry (public facilities) and the weakest industry (water) was nearly 17 percentage points. 

Take a look at the chart and you’ll find an even wider gulf, with water and renewables driving a greater than 20 percentage-point gap in June 2022. 

Sector-specific policy, investor sentiment and commodity dynamics can drive wide dispersion beneath the aggregate in private infrastructure. For investors, segment-level granularity is essential.