Welcome to the MoneyMays podcast. I'm Simon Brewer, and Will Campion and I have created this show to explore and unravel some of the mysteries surrounding the investment business.

Over the last two years, we've released two mini-series on private markets, seeking to understand how the growth of private equity, alternative assets and supporting

industries are disrupting the wider investment management sector. We wanted to probe how much

of the enthusiasm and growth was cyclical and powered by cheap money rather than a structural

creating a permanent component of asset allocations. In light of the upcoming release of our third

private market miniseries, we've compiled some of the highlights from last season, with fascinating

experts from individuals behind the likes of IFM investors, NASDAQ private markets, TPG Next, TIGAHAO

Capital and Case. David Neal, CEO of IFN investors, discussed the long-term benefits and characteristics of

infrastructure as an institutional asset class.

But just starting at the high level, infrastructure is an asset class.

Who does it suit best and why?

Well, I think infrastructure is, you know, I'm obviously talking my own book here, but it is,

in many ways, it just feels like almost the perfect institutional asset class in private wealth,

really, anybody who has a long-term desire to generate high-risk adjustment returns.

And the reason for that is that it has wonderful long-term characteristics.

At its heart, nearly all the cash flows that underpin an infrastructure asset

are inflation-related in some way.

So they may be contractually inflation-related.

So many often utilities have a CPI linked cash flow form or they're implicitly inflation related. So growth assets like airports or toll

roads and things will often have some element of inflation linkage within them as well.

So you can be confident that over a very long period of time,

your purchasing power is maintained,

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