The changes have been in how intense the competition for core assets has become, combined with what we see as very high asset prices. And this is now taking place against the backdrop of lower growth in the U.K. and Eurozone, along with higher volatility and uncertainty in the global equity markets.
Infrastructure debt can offer benefits in terms of both diversification and the potential for alpha. A key point is that the full benefits are only possible if you have the ability to originate these transactions.
Generally we are seeing an increased appetite from institutional investors.