Allocation changes to infrastructure funds among institutional investors have shown varying paths over the five years ended June 2019. Data from Preqin show that while some investors such as public pension funds, asset managers and family offices, increased their overall infrastructure allocations, others like superannualtion funds and sovereign wealth funds saw an increase in the median allocations.
Infrastructure is an income-generating asset class that generally provides investors with downside protection. So increases in the median allocations for investors that typically have high liquidity needs, like pension funds and insurance companies, is understandable. Preqin noted that those that lowered their infrastructure bets have done so in favor of public and private equities.