Today, 80% of institutional investors are exposed to unlisted infrastructure equity invested via managed private investment funds. As a result, fund manager selection and performance monitoring are key aspects of the investment process in infrastructure. Indeed, most individual infrastructure portfolios are concentrated in a limited number of investments reflecting active manager choices. 

choices. To select skilled managers, investors typically rely on rankings by quartiles of net IRR and multiples and aim to work with asset managers that are consistently in the top quartiles. Likewise, to monitor performance, investors need to compare the reported performance of the funds they are invested in with that of comparable funds and, again, hope to achieve top-quartile results. 

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