Australia and Canada are the two leading countries in terms of institutional infrastructure investing. Australian pension funds have been pioneers in the field since the early 1990s, when their financial industry invented ‘infrastructure as an asset class’. Large Canadian pension plans spearheaded direct investments in infrastructure over the last decade. Today, these two countries have the highest asset allocation dedicated to infrastructure by pension funds across the globe, i.e. about 5 per cent (Fig. 1), against a global average of still only roughly 1 per cent.
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