Not before time, infrastructure is being recognised as a sector where institutions should do business. Crucially, its returns are sufficiently close to inflation to offer a decent match with liabilities. You can trade its illiquidity for a decent spread.

It's not hard to find projects in Europe offering 400 or 600 basis points over index-linked bonds. Add in a bit of leverage and rates of return of 12% to 15% can be achieved, which isn't bad in recession. You can get double that in emerging markets.