Since the first meetings of the TLF in 2011, infrastructure investment has been a topic of interest to the pension trustees. As an asset class, it has the potential to provide not only appropriate returns to workers’ pension funds, but also investments in communities that need good jobs and modern rail, energy, internet, roads, bridges, and damns. It also poses risks, including privatization of public jobs and assets.
In 2017, pension trustees have more questions than ever about infrastructure investment. This working document compiles some of the thinking from the past six years of trustee discussions at TLF convenings, and aims to briefly summarize the key issues and questions that have been raised. Trustees with whom we work are asking how, as institutional investors, they may signal what is of value in these investments, or, in other words, what makes an infrastructure investment a “high road” investment.