Cash-rich private investors, meanwhile, were waiting in the wings. They needed to put to work the funds they had hoarded since the financial crisis (during which many had been burned), and with interest rates low - and still falling - they were keen on long tenors that offered a yield pick-up. Infrastructure and non-banks are not a natural fit, but to investors' credit, they adjusted. They got comfortable with construction risk, found ways to mitigate negative carry and learned to monitor projects.
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