Hedge fund managers are demoralised and unpopular, with money draining from the industry every month. Infrastructure fund managers see skies as blue as those on the covers of their investor presentation books. Hedge fund managers and their incentive compensation are the piñatas for even centre-right tax proposals. The left would like to leave them and their money in shallow graves. The latter part of 2018 was particularly depressing for hedgies. According to Eurekahedge, the data company, in December hedge funds registered a performance-based decrease of $11.3bn, and net asset outflows of $12.2bn, leaving total assets under management of $2.34tn. Infrastructure funds, on the other hand, cannot shovel in the money fast enough. According to IJGlobal’s estimate, infrastructure funds raised a record$102.3bn last year, beating the previous high of $88.2bn in 2015.

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