There is an unprecedentedly large volume of capital earmarked for unlisted real assets, but the common observation today is that the markets are too expensive. But as Holger Kerzel, who is responsible for illiquid assets at Munich Re and ERGO, says, no asset class is cheap anymore. “Infrastructure, in comparison, is attractive.” Most investors seem to agree with this view. Of those investors surveyed by IPE Real Assets’ top 100 infrastructure investors report, 72% said infrastructure was not, broadly speaking, too expensive. The finding marked a big increase on the 52% recorded last year. Further declines in interest rates could well explain why more investors are comfortable with the pricing of infrastructure relative to other asset classes. Another interesting contention is that infrastructure was previously cheap and is now more fairly priced - “a normal process of price discovery”.