The ongoing trend of urbanisation has put pressure on cities to upgrade their infrastructure to support larger populations, including transportation systems, utilities, and public services. Whilst governments in various countries have recognised the importance of infrastructure investment for economic growth and job creation. In many parts of the world, central banks have maintained historically low-interest rates for an extended period. This has made borrowing cheaper for governments and private investors, making it more attractive to finance infrastructure projects.  In what has been a challenging year for M&A activity and deal flow, managers have continued to raise funds at significant levels as they ramp up for a turn cycle.  However, Infrastructure Debt has led the way in 2023, with a high level of senior moves between funds and refinancing at a high.