From the Ground Up: Infrastructure Investment Faces Data Challenges

With calls for massive investment in infrastructure ringing across North America and Europe, private investment in these projects should be flourishing. Yet, many institutional investors still view these opportunities with a balance of interest and caution.Tim Bourgaize Murray takes a look at assets full of potential, but lacking for data.

In 2006, a concession agreement was signed handing financial and operational responsibility for toll road access in Indiana to private hands—the largest public-private partnership (P3) project of its kind. A company called Indiana Toll Road (ITR), backed by Australian investment bank Macquarie and Spanish infrastructure giant Ferrovial, was given the reins, and the deal made headlines because large institutional investors also bought in with stakes previously unheard of. By 2014, ITR had gone