By some estimates US$100 billion has been raised by more than 100 infrastructure-focused funds across the globe.1 Much of this was raised from 2006 to 2008. Despite fears about the effects of the global economic crisis and cracks in some transactions, 2009 witnessed continued fundraising with some significant fund closures, such as Actis's US$750 million fund in October 2009.2 But what are the challenges that the sector faces and how might it develop over the following five years?