Finding and winning investment opportunities

There is a tension in the market between the rapid rate of fundraising and the availability of investment opportunities. There are more funds chasing opportunities than there are opportunities. There seem to be a number of reasons for this mismatch. Despite the apparent pursuit of private-sector investment in infrastructure by many governments, some major markets seem to be stalled by political and social resistance to private finance, as seen in the US social infrastructure market. In response to the global economic crisis, sellers of assets are holding them until they think values have recovered, at least in part. The shortage of deals is also linked to the unavailability of cheap credit to support investment opportunities. For example, in the Gatwick Airport sale in 2009 some sellers provided "stapled debt".5