As highlighted above, the majority of infrastructure funds are first funds for their respective managers. Although there is no reason to doubt the competence of these managers, this does potentially create some skill capacity issues in the industry, particularly given the long-term nature of the investment. The more-established funds have exhibited a noticeable trend in the last couple of years of building asset management experience, developing a more active involvement in the routine asset management, and bringing more focus to improving the operational efficiency of the asset.