The last five years have taken many first-time investors in infrastructure up a very steep learning curve. The investment proposition has been severely tested over the last 18 months, and in most circumstances has demonstrated its robustness. Some of the issues that have come to light, such as volatility of earnings in some sectors, should not be glossed over. Both investors and fund managers need to spend time to better understand the intricacies of the available opportunities, building skills across the whole investment life. Overall, the prospects for infrastructure funds look more positive as the depth of experience and level of activity increases.