A relevant debate is whether it is appropriate for retail investors to invest in unlisted funds, and/or whether any fund should invest in unlisted infrastructure. Listed and unlisted investments have different characteristics, such as tradability and value volatility (as discussed in Appendix A.2). These different funds are also subject to different regulatory regimes. Macquarie's International Infrastructure Securities Fund, aimed at retail investors, will invest only in infrastructure that is expected to be listed.2