The examples we have highlighted above show that retail investment in infrastructure opportunities, or industries inextricably entwined with infrastructure, can happen successfully in the right circumstances. It seems likely that the retail role will develop over time; indeed, as some of the existing unlisted funds develop, there might be a natural follow-on fund for the retail market. But the retail sector will probably only grow as different aspects of the sector, including the dichotomy between periods of volatility and long-term stable annuity cash flows, are better understood.
The success of infrastructure-related listings in India probably also hints at another factor that might spur growth. Many of the countries and regions with the greatest demand for infrastructure investment are ones with high levels of personal savings (often as a substitute for state welfare support). The challenge here is to match individuals with savings with infrastructure investment demand and to develop products that allow the general public to invest in the development of their national or regional infrastructure.