There has been much discussion of new funds set up expressly to make infrastructure loans. A number of finan-cial institutions have considered the idea and there is no shortage of entrepreneurial activity, but to date there has been limited success in this area. This appears to be largely because the natural investors in such a fund are the same investors that would otherwise invest directly in infrastructure assets. Although the intermedia-tion of a fund manager with a structuring and risk assessment capability would alleviate one of the constraints cited above, a number of the other constraints cited above will still apply. There are two principal approaches to these funds: (i) structured funds, where a vehicle raises capital on the financial markets - generally through bonds- and "transforms" it into standard project debt through a form of securitization mechanism and, (ii) "pass-through" funds where institutional debt raised from investors is on-lent to specific projects. Despite a slow start, this remains an area of interest.