“Competition has become really fierce for quality assets in this sector but it’s not just a cost-of-capital shoot out – the acquirer’s profile and expertise is often a crucial factor, something that is marking out the successful funds playing in this space. The winners, more often than not, are those with a well-defined sector specialism”

Sara Pickersgill, co-head of Allen & Overy’s global infrastructure group (IJGlobal Digital Infrastructure Report 2021)