DWS Positive On Infrastructure In 2024

Amanda Cheesley

16 March 2024

Richard Marshall, head of infrastructure research at to buy a $100 billion infrastructure investment firm is also a sign of how significant this asset class is. It acquired all of Global Infrastructure Partners (GIP) for $3 billion of cash and about 12 million of common BlackRock stock as it seeks to tap into the $1 trillion infrastructure sector. See more commentary here and here.

Midmarket presents good value
Marshall highlighted how the midmarket opportunity set remains compelling given the ready pool of large cap investors needing to deploy capital into new assets, as well as the higher returns on offer. He believes that the energy transition, decarbonization, supply chain resilience, public transportation, demographic change and digitalization remain the long-term investment trends that will guide infrastructure investors.

Within these themes, in 2024, Marshall expects to see owners of assets in the transport sector eager to realize assets which have been impacted for a number of years by market dynamics. “Transport infrastructure assets were some of those most impacted by the Covid-19 pandemic, as movement by large parts of the global population were restricted and trade flows were disrupted,” he said.

“As a result of multi-year disruption, transport accounts for the largest share of the value of assets in the pipeline of deals in the global infrastructure market. Transport also accounts for the second highest volume of live deals, behind renewables,” he continued.

He thinks that transport assets could see increased activity in 2024, as assets kept off the market since the pandemic begin to emerge. Nevertheless, in both the US and Europe, political risk remains a key area to monitor, he added.