With few exceptions, under investment in infrastructure has been a global secular trend. In some instances the true economic cost is not passed on to consumers. In these situations, under-pricing tends to be subsidized by the government, which results in pressure on government finances. The cumulative adverse impact is under investment, lagged maintenance and inadequate infrastructure replacement. This in turn slows development, erodes productivity, and in some cases results in shifts of populations and industries to more infrastructure efficient geographic areas. Estimations and methodologies to determine infrastructure funding needs differ due to varying definitions of infrastructure as well as the level of subjectivity involved in assessing the need to renew, maintain or to add to existing assets. The market for private investment in public infrastructure is expected to continue to grow in size, sophistication and opportunity. Private investors recognize this trend and have begun to raise dedicated infrastructure funds to address these opportunities. These infrastructure funds bring together capital from a variety of investors and allow for efficient deployment of equity capital.