Infrastructure Debt with Clements, Ricciardelli, Beckman and Le Bret

Philip Clements, CFA, Alfonso Ricciardelli, CFA, Matthieu LeBret and Simon Beckman join Will Goodhart (CFA Institute Research Foundation Board of Trustees), to discuss their recent brief on infrastructure debt and its growing role in institutional portfolios. The conversation explores how infrastructure debt has evolved from a niche allocation into a core component of alternative credit, shaped by the energy transition, government funding needs, and limits on bank balance sheets. The guests examine risk characteristics across the asset class, including construction risk, technology change, political uncertainty, and interest‑rate regimes, as well as how infrastructure debt fits alongside equity, private credit, and real assets. The discussion also covers renewable energy, data centers, and why infrastructure is increasingly central to long‑term investment strategy.