There is little doubt that Infrastructure is growing in popularity. Characteristics such as a stable income and long-term growth profile has meant that more and more investors are increasing their exposure to the asset class within their portfolios. This increased demand, as well as a lower interest rate environment, has meant that prices being paid for Infrastructure assets has been driven up over recent years. But what does this mean for investors’ portfolios going forward? Do these prices represent a new normal, or is the asset class at risk of a bubble? This article looks at the pricing trends within the asset class, as well as our views on valuations going forward.