PitchBook-全球实物资产报告2022Q1（英）

Q1

2022

GLOBAL

RealAssets

Report

HilaryWiek,CFA,CAIA

LeadAnalyst,FundStrategies&SustainableInvesting

hilary.wiek@

AnikkaVillegas

Q12022GLOBALREALASSETSREPORT

Contents

PitchBookData,Inc.

JohnGabbertFounder,CEO

NizarTarhuniSeniorDirector,InstitutionalResearch&EditorialDylanCox,CFAHeadofPrivateMarketsResearch

InstitutionalResearchGroup

Analysis

Overview3

Infrastructure8

Oil&gas15

TheaccompanyingExcelfilecontainsadditionalchartsandallunderlyingdata,includingsomechartswithdatagoingbackfurtherthanwhatisincludedinthisreport.

DownloadtheXLSsummary

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Analyst,FundStrategies&SustainableInvesting

anikka.villegas@

Data

TJMei

DataAnalyst

pbinstitutionalresearch@

Publishing

ReportdesignedbyDrewSandersandJennaO’MalleyCoverdesignedbyJuliaMidkiff

PublishedonJune23,2022

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2

Dec

Jan

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Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

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Jul

Aug

Sep

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Nov

Dec

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May

Jun

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Aug

Sep

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Nov

Dec

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Mar

$58.2

$81.8

$113.3

$148.2

$92.3

$104.4

$130.4

$117.6

$103.6

$132.3

$44.5

191

186

163

152

154

149

17

199

Overview

Spot

200%

150%

100%

50%

0%

-50%

-100%

pricesforselectcommodities

2017

20182019

BrentCrudeLumber

Aluminumsheet&stripGold

2020

Iron&steelCopper

20212022*

Ironoremining

Coal

Source:FRED|Geography:Global*AsofMarch31,2022

HilaryWiek,CFA,CAIA

LeadAnalyst,FundStrategies&SustainableInvesting

Realassetsaregettingacloselookbymanyinvestorsrightnow,giventhedualimpactsofinflationandrisinginterestratesbeingfeltaroundtheworld.Whiletheseinvestmentscanoffersomeprotectionwhenaportfolio’sequityexposureisparticularlyvolatile,long-terminvestorswilloftenallocatetoprivaterealassetsbecauseoftheirprovenabilitytoimproveontherisk/returnprofileofaportfolioofjuststocksandbonds.¹Infact,thesetwoimpulsesarenotunrelated—byofferingstabilityandprotectioninvolatile(down)markets,realassetsoverthelongtermimproveoverallresults.

Itshouldbenotedthatrealassetsisnotreallyanassetclassbythetraditionaldefinition.OnearticlepublishedbytheCFAInstitutedefinedanassetclassas“agroupofassetswithsimilarexposuretothefundamentaldriversoftheeconomy.”²Withinrealassets,however,timberdoesnotbehavelikeinfrastructureandgolddoesnotactlikeoil&gas.Investorsdonotevenagreewhatshouldbeincludedinthecategory—somecallittangibleassetsandincluderealestate,othersuseitasacatch-allbuckethousingthelesser-usedstrategiesthatdonotfitelsewhere.Which,admittedly,ishowourrealassetscategorycurrently

Realassetsfundraisingactivity

237

218

112

20122013201420152016201720182019202020212022*

Capitalraised($B)Fundcount

Source:PitchBook|Geography:Global*AsofMarch31,2022

appears.Weseparatedoutrealestateintoitsownreportingin2021,butinourrealassetscategory,weincludeoil&gas,metals&mining,timber,agriculture,andinfrastructure.

1:“ResiliencyandDiversificationfromUncorrelatedMarketExposure,”Nuveen,GwenBusby,SkyeMacphersonandAbigailDean,May2021.

2:“WhatisanAssetClass?”EnterprisingInvestor,JoachimKlement,December30,2019.

3Q12022GLOBALREALASSETSREPORTOVERVIEW

$109.9

$113.4

$101.9

$104.4

$94.2

$105.5

$137.5

$130.4

$136.4

$138.9

$103.0

$117.6

$130.8

$117.2

$117.5

$103.6

$75.7

$97.1

$113.2

$132.3

$159.7

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021*

192

191

191

189

186

184

112

167

157

152

152

150

162

154

151

138

182

Realassetsfundraisingactivitybyquarter

98

209

197

199

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3

2017201820192020

Capitalraised($B)Fundcount

Q4Q1Q2Q3Q4Q1

20212022*

Source:PitchBook|Geography:Global*AsofMarch31,2022

Tosetthestageforthefundraisingandperformancedatatofollow,inflation,whichcanbesoeconomicallydestructiveforconsumers,hasactuallybeenanicetailwindforthecommoditiesthatfeedintoseveraloftherealassetscategories.Lookingatspotpricesacrossavarietyofcommodities,wecanseethatsincetheendof2017,allareup,withgold,oil,andlumbernoticeablyspikinginjustthepastsixmonths.Whentheinputstoproductionriserapidlyinprice,thiswillflowthroughasincreasedcostsforsomanypartsoftheeconomy,includinginfrastructure,amajorsubjectofthisreport.

So,whatisthedatasayingabouttrendsinthesestrategies?Annualcalendar-yearfundraisinghasbeeninafairlytightbandforsomeyearsnow,thoughthe$148.2billionhighof2015isstill$15.9billionaheadof2021’ssecondplacetotalof$132.3billion.Thatsaid,whenlookingatrollingfour-quarterfundraising,wedoseeaclearrecentuptickininterestin

realassets.Fromarecentlowof$75.7billionraisedintheyearthroughQ12021,realassetscollected$159.7billionincommitmentsintheyearthroughQ12022.LPsappeartobeputtinginsomeefforttoaddinflation-protectiontoportfoliosinlightofrecenteconomicevents.Ashasbeenseenrecentlyinotherareasoftheprivatemarkets,investorinterestbywayofincreasingfundcommitmentscanleadtoescalatingassetpricesinmarketswherethereisscarcityofinvestableopportunities.Thispotentialimpactonperformanceissomethingwewillbekeepinganeyeonasrecentfundvintagesmovethroughtheirinvestmentcycles.

Realassetsdrypowder($B)byvintage

$350

$300

$250

$200

$150

$100

$50

$0

$340

$318$308$303

$256

$176

$142

$126

Cumulativeoverhang

Overhangbyvintage

$335$336

$322

Total2021*2020201920182017201620152014

Source:PitchBook|Geography:Global*AsofDecember31,2021

Subtractingthecapitalthathasbeencalledfromallrealassetsfundvintagesfromwhatweknowtohavebeencommittedtothesefunds,weshow$322.4billionindrypowderwaitingtobeinvestedintorealassets.Toputthisintoperspective,afterasteepincreasefrom2011to2015,uncalledcommitmentshaveremainedfairlysteady,even

4Q12022GLOBALREALASSETSREPORTOVERVIEW

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022*

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022*

decliningslightlyfromthe2018peakof$339.7billion.Thesefiguresarenotmassiveincomparisontootherstrategieswefollow—privateequity(PE)drypowderpeakedat$1.4trillionin2020—butthepotentialscopeforthesetangibleassetsstrategiesisalsomorelimited.Thereareonlysomanycoppermines,oilwells,orforestedacresavailableforprivatefundinvestment,assuchassetsareoftenfoundinthehandsoflong-termholders,suchaspubliccompanies—examplesincludeBHPGroup(ASX:BHP)formining,ExxonMobil(NYSE:XOM)foroil,WeyerhaeuserCompany(NYSE:WY)fortimber—andgovernments(theUSfederalgovernmentowns238millionacresofUSforests)³.

Lookingbythetypesofrealassetsfundswefollow,infrastructurehasclearlydominatedthefundraisingfigures.Thisstrategyhasrepresentedmorethanhalfofrealassetscommitmentseveryyearbackto2008,andthesharehasonlycontinuedtogrow,toppingoutat95.6%ofcommitmentsthusfarin2022.Since2008,73.1%of

realassetscommitmentshavegonetoinfrastructure,thoughonly65.2%ofthenumberoffundsraisedwereinfrastructurefunds.Infrastructureassetslikeairports,tollroads,andcleanenergyprojectscanabsorbhugeamountsofmoney,whilenaturalresourcesinvestmentstendtorequiresmallersums,solargerfundstendtoshowupininfrastructureversustheotherareas.WiththesigningoftheUSBipartisanInfrastructureLawinlate2021,recentfundsarecertainlytargetingopportunitiestoservicethemassivespendthatwillresult.ThisisborneoutbyNorthAmericamakingup77.5%ofallinfrastructurecommitmentsinQ12022,wellabovethe2008-2021normof55.1%.Muchmorediscussiononthiscontinuesintheinfrastructuresectionofthisreport.

Whileoil&gasclaimsamassiveshareofanydiscussionaboutinflationandgeopolitics,ithasonlyrepresented1.9%ofrealassetsfundraisingsincethebeginningof2021.Since2008,oil&gasfundshavegarneredover20%ofrealassetscommitments,butthedownwardtrendinoilpricesinrecentyearshascausedinvestorstoshunthespaceuntilbetteroutcomesareexpected.WiththecrisisinUkraine,thatvisionmaybeuponus;itseemslikelythatoil&gasfundraisingwillseeatremendousboostin2022shouldoilpricesremainabove$100.

FundstargetingEuropeandNorthAmericahavedominatedrealassetsfundraisinginrecentyearsattheexpenseofAsia.WhileAsiarepresented10.2%offundraisingbetween2008

Shareofrealassetsfundvalue($B)bytype

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

InfrastructureOil&gas

Other

Source:PitchBook|Geography:Global*AsofMarch31,2022

Shareofrealassetsfundvalue($B)byregion

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

NorthAmericaEurope

Asia

Restofworld

Source:PitchBook|Geography:Global*AsofMarch31,2022

andQ12022,itwasonly3.0%ofassetscommittedsincethestartof2021.Europehasbeenamuchlargerportionofassetsraisedrecently,representing43.8%ofassetsraisedinthelastfivequarterscomparedto28.5%ofthetotalsgoingbackto2008.Interestingly,themixwithinregionscanbevery

3:“USForestOwnershipandManagement,”CongressionalResearchService,KatieHooverandAnneA.Riddle,December16,2021.

5Q12022GLOBALREALASSETSREPORTOVERVIEW

RealassetshorizonIRRsbystrategy*

40%35%30%25%20%15%10%5%0%

-5%

1-year

3-year

15-yearOther

18-year

20-year

5-year10-year

RealassetsInfrastructureOil&gas

Source:PitchBook|Geography:Global*AsofSeptember30,2021

different.InEurope,infrastructurehasbeengreaterthan90%ofrealassetscommitmentsraisedin11ofthepast14calendaryears,whileinNorthAmerica,oil&gashasfallenbetween

Toprealassetsfundstoclosein2022*

20%and70%ofcommitments—atleastuntil2021,whenoil&gascommitmentsfelltoonly4.9%ofNorthAmericanrealassetscommitments.

Fundname

KKRGlobalInfrastructureInvestorsIV

Fundstep-upFundcity

2.3xNewYork

Fundtype

Infrastructurecore

Fundsize($M)

$16,709

Closedate(2022)

March15

StonepeakInfrastructureFundIV

$14,000

February2

Infrastructurevalueadded

1.9x

NewYork

InfraViaEuropeanFundV

$5,608

March10

Infrastructure

2.5x

Paris

ICGInfrastructureEquity1

$1,653

March28

Infrastructureopportunistic

N/A

London

HullStreetEnergyPartnersII

$1,125

March30

Infrastructurecore

1.6x

Bethesda

KeppelDataCentreFundII

$1,100

January21

Infrastructuregreenfield

1.1x

Singapore

SprottPrivateResourceStreamingandRoyaltyFund

$701

January27

Metals&mining

N/A

Toronto

EIVCapitalFundIV

$682

February9

Infrastructure

1.5x

Houston

PrimeGreenEnergyInfrastructureFund

$665

January25

Infrastructurevalueadded

N/A

Frankfurt

PioneerInfrastructurePartners

$651

February23

Infrastructurevalueadded

N/A

London

LimeRockResourcesV

$538

March14

Oil&gas

0.7x

Houston

SynergyMetalsandMiningFundI

$340

February15

Metals&mining

N/A

Dubai

WaterousEnergyFundII

$272

January27

Oil&gas

0.3x

Calgary

NorthSkyInfrastructureInvestmentFund

$200

January12

Infrastructureopportunistic

N/A

Wayzata

GreenbackerDevelopmentOpportunitiesFundI

$142

March8

Infrastructureopportunistic

N/A

Portland

Source:PitchBook|Geography:Global

*AsofMarch31,2022

6Q12022GLOBALREALASSETSREPORTOVERVIEW

RealassetsrollinghorizonIRRsbystrategy

50%

40%

30%

20%

10%

0%

-10%

-20%

-30%

-40%

2011

2012

2013

2014

2015201620172018201920202021*

Realassets

InfrastructureOil&gasOtherrealassets

Source:PitchBook|Geography:Global*AsofSeptember30,2021

Asinotherpartsoftheprivatefundsworld,bigfundshavedominatedthefundraisinglandscapeinrealassets.Sixfundslargerthan$1billionclosedinQ12022,accountingfor90.3%oftheassetsclosedinthequarter.KKRGlobalInfrastructureInvestorsIV,at$16.7billion,closedon37.5%ofthequarter’scommitments.Stonepeak,InfraVia,IntermediateCapitalGroup,andHullStreetroundedoutthetopfiverealassetsfundclosingsinthefirstquarter.

SittingintheOtherbucketistimber,metals&mining,andagriculture,plustheoccasionalgeneralfundthatgoesacrossthetypesinamoreopen-endedapproach.Therawmaterialnatureofmanyoftheseinvestmentsmeansthattheyaregenerallyseeingtheirmarketpricesrisedrasticallyinthistimeofsupplychaindifficultiesandgeopoliticaldisruptions.Whileitwillbeexpensivetobuyassetsinthisenvironment,thosewithinvestmentsinthegroundshouldbewellrewardedforgettinginbeforethetroubles.Thesefundsarenotbrokenoutindividuallyinourreportingbecausetheyaretypicallyaverysmallshareofoverallrealassetsfundraisingcollectively.ThelargestrepresentativeofthisbucketinQ12022wasSprottPrivateResourceStreamingandRoyaltyFund,a$701millionCanadian-basedfundinvestinggloballywithafocusonmetals&mining.Goingbackto2009,onlyeightminingfundshaveclosedoncommitmentamountsgreaterthan$1billion.Thisisincontrastto232$1+billioninfrastructurefundsoverthesametimeperiod.

RealassetfundreturnsthroughSeptember2021werewellabovehistoricalnorms,cominginat18.5%collectively,muchbetterthanthe6.2%10-yearand6.8%20-yearresults.Thesefundshadbeguntoreflectthetailwindsprovidingsupporttotheunderlyingholdingsin2021.Giventhosetailwindshavecontinuedinto2022,wecanexpectthatreturnswillcontinuetopostrobustnumbersforseveralmorequartersattheveryleast.USConsumerPriceIndexreallystartedtotakeoffinQ22022,crossingabove5%inMay.AtthetimeoftheSeptembervaluationmarks,theNovembersigningoftheUSInfrastructureBillwasstillahoperatherthanacertainty,butsomeanticipationofitspassagemayhaveshownupintheSeptembervaluations.

Oil&gaswasthestarofeachoftherollingone-yearreturnspostedinthefirstthreequartersof2021,thoughthiswascomingoffsevenconsecutivequartersofnegativeone-yearreturnstothatsector,sotherewasgroundtomakeupthere.Withoilpricesshootingabove$100abarrelatthebeginningofMarchwhenitbecameclearthattheRussianinvasionofUkrainewouldnotbeaquickaffair,theprivatefundscurrentlyinvestedinthisspaceshouldseeawindfall,particularlyiftheycanlockinexitswhilepricesremainelevated.

Readonformorein-depthcoverageofboththeoil&gasandinfrastructurefundslandscape.

7Q12022GLOBALREALASSETSREPORTOVERVIEW

$29.2

$41.7

$78.5

$88.7

$69.8

$77.1

$99.1

$93.0

$85.0

$120.7

$42.6

100.0%

100.0%77.6%

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022*

Infrastructure

Infrastructurefundraisingactivity

138

133132

127

120

105

9090

77

70

12

20122013201420152016201720182019202020212022*

Capitalraised($B)Fundcount

Source:PitchBook|Geography:Global*AsofMarch31,2022

AnikkaVillegas

Analyst,FundStrategies&SustainableInvesting

Amidsurginginflation,anencouraginggovernmentspendingenvironment,andcontinuedsupplychaindisruptions,infrastructurefundraisinginQ12022remainedrobust.With$42.6billiongarneredby12vehicles,averagefundsizeshaveincreaseddrasticallyoverthelastfiveyears,from$623.6millionin2016to$3.5billioninQ12022.Medianstep-upin2021was100.0%.Althoughthesenumbersarelikelytodecreaseasdataonsmallerfundstricklesinandbringsdownaverages,itisveryprobablethattheyrepresentnewhighs.Thosefamiliarwiththespacedoexpectlargefundsizes,whicharehistoricallynecessitatedbymassivedealsizes,butmajorplayerslikeKKR(NYSE:KKR)andBrookfield(NYSE:BAM)havebeenpullingtensofbillionsofdollarsintotheirfunds.

CorefundsreceivedthemajorityofinfrastructurecapitalraisedinQ12022,at$17.8billion,withvalue-addedfundscominginaclosesecondwith$15.3billion.Opportunisticfundsreceived$2.0billion,amuchsmallerratioofcommitmentsthanin2020and2021,withvalue-addedandgreenfield,whichraised$1.1billion,takingsomeofopportunistic’sshare.Infrastructuredebtfundsraisedanoteworthy$6.3billioninQ1,especiallycomparedto2021’sfullyearamountof$5.9billion,although

Rangeofinfrastructurefundsizes($M)

$4,000

$3,500

$3,000

$2,500

$2,000

$1,500

$1,000

$500

$0

20122013201420152016201720182019202020212022*

TopquartileBottomquartile

Median

Average

Source:PitchBook|Geography:Global*AsofMarch31,2022

Medianstep-upfrompreviousinfrastructure

fundinfundfamily

62.9%50.0%

68.4%70.0%

52.2%53.8%

60.0%46.3%

72.0%51.4%

75.0%50.4%

73.1%47.3%

66.7%46.9%

62.1%22.7%

92.6%

Step-up

%offundslargerthanpredecessor

Source:PitchBook|Geography:Global*AsofMarch31,2022

2021representedaninfrastructuredebtfundraisinglow

ofrecentyears.Inaddition,NorthAmericadominatedthe

fundraisingsceneinQ1,withEuropeabitbehind.

8Q12022GLOBALREALASSETSREPORTINFRASTRUCTURE

Infrastructuredealvalue($B)bytype

140

120

100

80

60

40

20

0

Infrastructure

debt

Infrastructure

valueadded

Infrastructure

opportunistic

Infrastructure

greenfield

Infrastructure

core

Infrastructure

20122013201420152016201720182019202020212022*

Source:PitchBook|Geography:Global*AsofMarch31,2022

FundraisinginAsiapacedsufficientlytohit2021’snumbers.Infrastructuredrypowderremainedhighattheendof2021,at$267.4billion,positioningfundswelltotakeadvantageofattractiveinvestmentopportunitiesarisingin2022.

OneofthefactorsdrawinginvestorstoNorthAmericancoreassetsdespitetherisinginterestrateenvironmentcouldbethepolicylandscape,whichhashelpedprimesomeinfrastructureinvestmentsforsuccess.The$1.2trillionInfrastructureLawpassedin2021hascreatedanticipationofanincreaseinpublic-privatepartnerships.Still,enthusiasmmaybepremature.With40%oftheInfrastructureLaw’sfundsallottedthroughcompetitivegrants,loans,andfederalprograms,stateandlocalgovernmentswillneedtoorganizewithuncharacteristicrapidity,andlikelyappointinfrastructurecoordinators,totakefulladvantageofthepublicworksmoneyandavoidlosingouttootherstatesandmunicipalities.4Assuch,investorsmayneedtowaittoseewherethemostattractiveinvestmentopportunitiesmaterialize.Plus,evenwhenthefundsdobegintoflow,costconcernsmaystillplaguethosehopingtotakeadvantageofthelaw,assupplychaininterruptionsandinflationpushrawmaterialsandlaborcostshigher.Nevertheless,withsomuchneedtocatchuponinfrastructureimprovementsintheUS,incentivestotakeactionaresubstantial.5

Shareofinfrastructurefundvalue($B)byregion

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022*

NorthAmericaEurope

Asia

Restofworld

Source:PitchBook|Geography:Global*AsofMarch31,2022

4:“ImpactOfficerinChief:TheStateInfrastructureCoordinator’sRole,”McKinsey&Company,JustinBadlam,etal.,April20,2022.

5:“CongressPasses$1.2TrillionBipartisanInfrastructureBill,DeliveringMajorWinforBiden,”CNN,AnnieGrayer,ManuRajuandClareForan,November6,2021.

9Q12022GLOBALREALASSETSREPORTINFRASTRUCTURE

Infrastructuredrypowder($B)byvintage

$300

$250

$200

$150

$100

$50

$0

$267

$269

$249

$252

$211

$207

$202

$146

$102

Overhangbyvintage

$69

$78

Cumulativeoverhang

Total

2021*

2020

2019

2018

2017

2016

2015

2014

20112012201320142015201620172018201920202021*

Beyondthe$73billionthattheInfrastructureLawstipulateswillgotocleanenergyandpower,andthe$7.5billiontogotobuildinganationwidenetworkofEVchargers,thereweresomealternativeenergyprovisionsthatwereredirectedtoanotherbill.6AlthoughitdidnotpasstheSenate,somelawmakersareworkingtosalvagekeyelements,sotheremaybeevenmoremoneycomingtothesustainableinfrastructurespace.7Thesepolicyinitiativesarepartofaglobalpushtotransitiontoacarbon-neutralandgreeneconomy.Withthe26thUNClimateChangeConferencetakingplaceinQ42021,andastreamofresearchpiecesonthestateoftheglobaltransitiontonetzeroandtheimpendingeffectsofclimatechangecomingjustafter,thefirstquarterof2022shoneaspotlightontheneedforinvestmentinthespace.Further,geopoliticaleventsillustratedtheimportanceofenergyindependence.Asbuildingandoperatingrenewablesplantsisnowcheaperinalmosthalftheworldthanrunninganexistingcoalorgas-firedplant,wecanexpecttoseeevenmoreinvestmentinthespace.8

AnumberofthetopinfrastructurefundsraisedduringQ12022relatetosustainableinfrastructureandthetransitiontonetzero.AmongthesewereInfraViaEuropeanFundVat$5.6billion,forwhichtheenergytransitionisoneofthefund’sfourfocusareas.9AnotherwasHullStreetEnergyPartnersIIat$1.1

Source:PitchBook|Geography:Global*AsofDecember31,2021

Oneofthefactorsdrawinginvestors

toNorthAmericancoreassetsdespite

therisinginterestrateenvironment

couldbethepolicylandscape,which

hashelpedprimesomeinfrastructure

investmentsforsuccess.

6:Ibid.

7:“WhatCouldHappenNextfortheBuildBackBetterAct,”CapGrowPartners,February1,2022.

8:“BuildingNewRenewablesisCheaperthanBurningFossilFuels,”Bloomberg,WillMathis,June23,2021.

9:“InfraViaClosesitsNewInfrastructureFundat€5bnHardCap,”InfraVia,March9,2022.

10Q12022GLOBALREALASSETSREPORT