The investing landscape across all asset classes is likely to remain challenging over the next 12 months, given high inflation, rising interest rates and the possibility of a global recession. However, we believe infrastructure debt’s typical resilience to cyclical slowdowns will be a key theme over the year, along with two secular tailwinds continuing to drive transaction activity in the market – the strength of government infrastructure investment and the enormity of the investment required to fund the energy transition to decarbonise the global economy.