Investing through public corporations such as utilities is also an option to gain exposure to infrastructure. However, these investments do not generally fall into the infrastructure allocation target of investors as they are correlated with movements in equity and/or bond markets. In addition, investing in a public company introduces risks related to corporate strategy (e.g. around the purchase and sale of assets) and dividend policy (e.g. around whether to reinvestment or distribute profits). These factors dampen two core features that make infrastructure particularly attractive: uncorrelated and predictable cash-flows.
 My reference to the “private equity” model is meant to be general and also encompasses venture capital (VC).
 These contracted cash flows come from user fees such as in the case of toll roads and airports or, in cases where there are no direct revenue streams from users, such as in the case of a school or court house, Meridiam is paid back by on the basis of performance based contracts for the construction, operation and maintenance of projects on behalf of public procuring entities.