Butani: We work with investors who are grappling with making an impact and making a return.


The returns from operating offshore wind and solar assets in the UK have decreased from where they were previously. This has led to more innovation amongst managers to invest in newer areas of the market to maintain a double-digit return. Hydrogen and electric vehicle charging are areas where inves- tors can make an impact. Then there is the “levelling up” agenda, which is a laudable objective that involves capital expenditure to build new infra- structure. The return may not come on day one. It takes a while


to emerge. Sometimes investors grapple between making an impact and meeting their liquidity requirements. There is a diverse opportunity set out there and there are enough operating and construction assets in the primary and secondary markets for everyone to make the impact they want, in some shape or form. Dobson: Managers are starting to have a better understanding of ESG and are willing to implement the necessary changes into their processes. We have a climate opportunities portfolio, but ESG is a facet of our core programmes across the piece. We review that for every fund we look at. The quality is getting better.


May 2022 portfolio institutional roundtable: Private markets 17


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