A structural mismatch exists in the flow of long-term capital to infrastructure, recurring across nearly every category of institutional investor with only minor variation. Ticket size is the most immediate issue: a pension fund or insurer with a multi-billion-dollar mandate cannot economically evaluate, underwrite, and monitor a $20 million project with the same due-diligence infrastructure it uses for a $500 million one. The fixed cost of doing the deal does not scale down with the deal's size, meaning small, individually viable projects are frequently invisible to exactly the capital that could fund many of them at once, if they arrived bundled rather than singly.
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