Pension funds are starting to play a bigger role when it comes to infrastructure investment, according boutique finance house Aurium Capital Markets.

Statistics from the firm show more than 185 pension funds had investments in infrastructure last year, up by a third on 2014.

It comes as asset owners increasingly look at investments offering a return unrelated to the volatility of the stock and bond markets, Aurium suggests.

The trend also tackles the ‘infrastructure gap' municipalities have been talking about for years.

In basic terms, the gap is a growing hole distancing the actual amount of money being spent on infrastructure and what’s needed.

Projects range from roads and railways to renewable energy sites and broadband capabilities.

In the UK, for example, as coal fire plants shut down and government struggles to find the money to invest in long-term projects, Aurium says renewable projects are increasingly in demand and could present a bright spot for investors.

Last October, the Greater Manchester Pension Fund (GMPF) and the London Pensions Fund Authority (LPFA) jointly committed £60m towards funding the construction and operation of British renewable energy assets.

Steven Blase, partner Aurium Capital Markets said the decision to remove coal fired stations makes the UK’s reliance on renewables even stronger.

“We believe that the growing focus from investors for assets that provide long term steady returns with low or no correlation to other more mainstream asset classes makes this an increasingly attractive investment proposition for institutional investors.”