Alceda has partnered with an asset management arm of CBRE to launch a UCITS fund focused on listed infrastructure stocks.

The new vehicle from the Luxembourg-based firm - which provides consulting to investment managers - and CBRE Clarion Securities will be marketed to institutional investors in Europe and Asia.

Listed infrastructure, an up-and-coming segment of the real estate sector, is gradually gaining traction among fund managers.

Long dated, resilient and visible cash flows are often key characteristics of assets held by infrastructure companies.

Translated to public equity markets, this can deliver firms with clear growth profiles, predictable earnings and attractive dividend yields.

Since 2004 - when global listed infrastructure (GLI) became more accepted as a separate asset class - the three major GLI indices, including the S&P Global Infrastructure Index, have all outperformed the broader MSCI World index. 

Numerous asset managers, including 4 Dimensions Infrastructure, US firm Cohen & Steers and London-based Gravis Capital Partners have launched listed infrastructure funds within the past year.

Australia-headquartered 4 Dimensions reckons there has been a “chronic under spend” on critical infrastructure over the past 30 years – in virtually every nation.

“Privatisation of public assets is one of the options cash strapped governments will turn to in confronting revenue pressures,” said Greg Goodsell, global equity strategist at 4 Dimensions in a recent note.

“It is also an important part of the public/private ownership transition mechanism that will lead to growth in listed infrastructure over the coming decades," he added.