Consistent with LP feedback over the past 12–18 months, Europe continues to attract non-European institutional capital to a greater extent than at any point in the last decade. US public pension funds are redirecting capital toward European infrastructure, and Gulf sovereign wealth funds are following — reflecting a strategic pivot to hard assets. But their building of infrastructure platforms now looks under question given turmoil in the region. Is this a structural reorientation of global capital, or a cyclical rotation that could reverse? What are US pension funds finding in Europe they cannot get at home?
