Infrastructure is not always infrastructure investment and those hunting for infrastructure opportunities for investment should not judge the book by the cover. The underperformance of certain listed and unlisted infrastructure investment funds has reflected investment in yield related utilities, offshore currency movements and asset allocations which were wide of the mark. Nowhere is active management more necessary than in Infrastructure assets, which after a stellar 2016 are facing rising interest rates, the hangover in valuations from high yield investing while rates were falling, and volatile commodities prices requiring a less than cloudy crystal ball. Infrastructure funds have traditionally required an appetite for large unlisted investments which by definition provide less liquidity and a much longer term investment horizon. We have focused in this report on liquid alternatives in infrastructure and the benchmarks for listed investments in infrastructure which can be readily measured and interpreted. Which offshore benchmarks are appropriate, how have they performed and what can we expect from active management in the year ahead?