Flatt told a third-quarter conference call with analysts that infrastructure as an asset class had become "bruised" in the eyes of many investors in recent years because of problems some companies have experienced.

"But we believe this is unwarranted . . . and think that with proper capital allocation and underwriting assumptions these assets are one of the most compelling real return assets for institutional investors."

He cited a number of mistakes by investors over the last four years, including paying too much, too-high assumptions for cash-flow growth and "probably the most fatal one, as usual, is that excessive leverage was employed within strategies."

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