Infrastructure as an asset class has emerged as a new field of research stemming from the broader universe of infrastructure investment. Since the advent of the global financial crisis, research activities in this area are constantly strengthening providing the base for a budding research area. Despite much work done, infrastructure investment research with regard to an asset class is still at an early stage and scholarly understanding remains restricted and fragmented. To get a clear understanding of this rather opaque field, and for further advancement of scientific research, we conduct a systematic literature review and thematic analysis of 89 scientific contributions including 71 journal articles, 15 working papers and 3 conference papers published during 1997–2021. Based on a holistic examination of identified articles, we elucidate the current infrastructure investment landscape targeting two major aspects: First, we descriptively analyse the convergence of infrastructure from mere assets to an asset class. Second, we categorize the existing research into four different perspectives: capital market, investment performance, policy and stakeholder and conduct a thematic analysis to unveil major themes and sub-themes under each perspective. Furthermore, the study attempts to suggest various promising future research avenues to encourage further expansion of infrastructure investment as a research field.

Purpose This paper aims to examine the hedge, diversifier and safe haven properties of the global listed infrastructure sector and subsector indices against two traditional asset classes, stocks and bonds, and four alternative asset classes, including commodities, real estate, private equity and hedge funds during extreme negative stock market movements. Design/methodology/approach Using dynamic conditional correlation and quantile regression, the authors analyze a data set of 12 indices comprising listed infrastructure and traditional asset classes from 2010 to 2019. Findings Overall, the findings indicate that listed infrastructure acts as an effective diversifier but not as a strong safe haven or hedge when considered in a multiasset context. With minor exceptions, listed infrastructure cannot be concluded as a safe haven against other asset classes under investigation. Practical implications The present study has implications for institutional investors looking to incorporate infrastructure in their multiasset portfolios for increased portfolio diversification benefits. Originality/value Despite the increased influence of infrastructure as an asset class, to the best of the authors’ knowledge, this is the first study to investigate the hedge, safe haven and diversifying properties of infrastructure in a multi-asset context.

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