This October, Infrastructure Investor will publish a ranking of private infrastructure managers based on the alpha they generate above market benchmarks. The ranking aims to isolate manager skill from vintage-year effects, providing allocators with a clearer measure of value creation.

The methodology evaluates alpha at both the fund and manager level, assessing how much excess return is attributable to active decisions rather than market timing or sector tailwinds. This approach addresses a longstanding challenge in infrastructure allocation: distinguishing between managers who benefit from favorable entry points and those who consistently outperform through operational expertise.

For allocators and managers, the ranking offers a tool to identify managers who deliver persistent skill-based returns, potentially improving portfolio construction and due diligence. For managers, it creates a benchmark to demonstrate competitive advantage beyond vintage luck. The initiative reflects a broader shift in private markets toward performance attribution that rewards genuine alpha generation.