Infrastructure investors are recalibrating exposure to the US after a year of Trump-era policies sparked volatility. A survey by Infrastructure Investor reveals 20% of LPs now show reduced interest in North American projects, down from 10% in late 2024, while European focus surged to 42% from 25%. The pivot follows abrupt federal actions: offshore wind bans, tariff threats, and halted projects like Equinor’s $1.5bn Empire Wind I, which faced sudden stop-work orders.

These moves triggered global market jitters, with Danish firms like Ørsted and CIP impacted by halted US projects. Perpetual Investors, a German family office, now allocates just 40% of infrastructure bets to the US, down from 60%, citing unresolved political risks. Meanwhile, Western Europe’s appeal lies in relative stability, with $56bn raised in 2025 vs. $45bn in North America. Funds like Asterion Industrial Partners (€3.4bn) and Ardian (€11.5bn) saw doubled US investor participation, reflecting shifting global priorities.