In an interview published by M&A on 24 December, 2025, Tim Whittaker,  PhD, Director of EDHEC Infra & Private Assets Research Institute, reflects on the structural shifts that are changing the infrastructure landscape, the pitfalls that can derail deals, the tools investors need now, and why even seemingly safe regulated utilities require a fresh look:

“Asked where he sees the biggest structural shifts in private infrastructure, Tim Whittaker starts with the scale and speed of change. “The asset class is developing in a way that makes it almost unrecognizable compared to ten years ago. That brings new challenges, but also interesting opportunities.” 

(…) Asked about the most common pitfalls in the way investors assess or structure infrastructure deals, Whittaker doesn’t have to think long. “The first is to lean too much on the idea of ‘infrastructure equals stability’. Even contracted assets can have significant exposure to demand shifts, counterparty risk, volatility in input prices and political recalibration. Stability must be demonstrated with evidence, not assumed.” 

(…) According to him, a second pitfall is treating risk as something static. “Many models rely on linear forecasts, while the underlying drivers, political policy frameworks, technologies and consumer behavior can change significantly over a horizon of twenty or thirty years. A good investor must recognize that and manage the assets in such a way that the value is maximized when new risks arise.”

Finally, investors often underestimate operational complexity. “Large European utilities, for example, are incredibly complex to run, but in the past investors have paid a premium for that and then lost their money.” What he says distinguishes the best investors is “a deep understanding of governance, incentives and operational capabilities.””

Read the full article (in English) here.