Institutional investors awash with funds bemoan the lack of commercially viable infrastructure projects in Asia. Pension and sovereign funds see infrastructure as a good fit because it offers long tenors and stable, predictable cash flows. Yet, many infrastructure projects aren’t currently attractive to institutional investors. First, the risk-reward equation does not justify the huge political and economic challenges of Asia’s emerging countries, on top of project construction, design, and technical risks. Second, the lack of a strong credit culture and legislative framework in some Asian countries make enforcement of contractual rights uncertain and untested. And lastly, banks have largely soaked up project financing, offering low financing costs that capital markets aren’t able or willing to match. Private-sector participation can lift a project’s credit standards, and ultimately its commercial viability. Infrastructure projects that provide social, economic, and environmental benefits to the wider community are particularly attractive to investors with ethical mandates.