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In late March, the American Society of Civil Engineers (ASCE) released its 2025 Report Card for America’s Infrastructure. In the latest version of this quadrennial report, the United States earned an overall grade of C, improving from a C- in 2021.¹ While this marks some progress, it underscores a deeper challenge: without continued investment, aging infrastructure assets, including roads and energy infrastructure, could become a drag on economic growth. A surge in federal and state funding has improved several key infrastructure categories, but the ASCE estimates that $9.1 trillion in investments are still needed over the next decade to further improve, modernise, and maintain critical systems. The Report Card indicates a funding gap of at least $3.6 trillion currently exists which, in our view, points to sizeable opportunities for developers and investors alike.