Episode 115 of Wealth Distribution with Fexingo explores a $1.2 trillion dollar asset class that institutional investors have dominated for decades: infrastructure debt. Unlike equity in bridges or toll roads, infrastructure debt offers stable, inflation-linked returns with low default rates. Lucas and Luna break down why pension funds and sovereign wealth funds allocate 5-10% of their portfolios to projects like the London Thames Tideway Tunnel and Australian desalination plants, while middle-class investors are largely locked out. They discuss the SEC's accredited investor rules, the lack of liquid ETFs in this space, and how a 2025 regulatory change regarding retail access to private credit might eventually trickle into infrastructure debt. The hosts also examine a specific case: the $4 billion JFK Airport redevelopment, financed through private activity bonds that institutions snapped up in hours. Tune in for a concrete look at what middle-class investors are missing and whether new fund structures could change that.

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