Infrastructure debt is a unique fixed-income sector that can provide investors with diversification benefits, relative value opportunities and attractive credit profiles, making it a compelling asset to include in a well-diversified all-weather investment portfolio. Infrastructure debt is backed by tangible assets that provide essential services to society, including traditional infrastructure such as roads, airports and utilities, and modern infrastructure such as data services and energy transition projects. Infrastructure assets and services are largely indispensable to communities and tend to benefit from stable demand, which, in contrast to corporate earnings, leads to predictable cash flows irrespective of economic cycles. This resilience is not only intuitive, but data supports the thesis of infrastructure as a relatively stable asset class. For instance, S&P Global shows that default rates of infrastructure debt are lower than those of corporate debt going back nearly 25 years.