Only Cordiant and Pantheon buck the trend... For the remaining 29 quoted Infrastructure Investment Companies (IICs) and the Renewable Energy Infrastructure Funds (REIFs), 2024 was a dire year ‒ as was 2023. NAV discounts widened appreciably, while some REIFs, in particular, really struggled. During 2024, there were several “Continuation/Discontinuation Votes”, which saw some funds enter Managed Wind Down. Furthermore, there were no major sector fund-raises during the year; instead, share buybacks prevailed. And, there were no sector IPOs ‒ the last was back in 2021. Nevertheless, most funds avoided nominal dividend cuts, while both Greencoat UK Wind and 3i Infrastructure raised their payments to shareholders substantially. Undoubtedly, at the smaller end of the sector, real challenges remain, with equity markets seemingly closed to most sector participants. Clearly, sector investors will be hoping that 2025 brings some good news ‒ on the back of the high yields currently prevailing ‒ and enables the wide NAV discounts to be narrowed.