An economic era of hybrid vigour is emerging through the fusion of professional disciplines.

Asset classes are converging. Infrastructure is, in the long run, inextricable from both real estate and tech. This convergence is deceptively disruptive, as these three established markets have incongruous capital pools, valuation metrics and price behaviours.

The most investable commercial deals are structured as financial instruments. A great infrastructure project is as much financial as civil engineering.

Reward profiles derive from trade-offs between upside risk, downside risk and risk transfer. These find expression across complex, interactive domains:

• monetary (volume, margin, duration);

• industrial (scale, innovation, networks);

• counterparty (credit, delivery, governance);

• legal (rights, obligations, contingencies);

• market (depth, velocity, cycles);

• regime (technology, policy, macroeconomics).

Value lies in anticipating these interactions.