Institutional investors, such as pension funds and life-insurance companies, with more than $70 trillion in assets, are a major additional source of long-term capital. While such investment in long-term productive assets like infrastructure is essential to generating the income that these investors demand, less than 1% of pension-fund assets are allocated directly to infrastructure projects.
新巴塞尔III全球银行改革规则将导致某些借款人的借贷成本进一步上升，同时减弱资金的可获得性，特别是长期债务。机构投资者——比如养老基金和寿险公司，它们手握70万亿美元资产——是长期资本的主要新来源。尽管长期生产性资产（如基础设施）投资是制造投资者所要求的收益的关键，但养老基金资产直接配置于基础设施项目的比例还不到1%。