Infrastructure is increasingly being considered an "emerging global asset class.". In the CFA Institute's 2013 article of the same name, they discussed several risks from infrastructure investing. Consider a toll road in Canada. The provincial government has determined that this will be a great way to gain revenue and they decide to share the project with the Ontario Teachers Pension Plan. During the first year of operation, the road was barely travelled, and Ontario drivers complained about the high cost of the toll fees. This caused the toll road to operate at a significant net loss for the year. As a result, the pension plan is considering selling off their half of the investment before it destroy's their plan member's investment returns. This is an example of: Construction Risk Operating Risk Political/regulatory Risk Revenue Risk