Infrastructure as an asset class has changed since Arash Shojaie joined QIC 13 years ago and today the definition of “infrastructure” is expanding and the lines between the sector, private equity, real estate and credit are blurring.

But while this trend comes with risks, the expansion also holds benefits for investors.

“As the definition of the [infrastructure] asset class expands, there are elements of that expansion that are actually very positive for risk,” Shojaie said on Infralogic’s Crossroads podcast. “I am an optimist. I think that is healthy to find a boundary.”

QIC has found that the convergence of infrastructure and real estate, for example, has been attractive from a risk perspective, Shojaie said.

“We are very, very prudent and disciplined with downside protection,” he explained. “I would say on the spectrum of the infrastructure definition, we try to stay as close as possible to what we think about as foundational elements of infrastructure characteristics.”

To listen to the podcast click here.