Rising interest rates are damaging investment sentiment, curtailing the number of infrastructure assets auctions, leading some investors to say that they are “taking a breather” from dealmaking.

Macquarie Asset Management’s Ani Satchcroft, who runs infrastructure investment for the group’s real assets business, said investment activity had faltered compared with between 18 and 24 months ago, when it felt like “investments were coming to the market almost every week”.