Infrastructure as an asset class - reason #9003 why it makes no sense

Japanese banks, those savvy investors who over the years lead the world in creation of bad loans, are reported to have ambitions to significantly increase their international project finance lending. So they will be competing with the Goldman, Carlyle, and Macquarie infrastructure funds, along with the global infrastructure companies. I predict, over the next ten years, average returns after fees will be single digits. Worst case (like if those juicy Venezuelan projects don't pay off) returns could be lower than treasury bonds.