While direct infrastructure investments have a number of characteristics which can appeal to institutional investors such as allowing for asset-liability matching and helping hedge the risks for long-dated liabilities, making direct investments in projects is generally complex and resource-intensive. It can be prohibitively expensive due to the costs of developing and maintaining a direct investing team in addition to transaction costs and legal fees. Thus, many investors might consider using intermediaries because they do not have this expertise, or the scale that would justify creating an internal team. However, of these institutional investors, many have decided against investing in infrastructure or have withdrawn from contracts because they have determined that the transaction costs, in particular management fees, are prohibitive. Nevertheless, some firms have started to explore ways to reduce transaction costs for sustainable energy investment or otherwise faciliate or enable these transactions to be made more efficiently.