Canada Pension Plan Investment Board (CPPIB), one of the world’s biggest infrastructure investors, is regularly losing out in bidding wars for such assets, its chief executive said, as investors seek alternatives to low-yielding government bonds. CPPIB is one of the world’s biggest investors in infrastructure such as roads, bridges and tunnels but its CEO Mark Machin said high valuations were making it harder to do deals in the current environment. “We are consistently outbid for assets around the world because they are really priced almost to perfection and there’s an enormous amount of capital chasing infrastructure, particularly in developed markets,”...