Relative Value in Infrastructure: Private Equity and Private Credit

Hi all, anyone here working in infra on the equity side who can share how they determine the relative value generated by their investments? I come from a private credit background, and a so our investment memorandums demonstrate how the yield and MOIC on our investments generate a higher return relative to a similarly rated credit of similar duration (using a public bond index to assess and compare). But I've never looked at the equity side of the business. Can anyone share? Do you all look at the cash yield on public comps? Or is it that so long as an investment exceeds your hurdle rate you will deploy capital into it? Would be grateful for any insight, and happy to share more for those interested in private credit infra investing as well.