Explanation:

• Option A (Incorrect): Brownfield investments with a focus on current yield typically involve lower-risk profiles. These investments target existing infrastructure assets, which have mitigated risks and stable cash flows. Brownfield investments are generally considered less risky due to their operational history and predictable returns.

• Option B (Incorrect): While brownfield investments with a mix of yield and capital appreciation may carry medium risk, they are still less risky than greenfield investments. Even if capital appreciation dominates returns, the inherent risks of brownfield investments are lower because they involve assets with some operational history and demand certainty.

• Option C (Correct): Greenfield investments, which involve constructing new infrastructure assets, carry the highest risk. These projects lack demand guarantees upon completion and rely heavily on capital appreciation for returns. Early-stage nature and uncertainty in demand make greenfield investments the riskiest among the options.