Thoughts on a 12-year illiquid private infrastructure deal with zero interim distributions?

Have an opportunity to invest in a private hard infrastructure asset via a feeder fund and want a reality check.

The pitch: Buying an essential intl asset from a distressed seller at a steep discount. Debt is paid off early, and then cash just accumulates on the balanxe sheet for over a decade.

The upside: Projected high-teens IRR and a massive MOIC (8x+) bc of the entry price and long compounding period. The feeder terms are incredibly favorable (virtually no fees or carry).

The catch: A 12-yr hard lockup. Zero distribhtions along the way.

The risks: 100% illiquid, standard foreign regulatory/jurisdictional risks, and betting on a single massive exit event 12 years from now.

Does a high-teens IRR actually compensate for a 12-year total lockup? Has anyone participated in a zero-distribution deal structured like thia?