Realization of project benefits is considered to be a reflection of project success and is therefore directly linked to organisational performance. However, the failure of projects to achieve their expected outcomes continues to remain a concern, particularly for publicly funded projects. An emerging body of literature suggests that the assessment of a project's capacity to deliver organizational outcomes should be considered within the broader context of `project benefit realisation' or `project benefit management'. This paper first develops a conceptual framework capturing the various elements and perspectives of project benefits management applicable to infrastructure projects, and then validates it using empirical data drawn from multiple sources within public sector infrastructure organisations. The findings indicate that pursuance of the proposed framework could support the delivery of improved project outcomes. The empirical evidence further suggests that although the framework holds merit and is well received by project management professionals, its adoption would entail a significant cultural shift in organisations.