Insights

…but can investors understand the risks?  With new data that accurately describes the yield and risks of infrastructure investments, institutional investors can embrace infrastructure investment more easily. This article was originally published by The Economist in March 2021. Governments around the world are eyeing infrastructure as a post-Covid economic panacea. The ability of infrastructure projects to stimulate short-term employment and

This article was originally published in the Wall Street Journal in April 2021. The impact of Covid-19 lockdowns on the airport sector highlights a dilemma about how investors approach the valuation of private, illiquid infrastructure assets. On the one hand, there has been a clear, large shock to the revenues of airports that cannot leave the value of these companies

This article was first published in the Financial Times in April 2021. Unbelievably Smooth If one examines the annual reports of many unlisted infrastructure equity funds a surprising pattern appears: given the level of returns reported, the risk implied by the volatility of the valuations is surprisingly low, as shown in table 1. For that level of volatility, over a

This article was originally published by Bloomberg in April 2021. The Bottleneck Fund raising by infrastructure fund managers is at an all-time high but so is the amount of funds raised that has not been invested. The amount of so-called ‘dry powder’ has been multiplied by three in ten years and now stands at more than USD200bn. While infrastructure investment

Investors have been at pains to benchmark unlisted infrastructure investments. However, using better data is now possible. This article was originally published in the Financial Times in April 2021. Policy Makers still Await Infrastructure Investors Infrastructure investment is at the heart of many governments’ post-Covid recovery plans, including a green new deal in the US, UK or EU. All such

High hurdle rates are not in the interest of investors in infrastructure funds. This articles was first published in the Wall Street Journal in April 2021. Fund-raising by infrastructure fund managers is at an all-time high, but so is the amount of funds raised that has not been invested. The amount of so-called ‘dry powder’ has trebled in 10 years