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May 1, 2024

Infrastructure Investor: NAV 2.0: A better asset pricing model for private infra

In this article, Frédéric Blanc-Brude, Director of EDHEC Infra and Private Assets, explains why the Capital Asset Pricing Model (CAPM), although ‘one of the founding frameworks of modern finance’, is very inadequate for determining the net asset value (NAV) of unlisted infrastructure. Indeed, when reporting the NAV of unlisted assets like infrastructure using discounted cashflows, best practice consists of deriving