2834.46
 USD
-1.28%
Infra100® Core+, VW USD
 Feb2024
1428.29
 USD
-1.12%
Infra100® UK Debt, VW USD
 Feb2024
9355.38
 USD
-1%
Infra100® Opportunistic, VW USD
 Feb2024
1743.00
 USD
-0.97%
Infra100® Project Finance Debt, VW USD
 Feb2024
4273.07
 USD
-1.27%
Infra100® UK, VW USD
 Feb2024
1266.54
 USD
-0.54%
InfraGreen® Debt, VW USD
 Feb2024
4531.27
 USD
-1.36%
Infra100® Europe, VW USD
 Feb2024
7140.90
 USD
-1.24%
InfraGreen® , VW USD
 Feb2024
2337.85
 USD
-1.39%
Infra100® Core, VW USD
 Feb2024
1429.49
 USD
-1.15%
Infra100® GBP-denominated Debt, VW USD
 Feb2024
1666.83
 USD
-0.86%
Infra300® Debt, VW USD
 Feb2024
1556.01
 USD
-0.95%
Infra100® Europe Debt, VW USD
 Feb2024
2871.17
 USD
-1.1%
Infra100® Midmarket, VW USD
 Feb2024
6833.42
 USD
-0.91%
Infra100® Energy, VW USD
 Feb2024
5729.42
 USD
-1.28%
infra300®, VW USD
 Feb2024
5713.07
 USD
-1.2%
Infra100® Global, VW USD
 Feb2024
9517.56
 USD
-1.08%
Infra100® Project Finance, VW USD
 Feb2024
1646.29
 USD
-0.78%
Infra100® Global Debt, VW USD
 Feb2024
3995.58
 USD
-1.46%
Infra100® Eurozone, VW USD
 Feb2024
1350.00
 USD
-0.65%
Infra100® Eurozone Debt, VW USD
 Feb2024
1399.55
 USD
-0.95%
Infra100® EUR-denominated Debt, VW USD
 Feb2024

infraMetrics®
Indices & Benchmarks

infraMetrics indices provide representative and robust measures of the risk and returns of infrastructure investments at the asset level. They are fully supported by a dedicated team, up-to-date and available on the 10th day of the month and customisable to reflect an investor's infrastructure portfolio. 

Access infraMetrics

Calculated, back-tested, unbiased.


infraMetrics® indices are build by pricing hundreds of private infrastructure companies each month using the latest market information available. The infraMetrics valuation technology focuses on systematic market dynamics to produce accurate, time-weighted and fair market benchmarks for strategy, risk & performance assessment.

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Market Indices
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TICCS Indices
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credible data

Neither listed proxies nor appraisal-based indices provide a credible measure of risk and returns in unlisted infrastructure. Instead, infraMetrics indices provide credible, reliable data to measure risk and performance in private infrastructure markets. Modelled using only private market transaction data and recalibrated monthly, infraMetrics indices capture the true profile of unlisted infrastructure equity and debt.

USING INFRAMETRICS INDICES

for investment selection & performance monitoring
  • Investors with fund or investment cash flows only cannot solely rely on fund IRRs or TVPI to measure performance or select managers because they are based on stale, backward-looking and often inaccurately reported NAVs. With infraMetrics market indices, investors can use the most representative benchmark of the fund or portfolio strategy to compute the 'direct alpha' of the manager or investment team. Direct Alpha is an improved variant of the PME methodology (see link below).

  • Investors with time-weighted returns for their infrastructure investments can compare the risk-return profile of their portfolio or fund with a representative market index measuring the risks and performance of the relevant market, and compute risk, correlations, return contributions and manager outperformance relative to a market index as one does for any other asset class.

FOR STRATEGY AND RISK MANAGEMENT

  • Investors needing capital market assumptions or expected returns, risk and correlation measures for portfolio allocation research and analysis can use infraMetrics indices to represent the unlisted infrastructure asset class in a multi-asset setting. Thanks to it rich risk data and absence of serial correlation in the return, there is not need to artificially un-smooth appraisal data. Crucially, infraMetrics provides a true measure of expected returns: the market discount rate of future cash flows implied from the latest transactions and a multi-factor model. 

    Read our research on strategic asset allocation & infrastructure
  • Investors needing robust risk metrics cannot use reported appraisals because their typical lack of market calibration leads to very low and completely unrealistic reported levels of risk and wildly over-estimated  risk-return profiles (Sharpe ratio of 4!). infraMetrics measures the ongoing value of hundreds of private infrastructure investments and the resulting market indices exhibit realistic volatility and no smoothing. As such they allow computing robust risk metrics such as VaR, Maximum Drawdown, and a believable Sharpe ratio. 

    infraMetrics® indices are recognised by ESMA (see below) and include the widely used infra300® and infra100® families, the infraGreen, Core, Core+ families as well as hundreds of  combinations of TICCS segments indices and custom benchmarks.

infraMetrics GLOBAL COVERAGE

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INFRAMETRICS CONSTITUENT DATASET COVERAGE 

A representative dataset

Several years of desk-based research led to the definition of an investable universe dataset of private infrastructure companies of circa 9k uniquely identified companies in 25 countries that an investor in private infrastructure could buy or lend to.

This universe represents the state of the market over time as various governments introduced utilities privatisation programs, PPPs and new markets developed such as renewable energy and digital infrastructure. This universe is the basis for the selection of a representative constituent dataset, which includes more than 800 individual companies that are followed by a team of analysts and priced monthly thanks to the infraMetrics asset pricing technology.

Geographic Coverage

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INdus. activity Coverage

business risk Coverage

Corp. StruCture Coverage

inframetrics INDEX DATA AND ANALYTICS

The infra300® and infra100™ index families are available in all major, as well as local currency and hedged returns, using either capitalisation or equal weights. All indices are updated monthly.

Each of infraMetrics index or benchmark also comes with a wealth of analytics allowing users to understand the drivers of risk and performance, extreme risk, concentration, expected returns, key risk factor, etc. of the index or benchmark.

Read the latest research

Achieving Diversification in Unlisted Infrastructure Investment

Achieving Diversification in Unlisted Infrastructure Investment: Smart Infra Portfolio Construction

We examine two issues relevant to diversification and infrastructure investment: portfolio construction and what it means to build a “well-diversified” portfolio of unlisted infrastructure equity; strategic asset allocation, examining the potential diversification benefits gained by adding infrastructure to the asset classes that make up a typical portfolio....

WATCH THE WEBINAR

INFRASTRUCTURE: BUILDING A WELL-DIVERSIFIED PORTFOLIO

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EU Benchmarks Regulation

The Regulation (EU) 2016/1011, entered into force on 30 June 2016 and since 1 January 2018, its provisions apply and affects both EU and non-EU entities that administer indices that are used in the EU as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds. This Regulation aims to "ensure the accuracy and integrity of indices used as benchmarks in financial instruments and financial contracts, or to measure the performance of investment funds in the Union."

In compliance with EU Benchmark Regulation (BMR), Scientific Infra Pte. Ltd., the benchmark administrator for the EDHECinfra indices, establishes governance, processes, and controls for the calculation and reporting of its benchmarks.

On 20 September 2022, Scientific Infra Pte. Ltd. acquired Recognition by the European Securities and Markets Association (ESMA) as a third-country administrator in accordance with Article 32 of the EU BMR. The benchmarks provided by Scientific Infra Pte. Ltd. that acquired Recognition by ESMA are listed and maintained in the Register (ESMA Registers (europa.eu)) under Article 36 of the EU BMR.

Benchmark Statements

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infra300 and infra100 unlisted equity indices

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infraDebt100 private debt indices

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InfraGreen index family

Index Documentation

infraMetrics index calculation and construction methodologies are available here.

Index Governance & Policies

infraMetrics indices are governed by state-of-the-art rules and committees in accordance with IOSCO principles and guidance.

  • Index Methodology Change and Consultation Policy - Download

  • Complaint Policy - Download

  • Index Recalculation Policy - Download

  • Index Termination Policy - Download

  • Outsourcing Management Framework and Policy - Download

  • Trading Halt and Market Disruption Policy - Download

  • Whistle Blowing Policy - Download