Georg Inderst Georg Inderst Martin Lawrence Geofrey P. Stapledon Michael Francis Howard Robert J. Bianchi Susan Newberry Deborah Brennan Georg Inderst
Infrastructure as a new asset class is said to have several distinct and attractive investment characteristics. This article reviews concepts market developments and empirical evidence on the risk-return and cash flow profile and the potential for diversification and inflation protection in investor portfolios. Furthermore a new global analysis of the historical performance of infrastructure funds is undertaken. There is no proper financial theory to back the proposition of infrastructure as a separate asset class. Infrastructure assets are very heterogeneous and empirical evidence suggests an alternative proposition that treats infrastructure simply as a sub-asset class or particular sectors within the conventional financing vehicle on which it comes (e.g. listed and private equity bonds).
G11 G15 G22 G23 H54
Infrastructure investment Infrastructure fund Alternative asset Real asset Asset allocation Performance analysis