The Institute

At the crossroad BETWEEN science and business

Since 2016, the EDHEC Infrastructure & Private Assets Research Institute (EIPA) has been developing ground-breaking research to document the risks and financial performance of investments in unlisted infrastructure equity and debt and private equity. The data produced by the institute is grounded in modern financial theory and the principles of fair value accounting, which are key pillars of sound financial risk management.

Through its work, the institute has shown that it is possible to measure market dynamics in private and illiquid markets and produce credible measures of the risk-adjusted performance of private assets that makes them comparable to other asset classes. The same data is used by policy makers and prudential authorities including the G20, the OECD, IAIS, and more.

EDHEC Infra & Private Assets

The TEAM

MEEt the EXPERTS SHAPING OUR RESEARCH
Nastaran Bayat


Nastaran Bayat

Risk Analyst

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Nastaran Bayat Patapeh is a Risk Analyst at the EDHEC Infra and Private Assets Research Institute (EIPA). She develops quantitative models and risk frameworks to support infrastructure and financial research. She specialises in analysing large datasets, applying econometric methods, and producing high-quality research for academic and industry audiences. Previously, she worked at Refah Bank in Tehran as an Asset Liability and Tax Specialist, managing balance sheet strategies, optimising tax compliance, and improving financial performance. Nastaran holds a Master’s in Quantitative Finance from the University of Pavia, a Master’s in Financial Management from the University of Tehran, and a Bachelor’s degree in Insurance Management from the University of Allameh.

Demi Chung


Demi Chung, PhD

Senior Researcher - Head of Accounting Standards & Financial Reporting Doctrine & Practices

Demi Chung is Senior Researcher – Head of Accounting Standards & Financial Reporting Doctrine and Practices at the EDHEC Infra and Private Assets Research Institute (EIPA) in London, where she produces research notes and position papers on policy - and investment - relevant topics in relation with fair value in private investments. She is also contributing to responses to regulatory consultations by prudential and economic regulators. Demi earned a PhD in the Faculty of Economics and Business at the University of Sydney, where she specialised in quantitative research on risk sharing and the multidimensional nature of risk in public private partnerships. After that, she worked at the University of New South Wales (UNSW Sydney) in the Business School, School of Accounting from 2009 to 2026.

Evan Clark


Evan Clark

Senior Private Market Analyst

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Evan is a Senior Private Market Analyst at the EDHEC Infra and Private Assets Research Institute (EIPA) in Singapore where he produces research on private assets, focusing on private equity. Evan has previously held investment roles with Canadian Pension Plans in Toronto, Canada, including OMERS Private Equity, where he focused on evaluating private equity and infrastructure investments. Additionally, he worked in equity research for Gluskin Sheff + Associates, a leading buyside firm in Toronto with long only and long/short mandates. More recently, he worked with a boutique firm in Singapore developing research across the private asset space. Evan holds a Master’s in Finance from INSEAD, a Bachelor of Commerce from the University of Toronto and is a CFA Charterholder.

Johan Ljungkvist


Johan Ljungkvist, PhD

Senior Research Engineer

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Johan is a Senior Research Engineer at the EDHEC Infra and Private Assets Research Institute (EIPA) in London, where he conducts research on private equity. His work focuses on understanding the operational effects of private equity investments on portfolio companies. Johan received his PhD in Finance from the Stockholm School of Economics, spending a year as a visiting researcher at Stanford University. He also holds an MSc in Finance from the London School of Economics and a BSc in Business and Economics from the Stockholm School of Economics. Prior to his PhD, he worked in M&A for three years in Paris and Stockholm.

Suraj Pasayat


Suraj Pasayat

Senior Front-End/UI Developer

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Suraj Pasayat is a Senior Front-End/UI Developer at the EDHEC Infra and Private Assets Research Institute (EIPA) in Singapore. Suraj has been working with the Singapore team on building the next generation of apps in infraMetrics. Prior to joining EIPA, Suraj worked on a Google Fiber project and was working with the core development team in Singapore. He completed his studies from the National Institute of Technology Raipur in 2015 and has a Bachelor of Technology in Computer Science & Engineering.

Tim Whittaker


Tim Whittaker, PhD

Director of the EDHEC Infrastructure & Private Assets Research Institute
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Tim is Director of the EDHEC Infra and Private Assets Research Institute (EIPA). He was awarded his PhD in Finance from Griffith University in 2013. His research interests are infrastructure finance, public private partnerships and asset pricing. Prior to completing his PhD he worked for five years as a corporate finance analyst in Australia. In addition, Tim holds a Master of Business (Financial Management) from Queensland University of Technology and a Bachelors of Economics and Commerce from the University of Queensland. He leads our team of financial analysts and has 15 years’ experience in infrastructure investment research.

Quantifying Private Markets

London | Singapore
Trusted by sophisticated investors around the world since 2019
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Our Thesis

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Private Markets 2.0


Quantitative research has benefitted investors in capital markets for decades, from hedge funds to smart beta.

This time has come for private markets.

Scientific Infra & Private Assets is a data & analytics provider for sophisticated investors in private markets who want to know the market value and the risks of private investments.

WE ARE QUANTS


At the crossroad of academia and industry, we are a quantitative team with a focus on private asset pricing and market dynamics.

We create model-driven products and solutions with practical applications for investors in need of better data so they can decide how to deploy capital in private equity and infrastructure markets while managing risk and benchmarking performance.

WE ARE DIFFERENT


We are not a repository of contributed information provided by a limited sample of market participants.

Instead, we collect data directly from private firms and markets and use advanced financial modelling, statistics and machine learning to produce scientific results fit to make investment decisions.

We do so transparently, using models that are fully documented.

WHY QUANT RESEARCH? (1)


In 2024, private asset investing represents trillions of dollars of allocations and requires representative and robust market data to measure value and risk.

But private markets themselves generate little raw data, and most of it is not public. Quantitative research, including machine learning techniques, is the way for private market investors to access the information they need.

WHY QUANT RESEARCH? (2)


The absence of high frequency transaction data in private markets means that almost every reported value is based on a model.

The actual choice for investors in private assets is not between taking a quantitative approach or not.

The choice they face is between using good data and quantitative methods or bad ones. The difference is a matter of fiduciary duty.

VALUE PROPOSITION (1)


Private markets provide investors with information through transaction prices that are always noisy and biased. Using advanced, scientific models and the best data available, quantitative research can de-noise and correct biases in the data to provide investors with access to robust and representative market information. 

For our clients, the data is fully supported, customisable and currently the only usable source of information on private market risk.

VALUE PROPOSITION (2)


With our technology and unique access to private market information, we produce data that serves as a starting point in private investing.

1. Asset Valuation: we offer robust, representative and customisable data to anchor private asset valuations to market conditions.

2. Market Dynamics: we offer a suite of private market indices and customisable benchmarks to track market levels and risk.

    our TEAM

    R&D TEAM

    10 Researchers

    DATA TEAM

    11 Analysts & Data Scientists

    PROD TEAM

    9 Engineers & Developers

    BUSINESS TEAM

    12 Commercial & Client Service Collaborators

    40+

    Number of staff on the team

    10

    PhD in finance, engineering and physics

    25

    Advisory Board Members

    2

    Office locations in Singapore and London

    ADVISORY BOARD

    We require a double validation of our work by the industy and academia. Our international Advisory Board meets once a year to steer research and provide essential feedback on the work of the research institute and of the product development team. 

    Next Board Meeting

    Advisory Board 202526jun9:00 am5:00 pmSingaporeEvent Type Institute Advisory Board Meetings Event Organized ByEDHEC Infra & Private Assets Research Institute

    Board Members

    • Noël Amenc, Ph.D., EDHEC

    • Robert Bianchi, Ph.D., Griffith University

    • Timo Välilä, Ph.D., UCL

    • Stefano Gatti, Ph.D., Bocconi

    • Avi Turetski, Ph.D., Ares

    • John Faye, CDPQ

    • Christof Manser, Swiss Life

    • Atif Ansar, Ph.D., Oxford University

    • James Davis, OPTrust

    • Serge Lauper, BlackRock

    • Dominic Garcia, Ph.D, CBRE

    • Paul Carrett, Brookfield 

    • Bruce Phelps, Ph.D., PGIM
    • Chiam Swee Chiang, Ph.D., GIC

    • Laurence Monnier, OnePlanet

    • David Belmont, Lombard Odier

    • Stephane Gallon, Meridiam

    • Nicolas Pinaud, OECD
    • Peter Broedsel, DWS

    • Alex Dotov, TIAA

    • Andry Setiawan, INA

    • James Murray, TCorp

    • Tania Tsoneva, CBRE

    • Paul Shantic, CalSTRS

    OUR STORY

    2016

    Creation of the Infrastructure Research Institute at EDHEC and launch of the private infrastructure asset pricing research program.
    2019

    Creation of the Scientific Infra Ltd and launch of infraMetricsĀ®
    2022

    Scientific Infra Ltd is registered with ESMA as a benchmark administrator.
    Launch of the private equity asset pricing research program.
    2023

    The company is renamed Scientific Infra & Private Assets Ltd
    2024

    Launch of privateMetricsĀ®

    THE Advisory board

    Independent and representative
    REVIEW COMMITTEE MEMBERS
    • Noël Amenc, EDHEC Business School

    • Atif Ansar, Oxford University

    • David Belmont, Lombard Odier Investment Managers

    • Bob Bianchi, Griffith University

    • Peter Brodehser, DWS Group

    • James Davis, OPTrust

    • Alexander Dotov, TIAA

    • John Faye, CDPQ

    • Stéphane Gallon, Meridiam

    • Dominic Garcia, CBRE Investment Management

    • Stefano Gatti, Bocconi University

    • Serge-Alexandre Lauper, BlackRock

    • Christoph Manser, Swiss Life Asset Managers

    • Laurence Monnier, Investment Committee and Board Member, Sustainable Infrastructure Investment

    • James Murray, New South Wales Treasury Corporation

    • Nicolas Pinaud, OECD

    • Andry Setiawan, Indonesia Investment Authority

    • Junying Shen, PGIM Institutional Advisory & Solutions

    • Chiam Swee Chiang, GIC

    • Tania Tsoneva, CBRE Investment Management

    • Timo Välilä, University College London

    CONtact us

    London Office

    10 Fleet Place
    London EC4M 7RB
    United Kingdom
    Tel. +44 (0)207 332 5600
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    SINGAPORE Office

    One George Street
    #15-02
    Singapore 049145
    Tel. +65 66538575
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    E-mail: tim.whittaker@edhec.edu