An IPE Real Assets article published on 10 July, 2025, examines the significant concerns that have been raised about valuation practices among investors in unlisted infrastructure assets by a recent report from the EDHEC Infrastructure & Private Assets Research Institute (EIPA) entitled “Fair Value or Fair Guess? Inside the Engines of Infrastructure Valuation“:

“Report author Timothy Whittaker, director of the EDHEC Infra & Private Assets Research Institute, said in the report: “The survey conducted provides clear evidence of substantial variability and inconsistency in valuation practices among investors in unlisted infrastructure assets.

“These findings highlight significant fragmentation within the industry, particularly in the methodologies employed, such as forecasting cash flows, terminal value estimations, and discount rate calibrations.”

He added that this diversity “significantly hampers comparability across different investment vehicles, presenting challenges for investors, regulators, and stakeholders in assessing true asset values and investment performance”.”

Read the full article here.