The Institute
At the crossroad BETWEEN science and businessSince 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.

The TEAM
MEEt the EXPERTS SHAPING OUR RESEARCH
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, 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
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, 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
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, 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.
THE RESEARCH
Recent Papers
Beyond the Illusion of Stability: The Case for Valuation Discipline in Private Markets
Nov. 2025The Journal of Investing: Dynamic Modeling of Transaction Prices in Private Equity Markets
Oct. 2025Evergreens: The Tree That Never Sheds ā A Closer Look at Performance, Risk, and Valuation Practices in Private Equity Evergreens
Oct. 2025THE Advisory board
Independent and representativeNoël 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 PlaceLondon EC4M 7RB
United Kingdom
Tel. +44 (0)207 332 5600

SINGAPORE Office
One George Street#15-02
Singapore 049145
Tel. +65 66538575

E-mail: tim.whittaker@edhec.edu




