Tim Whittaker, Director, EDHEC Infra & Private Assets

Welcome to 2025. This is the first in a series of monthly updates on the work of the institute and our latest research initiatives.

A Leadership Transition

This year marks a significant transition at EDHEC Infra & Private Assets, as our founding Director, Frederic Blanc-Brude, moves to lead our sister organisation, Scientific Infra & Private Assets, as CEO. Despite this change, continuity remains at the core of our mission, with Dr. Tim Whittaker stepping in as Director. Tim has been with EDHEC Infra & Private Assets since its founding in 2016 and is committed to advancing our legacy of investor-first research and innovative solutions to complex challenges.

Research Priorities for 2025

Our focus on private assets remains steadfast, with three key areas where we believe we can make the greatest impact:

1. Risk – Enhancing the understanding of risk in private markets.
2. Valuation – Developing more accurate and transparent valuation methodologies.
3. Alpha – quantifying the sources of excess returns in private markets.

This research builds on our past work quantifying risk in unlisted infrastructure, private equity, and climate-exposed assets. This year, we are expanding our efforts by analysing existing valuation approaches and identifying best practices in private markets.

Timely Industry Developments

The demand for daily liquidity in private asset investments is growing rapidly, as evidenced by XOVR ETF, State Street and Apollo’s private asset ETF (BBG$) and BlackRock’s desire to put assets into an ETF (BBG$). While this trend underscores the relevance of our research, it also raises critical concerns. The valuation of illiquid assets often lacks the transparency and frequency required for ETF structures, increasing the risk of mispricing and unintended consequences for investors.

We are closely monitoring these developments and engaging with industry stakeholders to ensure that valuation challenges are addressed before they lead to systemic risks.

Engaging with the Industry

To share our insights, we will continue our webinars, advisory board meetings, and annual conference. Additionally, we will keep you informed through regular newsletters and magazine supplements.

We encourage you to engage with us throughout the year—whether through our research discussions, events, or direct collaboration.

Looking Ahead

The landscape of private assets is evolving rapidly, and 2025 will be a defining year. Our mission remains clear: to provide investors with the research, tools and insights they need to navigate an increasingly complex market. We look forward to shaping the conversation and driving innovation alongside you.