Insights

Opinion pieces from the team, and uses cases covering private markets, infrastructure investment, climate change, social risk, and more.

Featured image for “NAV 2.0: A better asset pricing model for private infra”

NAV 2.0: A better asset pricing model for private infra

May. 02, 2024
CAPM may be ‘one of the founding frameworks of modern finance’, but for determining the net asset value of unlisted infrastructure it is terribly inadequate. Frédéric Blanc-Brude, the director of the EDHEC Infrastructure Institute explains why and offers an alternative. Originally published in Infrastructure Investor. When reporting the NAV of unlisted assets like infrastructure using discounted cashflows, best practice consists