Insights

The growth in private assets Since 2012, EY estimates that private assets increased their Assets Under Management (AUM) from US$9.7 trillion to US$24.4 trillion by the end of 2023.1 This growth, has seen private managers tap different sources of capital. Starting with traditional investors such as endowments, pension funds and insurance companies, the managers have innovated, identifying permanent sources of

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

This is a grim headline, but with the economic shifts over the last two years, we might be seeing a more difficult market for infrastructure investment. From our perspective, we are observing some interesting shifts in the market. Firstly, despite the evidence that inflation may be cooling in major economies, there is evidence that interest rates might be higher for

Can you really lose GBP1.5Bn in a couple of quarters when investing in a water utility? Investments in infrastructure like water utilities are very often presented as ‘boring’, slow-moving, low-risk assets, that also happen to be cash cows. That latter point is true, as my colleagues have shown in previous research. The rest is wishful thinking at best, but mostly

EDHECinfra has created a suite of Social Acceptability Indices. To demonstrate their utility, we thought we would analyse a sector that is always in the news, the UK sewerage sector, where risk just materialised with an expected GBP80m fine of South West Water. If that’s not double materiality, I don’t know what is! For some context, the UK privatised its

Recently APRA, Australia’s pension regulator called for comment on the update of “SPG 530 Investment Governance” – a Prudential Practice Guide. This, combined with the update to SPS 530 – the Investment Governance prudential standard is interesting for infrastructure investors. Key questions are what is happening, why, and what this means for infrastructure investments? Firstly, what is happening? APRA is