Infrastructure as an asset class

Georg Inderst ()

No 3/2010, EIB Papers from European Investment Bank, Economics Department

Abstract: Infrastructure as a new asset class is said to have several distinct and attractive investment characteristics. This article reviews concepts, market developments and empirical evidence on the rist-return and cash flows profile, and the potential for diversification and inflation protection in investor portfolios. Furthermore, a new, global analysis of the historical performance of infrastructure funds is undertaken. There is no proper financial theory to back the proposition of infrastructure as a separate asset class. Infrastructure assets are very heterogeneous, and empirical evidence suggests an alternative proposition that treats infrastructure simply as a sub-asset class, or particular sectors, within the conventional financing vehicule on which it comes (e.g. listed and private equity, bonds).

Keywords: Infrastructure investment; Infrastructure fund; Alternative asset; Real asset; Asset allocation; Performance analysis (search for similar items in EconPapers)
JEL-codes: G11 G15 G22 G23 H54 (search for similar items in EconPapers)
Pages: 36 pages
Date: 2010-12-17
New Economics Papers: this item is included in nep-ppm
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (35)

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Persistent link: https://EconPapers.repec.org/RePEc:ris:eibpap:2010_003

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