Benchmarks for Unlisted Infrastructure: Part I

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Investment Performance Measurement Feature Articles
January 2012 | Vol. 2012 | No. 1 | 5 pages
Source: CFA Institute
Jagdeep Singh Bachher Ryan J. Orr Daniel Settel

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Summary

This article provides a broad overview of available benchmark families for the infrastructure asset class and discusses associated shortcomings. Based on a thorough review of practices of global investors active in the infrastructure asset class, it finds that different investors have different goals for their infrastructure portfolios, leaving no single “right” way to benchmark the asset class. This article sets forth eight general principles for benchmarking and valuing unlisted asset classes, along with specific recommendations for infrastructure in particular. Implications for various groups within an investment organization are discussed. Future research should examine how the infrastructure benchmark can be adjusted with appropriate premiums for leverage, country, capex, and other factors.

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