Frederic Blanc-Brude – Managing Director

Frederic Blanc-Brude

Director @EDHECinfra

  • 2008, Ph.D. in Finance, King’s College London
  • 1999, M.Sc. Political Theory, London School of Economics
  • 1998, M.Sc. Economics, Sorbonne University
  • 1997, Sciences-Po Paris Diploma

Frédéric Blanc-Brude is the author of numerous scientific publications on infrastructure economics and investment. His latest book on infrastructure asset valuation was published in March 2015. He also teaches an infrastructure investment and benchmarking course as part of the EDHEC-Risk Institute/Yale-SOM executive program on alternative investments and represents EDHEC on the Advisory Council of the World Bank’s Global Infrastructure Facility (GIF). Prior to joining EDHEC, he worked for ten years in the infrastructure finance sector, and was actively involved in transactions representing a cumulative value of more than USD6bn in Europe, Asia and the Middle East.

Peer-reviewed

2017
[12] Searching for a Listed Infrastructure Asset Class: Mean-variance spanning tests of 22 listed infrastructure proxies (Frédéric Blanc-Brude, Tim Whittaker, Simon Wilde), In Financial Markets and Portfolio Management, 2017. [More details] [pdf] [Read online]
[11]Project Financal Valuation with a Renegotiable Debt Threshold (Majid Hasan, Frédéric Blanc-Brude), In Journal of Fixed Income, 2017. [More details]
2016
[10] Benchmarking Private Infrastructure Investments: Objectives, Reality Check and Recent Progress (Frédéric Blanc-Brude, Majid Hasan, Timothy Whittaker), In Journal of Alternative Investments, volume 19, 2016. [More details] [pdf]
[9] A Structural Credit Risk Model for Illiquid Debt (Frédéric Blanc-Brude, Majid Hasan), In Journal of Fixed Income, volume 26, 2016. [More details] [pdf]
2014
[8] Long-Term Investment in Infrastructure and the Demand for Benchmarks (Frédéric Blanc-Brude), In JASSA The Finsia Journal of Applied Finance, volume 3, 2014. [More details] [pdf]
[7] The FDI Location Decision: Distance and the Effects of Spatial Dependence (Frédéric Blanc-Brude, Graham Cockson, Roger Strange, Jenifer Piesse), In International Business Review, volume 23, 2014. [More details] [pdf]
2013
[6] Risk Transfer, Self-Selection and Ex Post Efficiency in Public Procurement: An Example From UK Primary and Secondary School Construction Contracts (Frédéric Blanc-Brude), In Revue d'Economie Industrielle, volume 141, 2013. [More details] [pdf]
2009
[5] A Comparison of Construction Contract Prices for Traditionally Procured Roads and Public--Private Partnerships (Frédéric Blanc-Brude, Hugh Goldsmith, Timo Välilä), In Review of Industrial Organization, volume 35, 2009. [More details] [pdf]
2007
[4] Public-Private Partnerships in Europe: An Update (Frédéric Blanc-Brude, Hugh Goldsmith, Timo Välilä), In EIB Economic & Financial Report, 2007. [More details] [pdf]
[3] How Banks Price Loans to Public-Private Partnerships: Evidence from the European Markets (Frédéric Blanc-Brude, Roger Strange), In Journal of Applied Corporate Finance, volume 19, 2007. [More details] [pdf]
2006
[2] Ex ante construction costs in the European road sector: A comparison of public-private partnerships and traditional public procurement (Frédéric Blanc-Brude, Hugh Goldsmith, Timo Välilä), In EIB Economic & Financial Report, volume 2006/1, 2006. [More details] [pdf]
[1] The handshake: why do governments and firms sign private sector participation deals? Evidence from the water and sanitation sector in developing countries (Olivia Jensen, Frédéric Blanc-Brude), In World Bank Working Papers, 2006. [More details] [pdf]

Books

2015
[2]Infrastructure Valuation (Frédéric Blanc-Brude, Majid Hasan), PEI Media, 2015. [More details]
2010
[1] The Infrastructure Project Finance Benchmarking Report (Frédéric Blanc-Brude, Olivia Jensen, Camille Arnaud), Infrastructure Economics Publishing, 2010. [More details] [pdf]

EDHEC Publications

2016
[17] Revenue and Dividend Payout in Privately Held Infrastructure Investments (Frédéric Blanc-Brude, Majid Hasan, Qi Wang, Tim Whittaker), In EDHEC Infrastructure Institute Publications, volume March, 2016. [More details] [pdf] [Read online]
[16] Cash Flow Dynamics of Private Infrastructure Project Debt, Empirical evidence and dynamic modelling (Frédéric Blanc-Brude, Majid Hasan, Timothy Whittaker), In EDHEC Infrastructure Institute Publications, volume March, 2016. [More details] [pdf] [Read online]
[15] Towards better Products for Infrastructure Investors? A Survey of the Perceptions and Expectations of Institutional Investors in Infrastructure (Frédéric Blanc-Brude, Grace Chen, Tim Whittaker), In EDHEC Infrastructure Institute Publications, 2016. [More details] [pdf] [Read online]
[14] Data collection for infrastructure investment benchmarking: objectives, reality check and reporting framework (Frédéric Blanc-Brude, Raffaëlle Delacroce, Majid Hasan, Cledan Mandri-Perrot, Jordan Schwartz, Tim Whittaker), In EDHEC Infrastructure Institute-Singapore, 2016. [More details] [pdf] [Read online]
2015
[13] The valuation of privately-held infrastructure equity investments (Frédéric Blanc-Brude, Majid Hasan), In EDHEC-Risk Institute Publications, volume January, 2015. [More details] [pdf]
2014
[12] Benchmarking Long-Term Investment in Infrastructure (Frédéric Blanc-Brude), In EDHEC-Risk Institute Position Paper, 2014. [More details] [pdf]
[11]Developing a long-term infrastructure financing and investement hub in Singapore (Frédéric Blanc-Brude), In , 2014. [More details]
[10] Unlisted Infrastructure Debt Valuation & Performance (Frédéric Blanc-Brude, Majid Hasan, Omneia R H Ismail), In EDHEC-Risk Institute Publications, volume July, 2014. [More details] [pdf]
[9] How much construction risk do sponsors take in project finance? (Frédéric Blanc-Brude, Dejan Makovsek), In EDHEC-Risk Institute Publications, 2014. [More details] [pdf]
2013
[8] How much construction risk do sponsors take in project finance? (Frédéric Blanc-Brude, Dejan Makovsek), In EDHEC Business School Working Paper, 2013. [More details] [pdf]
[7] Discussion of the the Bank of Ireland Paper on loan origination by investment funds (Frédéric Blanc-Brude), In EDHEC Business School Working Paper, 2013. [More details] [pdf]
[6] Measuring risk in unlisted infrastructure equity investment (Frédéric Blanc-Brude, Omneia R H Ismail), In EDHEC Business School Working Paper, 2013. [More details] [pdf]
[5] Measuring infrastructure the credit risk of unlisted infrastructure debt -- theoretical framework and data reporting requirements (Frédéric Blanc-Brude, Omneia R H Ismail), In EDHEC Business School Working Paper, 2013. [More details] [pdf]
[4] Who is afraid of Construction Risk? Portfolio Construction with Infrastructure Debt (Frédéric Blanc-Brude, Omneia R H Ismail), In EDHEC-Risk Institute Publications, EDHEC Risk Institute-Asia, 2013. [More details] [pdf]
[3] Towards efficient benchmarks for infrastructure equity investments (Frédéric Blanc-Brude), In EDHEC-Risk Institute Publications, EDHEC-Risk Institute, 2013. [More details] [pdf]
[2] Investment solutions for East Asia's pension savings (Frédéric Blanc-Brude, François Cocquemas, Albena Georgieva), In EDHEC-Risk Institute Publications, 2013. [More details] [pdf]
2012
[1] Pension fund investment in social infrastructure: insights from the 2012 reform of the Private Finance Initiative (Frédéric Blanc-Brude), In EDHEC-Risk Institute Publications, EDHEC-Risk Institute, 2012. [More details] [pdf]

Contributions to the Regulator

2013
[4] Discussion of the the Bank of Ireland Paper on loan origination by investment funds (Frédéric Blanc-Brude), In EDHEC Business School Working Paper, 2013. [More details] [pdf]
[3] Response to the European Commission green paper on the long-term financing of the European economy (Frédéric Blanc-Brude, Omneia R H Ismail), In EDHEC Business School Working Paper, EDHEC-Risk Institute, 2013. [More details] [pdf]
[2] Response to EIOPA's Consultation on Standard Formula Design and Calibration for Certain Long Term Investments (Frédéric Blanc-Brude, Omneia R H Ismail), In EDHEC Business School Working Paper, EDHEC Risk Institute-Asia, 2013. [More details] [pdf]
2012
[1] Remarks on institutional investment in privately financed public infrastructure'', Response to the UK Treasury Call for Evidence on the Private Finance Initiative (Frédéric Blanc-Brude), In EDHEC Business School Working Paper, 2012. [More details] [pdf]

Press articles

2016
[39]Prudential Rules For Private Infrastructure Capital Take Two Steps Forward But Have Yet To Reach The End Of The Road (Frédéric Blanc-Brude), In S&P Ratings, volume November, 2016. [More details]
2015
[38] Benchmarking: moving away from NAVs and IRRs (Frédéric Blanc-Brude), In Investment & Pensions Europe - Real Estate, 2015. [More details] [pdf]
[37] Building a long-term investment benchmark for privately-held infrastructure equity (Frédéric Blanc-Brude, Majid Hasan), In Investment & Pensions Europe, 2015. [More details] [pdf]
[36] A rigorous yet implementable framework to measure the performance of private infrastructure debt (Frédéric Blanc-Brude, Majid Hasan), In Investment & Pensions Europe, volume EDHEC-Risk Insights, 2015. [More details] [pdf]
[35] The language of infrastructure (Frédéric Blanc-Brude), In Investment & Pensions Europe - Top 400 Asset Managers supplement, 2015. [More details] [pdf]
2014
[34] The sting is in the loan tail (Frédéric Blanc-Brude, Majid Hasan), In Investment & Pensions Europe, Investment, volume October, 2014. [More details] [pdf]
[33] Making a better match between institutional investors and infrastructure investments (Frédéric Blanc-Brude), In , 2014. [More details] [pdf]
[32] A roadmap to make long-term infrastructure investment relevant to institutional investors (Frédéric Blanc-Brude), In Pensions & Investments, 2014. [More details] [pdf]
[31] The risks of closed-ended long-term debt funds (Frédéric Blanc-Brude), In Investment & Pensions Europe, 2014. [More details] [pdf]
2013
[30] Infrastructure Debt Portfolio Construction (Frédéric Blanc-Brude, Omneia R H Ismail), In Investment Magazine, 2013. [More details] [pdf]
[29] Who is afraid of construction risk? Investment solutions in infrastructure debt are just beginning to appear. (Frédéric Blanc-Brude, Omneia R H Ismail), In Asia Asset Management, 2013. [More details] [pdf]
[28] Defining infrastructure investment under Solvency-2 (Frédéric Blanc-Brude, Omneia R H Ismail), In Investment & Pensions Europe, 2013. [More details] [pdf]
[27] Building benchmarks of unlisted infrastructure equity investments (Frédéric Blanc-Brude), In Asia Asset Management, 2013. [More details] [pdf]
[26] Towards efficient benchmarks of infrastructure equity investments (Frédéric Blanc-Brude), In Investment Magazine, 2013. [More details] [pdf]
[25] Who is afraid of construction risk? (Frédéric Blanc-Brude), In Investment & Pensions Europe, 2013. [More details] [pdf]
[24] Efficient benchmarks for infrastructure equity investments (Frédéric Blanc-Brude), In Investment & Pensions Europe, 2013. [More details] [pdf]
2012
[23] Who is afraid of construction risk? (Frédéric Blanc-Brude), In Infrastructure Journal, 2012. [More details] [pdf]
[22] Infrastructure portfolio construction: in search of an asset class (Frédéric Blanc-Brude), In Infrastructure Journal, 2012. [More details] [pdf]
[21]Infrastructure: beyond the narrative (Frédéric Blanc-Brude), In Asia Asset Management, 2012. [More details]
[20] Better intermediation and better regulation needed for pension funds to invest in UK. (Frédéric Blanc-Brude), In Infrastructure Journal, 2012. [More details] [pdf]
[19]Pension funds allocation to infrastructure: better benchmarks are needed (Frédéric Blanc-Brude), In Investment Magazine, 2012. [More details]
[18] Strategic asset allocation to infrastructure: from asset class to active strategy (Frédéric Blanc-Brude), In InfraNews, 2012. [More details] [pdf]
2010
[17] Why the PFI needs a regulator (Frédéric Blanc-Brude, Olivia Jensen), In Infrastructure Journal, 2010. [More details] [pdf]
[16]Is infrastructure project finance returning to China? (Frédéric Blanc-Brude, Olivia Jensen), In Infrastructure Journal, 2010. [More details]
2005
[15] The riddle of Jakarta (Frédéric Blanc-Brude), In Global Water Intelligence, 2005. [More details] [pdf]
[14] The Tanzanian blindfold (Frédéric Blanc-Brude), In Global Water Intelligence, 2005. [More details] [pdf]
[13] USAID: Hoping for a demonstration effect (Frédéric Blanc-Brude), In Global Water Intelligence, 2005. [More details] [pdf]
[12] Can output-based aid work for the water sector? (Frédéric Blanc-Brude, Olivia Jensen), In Global Water Intelligence, 2005. [More details] [pdf]
2004
[11] Can the IFIs pull it off? (Frédéric Blanc-Brude, Olivia Jensen), In Global Water Intelligence, 2004. [More details] [pdf]
[10] Playing by the rules: the Chinese water and wastewater markets (Frédéric Blanc-Brude, Olivia Jensen), In Global Water Intelligence, 2004. [More details] [pdf]
[9] Maynilad seeks a way forward (Frédéric Blanc-Brude), In Global Water Intelligence, 2004. [More details] [pdf]
[8] Thinking outside the BOT (Frédéric Blanc-Brude), In Global Water Intelligence, 2004. [More details] [pdf]
[7] After exuberance: the lessons of the Asian Crisis (Frédéric Blanc-Brude), In Infrastructure Journal, 2004. [More details] [pdf]
[6] Will project finance return to East Asia? (Frédéric Blanc-Brude), In Infrastructure Journal, 2004. [More details] [pdf]
2003
[5] Phu My 2.2 -- Financing Viet Nam's first IPP (Frédéric Blanc-Brude), In Infrastructure Journal, 2003. [More details] [pdf]
[4] Strategic PPPs: the capability to project (Frédéric Blanc-Brude), In Infrastructure Journal, 2003. [More details] [pdf]
[3] Is Nigeria Liquid? Financing Nigeria LNG (Frédéric Blanc-Brude), In Infrastructure Journal, 2003. [More details] [pdf]
[2] From make to buy: contracting out services to British Armed Forces (Frédéric Blanc-Brude), In Infrastructure Journal, 2003. [More details] [pdf]
[1] The Oil is not enough. Financing the right pipeline in the Caspian (Frédéric Blanc-Brude), In Infrastructure Journal, 2003. [More details] [pdf]

Recent Presentations

2015
[27] The cash flow dynamics of private infrastructure project debt: empirical evidence and dynamic modelling (Frederic Blanc-Brude), In 4th NATIXIS Infrastructure Day, 2015. [More details] [pdf]
[26] Long horizon investing in infrastructure: the journey from investment beliefs to delegation and benchmarking (Frederic Blanc-Brude), In International Centre for Pension Management, 2015. [More details] [pdf]
[25] Valuation and risk measurement of unlisted infrastructure debt (Frederic Blanc-Brude, Hasan Majid, Omneia RH Ismail), In EDHEC Risk Days Europe, 2015. [More details] [pdf]
[24] The valuation of privately-held infrastructure equity investments (Frederic Blanc-Brude, Hasan Majid, Omneia RH Ismail), In EDHEC Risk Days Europe, 2015. [More details] [pdf]
2014
[23] Valuation and risk measurement of unlisted infrastructure debt (Frederic Blanc-Brude, Majid Hasan*, Omneia RH Ismail), In World Finance and Banking Conference, 2014. [More details] [pdf]
[22]Benchmarking long-term investments in infrastructure (Frederic Blanc-Brude), In 1st meeting of the Long-Term Investors in Infrastructure Association, 2014. [More details]
[21] Benchmarking the performance of infrastructure debt (Frederic Blanc-Brude), In 3rd NATIXIS Infrastructure Day, 2014. [More details] [pdf]
[20] Benchmarking the performance of infrastructure debt (Frederic Blanc-Brude, Majid Hasan, Omneia RH Ismail), In Casgrain Institutional Investor Infrastructure Forum, 2014. [More details] [pdf]
[19]Long-term investments in infrastructure for pension funds (Frederic Blanc-Brude), In Workers' Capital Conference, 2014. [More details]
[18]Alternative sources of infrastructure finance Tapping domestic capital markets: the view from Asia (Frederic Blanc-Brude), In EBRD and CMBT Conference, 2014. [More details]
[17] Infrastructure Investment for Institutional Investors -- The challenges of measuring performance (Frederic Blanc-Brude), In EDHEC Risk Days Europe, 2014. [More details] [pdf]
[16] The role of institutional investors in infrastructure investment (Frederic Blanc-Brude), In Reserve Bank of Australia, 2014. [More details] [pdf]
2013
[15]From asset allocation to infrastructure investment -- A roadmap for the development of institutional investment in infrastructure (Frederic Blanc-Brude), In 2nd Asia Investment Management Summit for Insurance, 2013. [More details]
[14] Towards infrastructure equity investment benchmarks (Frederic Blanc-Brude), In EDHEC Risk Days North America, 2013. [More details] [pdf]
[13] Who is afraid of construction risk? Infrastructure debt for institutional investors (Frederic Blanc-Brude, Omneia RH Ismail), In EDHEC Risk Days North America, 2013. [More details] [pdf]
[12] Measuring infrastructure debt credit risk (Frederic Blanc-Brude, Omneia RH Ismail), In 2nd NATIXIS Infrastructure day, 2013. [More details] [pdf]
[11] Long-term financing and the role of institutional investors (Frederic Blanc-Brude), In Fabrique de la Cité, 2013. [More details] [pdf]
[10] Towards a project finance sub-module for Solvency-2? (Frederic Blanc-Brude), In Office of the EIOPA Chairman, 2013. [More details] [pdf]
[9]Data collection for infrastructure investment benchmarking (Frederic Blanc-Brude), In OECD/APEC Conference on Enhancing the role of institutional investors in infrastructure financing, 2013. [More details]
[8] Valuation and risk measurement of unlisted infrastructure debt (Frederic Blanc-Brude, Hasan Majid, Omneia RH Ismail), In EDHEC Risk Days Asia, 2013. [More details] [pdf]
[7] Sustainable growth and long-term investment: the role of institutional investors (Frederic Blanc-Brude), In Vesheconombank, G20 Meeting of International Financial Institutions, 2013. [More details] [pdf]
[6] Construction risk in infrastructure project finance (Frederic Blanc-Brude, Dejan Makovsek*), In Procurement and Public-Private Arrangements Conference organised by the PPP Economics Chair of the Sorbonne University, 2013. [More details] [pdf]
[5] Who is afraid of construction risk? Infrastructure debt for institutional investors (Frederic Blanc-Brude, Omneia RH Ismail), In EDHEC Risk Days Asia, 2013. [More details] [pdf]
[4] Who is afraid of construction risk? Infrastructure debt for institutional investors (Frederic Blanc-Brude, Omneia RH Ismail), In EDHEC Risk Days Europe, 2013. [More details] [pdf]
[3] Towards infrastructure equity investment benchmarks (Frederic Blanc-Brude), In EDHEC Risk Days Europe, 2013. [More details] [pdf]
2012
[2]Who is afraid of construction risk? Infrastructure debt for institutional investors (Frederic Blanc-Brude), In 1st NATIXIS Infrastructure Day, 2012. [More details]
[1] State and challenges of infrastructure finance and investment (Frederic Blanc-Brude), In EDHEC Risk Days Asia, 2012. [More details] [pdf]