EDHECinfra is an infrastructure investment index provider. find out more.

The most benchmarks for infrastructure investors.

Combining the detail and quality of individual company analysis with the power and robustness of modern financial theory to create a deep understanding of the drivers of risk and return in the unlisted infrastructure asset class.

New Position Paper

"Infrastructure investors should abandon absolute return benchmarks - Lessons from the Covid-19 lockdowns"

Market Relative Benchmarks

Why absolute return benchmarks have stayed prevalent until now but can be replaced by improved access to data and advanced asset pricing.

Impact of Covid-19

With indices for each segment of the infrastructure sector the impact of Covid-19 on infrastructure becomes clearer and more nuanced. 

Peer group benchmarking

Peer groups of large investors have performed differently against the market before and after Covid-19. Which ones created alpha?

Q2 2020 Unlisted Infrastructure Index Release

This quarter 1-year 3-year 5-year 10-year Inception
Total Returns -1.5 0.83 6.80 8.62 14.59 14.42
Excess Returns -1.52 0.47 6.20 8.01 13.62 11.78
Volatility - - 10.79 10.40 12.66 11.92
Sharpe Ratio - - 0.57 0.77 1.08 0.99
Value-at-Risk - - 18.12 17.77 20.33 18.17

Q2 2020 Index Release Comment

The Q2 2020 release of the EDHECinfra indices marks a new quarter of negative returns for the unlisted infrastructure asset class.

The infra300 index is down -1.5% on the quarter ending 30 June 2020. This index measures the average mark-to-market performance of 300 unlisted infrastructure equity investments that make a representative sample by sector, corporate structure and business model of the investible universe in 22 countries.

The EDHECinfra Broadmarket Unlisted Equity Index (value weighted), which tracks the performance of more than 500 investments globally and is much more exposed to the kind of large infrastructure corporates that are the most impacted by the Covid-19 crisis is down -5.19% on the quarter, or -4.35% on a 12-month basis.

This performance reflects the evolution of the valuation fundamentals that influence the market value of unlisted infrastructure companies. The average equity risk premia increased again in Q2 2020 by about 20 basis points, but less than it had in Q1 2020 when the risk premia jumped by 90 to 100 basis points for the infra300 and the EDHECinfra broadmarket index, respectively. With interest rate curves mostly lower following the interventions of central banks, the average discount rate is in fact stable and some cases even slightly lower than in Q1 2020.

However, in aggregate, future dividends are also lower in numerous sectors. First the sectors directly impacted by Covid-19 lock-downs have seen expected revenues and dividend payouts continue to decrease since Q1 2020. Second, a number of private infrastructure companies in transport sector have received public sector bail-out, which requires dividend lock ups for several years to come. Finally, new infrastructure sectors are being affected by lower levels of economic activity that were not initially impacted by Covid-19, including network utilities and some power companies.

As a result, average valuations have decreased again in Q2 2020: for example the infra300 price-to-sales ratio, which stood at 2.33 in Q1, is now 2.17.

However, the picture is more mixed when considering different types of infrastructure investments and business models. in Q1 2020, the increase in risk premia was high enough to make all sectors experience negative returns, albeit limited for some. In Q2 2020, the average performance of Contracted infrastructure companies (TICCS®-BR1), which make up almost half of the market by number of investments, is still in positive territory and returns 2.5% over the past 12 months, despite Covid-19.

Conversely, the Airport Company Index (TICCS-IC6010) exhibits -4.23% quarterly returns in Q2 2020, while Merchant Road Companies (TICCS-BR2/IC6050) returns -8.03% on the quarter and -12.16% on a 12-month basis. It is important to note that while negative, Q2 quarterly returns in the transport sectors are less bad than in Q1 2020, suggesting that most of the loss of future income and current value has now been priced in.

On the private infrastructure debt side, the picture is quite different. Having increased a lot in Q1 2020, infrastructure corporate debt spreads have dropped to the 150-160 basis points range and project finance senior debt spreads barely moved at 171 basis points on average vs. 165 basis points in Q1 2020. Lower rates have pushed down the yield-to-maturity of infrastructure debt very close to 2% on average (2.43% for project finance debt). While we do see an increase in the average probability of default in 2020, levels of credit risk remain low, while the one-year ahead loss-given-default remains in the 15-20% range.

As a result, private infrastructure debt is performing well with a quarterly return of 2.54% (5.32% year-on-year) for the broadmarket private infrastructure debt index and 1.61% quarterly (7.24% year-on-year) for the Global Project Finance Debt Index.

Download the index factsheet: USD returns | Local currency returns  

To access 20 years of index data, analytics and constituent-level data register on indices.edhecinfra.com

Join us for a webinar on the impact of Covid-19 on unlisted infrastructure investment volatility on June 23rd at 10am GMT. Registrations here.

The infra300 is the new EDHECinfra flagship equity index and is available free of charge on the platform and through Bloomberg. Please note that from 2020-03-31 the EDHECinfra Broadmarket Indices (equity and debt) are only available to index data licence holders. For more information please contact sales@edhecinfra.com.


Research for Institutional Money Management

Six months of research in review, including peer group benchmarks and approaching ESG for infrastructure scientifically & TICCS® 2020.

Peer group Benchmarks

Who of large asset owners and large asset managers performs better than the market since 2010? Who has the best alpha? 

The characteristics of infra

An in-depth analysis of the cash flows and ratios of infrastructure firms  matched with comparable firms from other sectors. Is infrastructure different?

Towards Scientific ESG

Reporting standards follow a development pattern and ESG ones are only at the beginning in the infrastructure sector: can we have robust ESG criteria tomorrow? 

Get Started

It's free and super quick to sign up on the EDHECinfra platform. All registered users get free access to the infra300tm series of flagship indices going back 20 years.

Register for freeAccess the index data platform today

In the News


INdex DoCumentation

2020 Updated Edition

Want a demo or trial?

The EDHECinfra platform gives access to dozens of analytics for hundreds of unlisted equity and private indices.

Granular Data

Several hundreds index families are available using multiple reporting currencies and weighing schemes.  

Rich Analytics

Each index family includes dozens of analytics describing the risk profile, valuation and structure of each index

quarterly Updates

All 400+ index families available in the EDHECinfra platform are updated quarterly on the 10th day of the quarter.

Do NOT follow this link or you will be banned from the site!


  • The information contained on the EDHECinfra website (the “information”) has been prepared by EDHECinfra solely for informational purposes, is not a recommendation to participate in any particular investment strategy and should not be considered as an investment advice or an offer to sell or buy certain securities.

    All information provided by EDHECinfra is impersonal and not tailored to the needs of any person, entity or group of persons. The information shall not be used for any unlawful or unauthorised purposes. The information is provided on an “as is” basis.

    Although EDHECinfra shall obtain information from sources which EDHECinfra considers to be reliable, neither EDHECinfra nor its information providers involved in, or related to, compiling, computing or creating the information (collectively, the “EDHECinfra Parties”) guarantees the accuracy and/or the completeness of any of this information.

    None of the EDHECinfra Parties makes any representation or warranty, express or implied, as to the results to be obtained by any person or entity from any use of this information, and the user of this information assumes the entire risk of any use made of this information. None of the EDHECinfra Parties makes any express or implied warranties, and the EDHECinfra Parties hereby expressly disclaim all implied warranties (including, without limitation, any implied warranties of accuracy, completeness, timeliness, sequence, currentness, merchantability, quality or fitness for a particular purpose) with respect to any of this information.

    Without limiting any of the foregoing, in no event shall any of the EDHECinfra Parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits), even if notified of the possibility of such damages.

    All EDHECinfra Indices and data are the exclusive property of EDHECinfra. Information containing any historical information, data or analysis should not be taken as an indication or guarantee of any future performance, analysis, forecast or prediction. Past performance does not guarantee future results. In many cases, hypothetical, back-tested results were achieved by means of the retroactive application of a simulation model and, as such, the corresponding results have inherent limitations.

    The Index returns shown do not represent the results of actual trading of investable assets/securities. EDHECinfra maintains the Index and calculates the Index levels and performance shown or discussed, but does not manage actual assets. Index returns do not reflect payment of any sales charges or fees an investor may pay to purchase the securities underlying the Index or investment funds that are intended to track the performance of the Index. The imposition of these fees and charges would cause actual and back-tested performance of the securities/fund to be lower than the Index performance shown. Back-tested performance may not reflect the impact that any material market or economic factors might have had on the advisor’s management of actual client assets.

    The information may be used to create works such as charts and reports. Limited extracts of information and/or data derived from the information may be distributed or redistributed provided this is done infrequently in a non-systematic manner. The information may be used within the framework of investment activities provided that it is not done in connection with the marketing or promotion of any financial instrument or investment product that makes any explicit reference to the trademarks licensed to EDHECinfra (EDHECinfra, Scientific Infra and any other trademarks licensed to EDHEC Group) and that is based on, or seeks to match, the performance of the whole, or any part, of a EDHECinfra index. Such use requires that the Subscriber first enters into a separate license agreement with EDHECinfra. The Information may not be used to verify or correct other data or information from other sources.

    The terms contained in this Disclaimer are in addition to the Terms of Service for users without a subscription applicable to the EDHECinfra website, which are incorporated herein by reference.

    This site uses cookies to deliver the services you request, improve user experience and measure audience. By continuing to browse our website, you are consenting to our use of cookies. Find out more about this in our Privacy policy.

  • X