Insights

EDHEC Infra & Private Asserts often publishes short research-backed opinion pieces or blog posts. Find the latest ones below.

Previous Insights

Featured image for “Social Acceptability Index Highlights Growing Concerns Over UK Sewerage Sector”

Social Acceptability Index Highlights Growing Concerns Over UK Sewerage Sector

EDHECinfra has created a suite of Social Acceptability Indices. To demonstrate their utility, we thought we would analyse a sector…
Featured image for “Deal of the month: Anzi Windfarm (April 2023)”

Deal of the month: Anzi Windfarm (April 2023)

In April, Fri-El Green Power SpA’s subsidiary, Alerion Clean Power SpA, purchased 51% of Fri-El Anzi Srl, an Italian firm…
Featured image for “Benchmark your Climate Risks in infraMetrics®”

Benchmark your Climate Risks in infraMetrics®

As investors consider the climate risks of their portfolio, transition risk looms large as it impacts all assets at least…
Featured image for “Towards more frequent marks”

Towards more frequent marks

Recently APRA, Australia’s pension regulator called for comment on the update of “SPG 530 Investment Governance” – a Prudential Practice…
Featured image for “Is UK Wind still expensive?”

Is UK Wind still expensive?

In March 2023, INPEX Corporation acquired a 16.7 percent stake in the Moray East Offshore Wind Farm, which is currently…
Featured image for “Q1 2023 infraMetrics Data Release – Demand for infrastructure assets supports valuations despite higher rates”

Q1 2023 infraMetrics Data Release – Demand for infrastructure assets supports valuations despite higher rates

The infrastructure asset class showed resilience this quarter amid various macroeconomic and geopolitical headwinds with both infrastructure equity and debt…
Featured image for “Report Q1 2023 Revenue Forecast Updates”

Report Q1 2023 Revenue Forecast Updates

Central banks continue to tighten monetary policy in the UK, Europe and the US.  As of March 2023, the Federal…
Featured image for “$1.77bn for Scottish Energy Transmission Stake”

$1.77bn for Scottish Energy Transmission Stake

SSE plc has sold a 25% stake in its SSEN Transmission SPV, which operates the energy transmission network in the…
Featured image for “Q4 2022 infrastructure update – inflation, interest rate rises and energy crisis: what happened to infrastructure in 2022?”

Q4 2022 infrastructure update – inflation, interest rate rises and energy crisis: what happened to infrastructure in 2022?

In a year where global stocks and bonds lost more than $30tn[1] on account of high inflation, rising interest rates,…
Featured image for “The Denominatrix Effect”

The Denominatrix Effect

Why suffer at the hands of the denominator effect when the true market value of private assets is available? When…
Featured image for “Report Q4 2022 Revenue Forecast Updates”

Report Q4 2022 Revenue Forecast Updates

The Q4 2022 release of the EDHECinfra indices presents our updated views in the light of recent government intervention in…
Featured image for “Insights by Vincent Levita on market shocks and infrastructure investment”

Insights by Vincent Levita on market shocks and infrastructure investment

With the support of LTIIA, EDHECInfra recently published a new paper “Is Infrastructure Shockproof?” examining the resilience of infrastructure equity…
Featured image for “EU renewable energy revenues grows 7% in Q3”

EU renewable energy revenues grows 7% in Q3

The cut in gas flows from Russia to Europe has had a significant impact on the electricity market in Europe,…
Featured image for “UK Mini-budget destroys $6.5bn of infrastructure investor value”

UK Mini-budget destroys $6.5bn of infrastructure investor value

Well, what an interesting month it has been. The shortest and perhaps most chaotic term of any UK Prime Minister…
Featured image for “Q3 2022 infrastructure update – infrastructure isn’t immune to market volatility”

Q3 2022 infrastructure update – infrastructure isn’t immune to market volatility

A multi-decade high inflation, aggressive monetary policy tightening by the central banks, and the effects of the Russia/Ukraine war, have…
Featured image for “Report Q3 2022 Revenue Forecast Updates: Energy view”

Report Q3 2022 Revenue Forecast Updates: Energy view

The cut in gas flows from Russia to Europe has had a significant impact on the electricity market in Europe,…
Featured image for “Appraising valuations”

Appraising valuations

In July the FT reported ($) that Calpers suffered losses on both its fixed income and public equity portfolios of almost…
Featured image for “An Open Letter to ClientEarth, WWF’s European Policy Office, Transport & Environment (T&E), and BUND (Friends of the Earth Germany)”

An Open Letter to ClientEarth, WWF’s European Policy Office, Transport & Environment (T&E), and BUND (Friends of the Earth Germany)

Dear Sir/Madam, Following your announcement on September 19, 2022, that you were taking legal action against the European executive to…
Featured image for “Wanted: data on pricing climate risks”

Wanted: data on pricing climate risks

Private markets function on data – but the data to accurately price climate risks in investment decisions is sorely lacking.…
Featured image for “Did Alteria overpay for the Chicago Skyway?”

Did Alteria overpay for the Chicago Skyway?

On September 14, Atlas Arteria announced it acquired a 67% majority stake in the Chicago Skyway Toll Bridge for US$2…
Featured image for “Q2 2022 infrastructure update – inflation linkage provides some relief from rising rates”

Q2 2022 infrastructure update – inflation linkage provides some relief from rising rates

Even if partial, and limited to certain sectors, inflation-hedging characteristics of the infrastructure asset class were on display in this…
Featured image for “Report: Q2 2022 Revenue Forecast Updates”

Report: Q2 2022 Revenue Forecast Updates

The Q2 2022 release of the EDHECinfra indices incorporates the views and asset-level revenue forecasts of our team of financial…
Featured image for “An Open letter to Stuart Kirk”

An Open letter to Stuart Kirk

Dear Stuart, It takes courage to express non-conformist views to a room full of evangelists. During your now infamous speech…
Featured image for “Report: Q1 2022 Covid-19 Revenue Forecast Updates”

Report: Q1 2022 Covid-19 Revenue Forecast Updates

Report: Q1 2022 Covid-19 Revenue Forecast Updates The Q1 2022 release of the EDHECinfra indices incorporates the views and asset-level…
Featured image for “[infraStack] What do airspace closures, compound interest and aircraft manual subscriptions have in common?”

[infraStack] What do airspace closures, compound interest and aircraft manual subscriptions have in common?

Answer: They are driving cost of international sanctions to investors in Russian airports In this research note, we look at…
Featured image for “First Global Ranking of Infrastructure Investment Strategies”

First Global Ranking of Infrastructure Investment Strategies

 Boston Consulting Group and EDHECinfra present the results of the first global study of infrastructure investment strategies and performance The…
Featured image for “How much do investors in Russian airports stand to lose?”

How much do investors in Russian airports stand to lose?

International sanctions have to date had little impact on the value of Russian airports, but their apparent resilience may not…
Featured image for “Which infrastructure investor peer group outperformed in 2021?”

Which infrastructure investor peer group outperformed in 2021?

Has the direct `Canadian’ model delivered compared to investors who chose to access infrastructure via fund managers? What happened to…
Featured image for “Report: Q4 2021 Covid-19 Revenue Forecast Updates”

Report: Q4 2021 Covid-19 Revenue Forecast Updates

The Q4 2021 release of the EDHECinfra indices incorporates the views and asset-level revenue forecasts of our team of financial…
Featured image for “Q4 2021 Index Data Release – infrastructure equity marches on, while debt faces the tough reality!”

Q4 2021 Index Data Release – infrastructure equity marches on, while debt faces the tough reality!

After three consecutive quarters of positive returns, infrastructure equity ended the year 2021 strongly at an all-time high. The infra300®…
Featured image for “[infraStack] Gas is in the black, not green”

[infraStack] Gas is in the black, not green

Would excluding natural gas from the green taxonomy prevent the financing of transition fuels? In a new research note,we look at…
Featured image for “Q3 2021 Index Data Release – steady recovery but risks remain”

Q3 2021 Index Data Release – steady recovery but risks remain

With two consecutive quarters of strong performance, the unlisted infrastructure asset class is inching closer to its all-time high of…
Featured image for “Report: Q3 2021 Covid-19 Revenue Forecast Updates”

Report: Q3 2021 Covid-19 Revenue Forecast Updates

The Q3 2021 release of the EDHECinfra indices incorporates the views and asset-level revenue forecasts of our team of financial…
Featured image for “infra300 monthly index release, July 2021”

infra300 monthly index release, July 2021

The unlisted infrastructure asset class continues its recovery from Covid-19 ending six consecutive quarters of losses. The infra300® index, which…
Featured image for “Q2 2021 Index Data Release – Resilience and recovery of infrastructure returns”

Q2 2021 Index Data Release – Resilience and recovery of infrastructure returns

The unlisted infrastructure asset class is finally showing signs of recovery from Covid-19 with a significant drop in the equity…
Featured image for “Report: Q2 2021 Covid-19 Revenue Forecast Updates”

Report: Q2 2021 Covid-19 Revenue Forecast Updates

The Q2 2021 release of the EDHECinfra indices incorporates the views and asset-level revenue forecasts of our team of financial…
Featured image for “A new era of data & analytics for infrastructure investors”

A new era of data & analytics for infrastructure investors

This post is the editorial of the June 2021 EDHECinfra Newsletter (Volume 5 issue 1)  Infrastructure investment is evolving from…
Featured image for “Three questions to Thierry Déau on volatility and infrastructure investment”

Three questions to Thierry Déau on volatility and infrastructure investment

With the support of LTIIA, EDHECinfra recently published a new paper exploring the nature and drivers of the issue of…
Featured image for “The Economist: Infrastructure is a key driver of post-Covid recovery plans…”

The Economist: Infrastructure is a key driver of post-Covid recovery plans…

…but can investors understand the risks?  With new data that accurately describes the yield and risks of infrastructure investments, institutional…
Featured image for “Wall Street Journal: Investors should heed losses in the airport sector”

Wall Street Journal: Investors should heed losses in the airport sector

This article was originally published in the Wall Street Journal in April 2021. The impact of Covid-19 lockdowns on the…
Featured image for “FT: Is the return profile of infra funds too good to be true?”

FT: Is the return profile of infra funds too good to be true?

This article was first published in the Financial Times in April 2021. Unbelievably Smooth If one examines the annual reports…
Featured image for “Bloomberg: Hurdles not set in the interest of investors in funds”

Bloomberg: Hurdles not set in the interest of investors in funds

This article was originally published by Bloomberg in April 2021. The Bottleneck Fund raising by infrastructure fund managers is at…
Featured image for “FT: Bad data means lower allocations to infrastructure”

FT: Bad data means lower allocations to infrastructure

Investors have been at pains to benchmark unlisted infrastructure investments. However, using better data is now possible. This article was…
Featured image for “Wall Street Journal: The Price of Inertia”

Wall Street Journal: The Price of Inertia

High hurdle rates are not in the interest of investors in infrastructure funds. This articles was first published in the…
Featured image for “FT: Ignorance is not bliss: can investors ignore losses in airports?”

FT: Ignorance is not bliss: can investors ignore losses in airports?

The risk of default in airports has increased, as has the risk of bankruptcy. This piece was originally published in…
Featured image for “FT: How exposed are infrastructure investors to inflation risk”

FT: How exposed are infrastructure investors to inflation risk

The sensitivity of the value of unlisted infrastructure equity investments to changes in the discount rate is about 10% on…
Featured image for “Q1 2021 Index Data Release – Bond-like characteristics?”

Q1 2021 Index Data Release – Bond-like characteristics?

A quarter of rising interest rates highlights the role of duration in infrastructure investments.   After a year which tested…
Featured image for “Report: Q1 2021 Covid-19 Revenue Forecast Updates”

Report: Q1 2021 Covid-19 Revenue Forecast Updates

The Q1 2021 release of the EDHECinfra indices incorporates the views and asset-level revenue forecasts of our team of financial…
Featured image for “Towards a Scientific Approach to ESG for Infrastructure Investors. A Publication of the EDHEC Infrastructure Institute”

Towards a Scientific Approach to ESG for Infrastructure Investors. A Publication of the EDHEC Infrastructure Institute

New research finds that ESG reporting schemes for infrastructure investors are not focused on measuring risks despite upcoming SFDR requirements…
Featured image for “Strategic Asset Allocation with Unlisted Infrastructure. EDHECinfra Use Case Series”

Strategic Asset Allocation with Unlisted Infrastructure. EDHECinfra Use Case Series

New Data Highlights the Role of Infrastructure in Multi-Asset Portfolios Latest benchmark data shows that unlisted infrastructure equity and debt…
Featured image for “Q4 2020 Index Release – Infrastructure and Covid: Was 2020 a bad year or the worst year?”

Q4 2020 Index Release – Infrastructure and Covid: Was 2020 a bad year or the worst year?

A first look at the performance of unlisted equity and private debt after a year of Covid-19.   2020 was…
Featured image for “Report: Q4 2020 Covid-19 Revenue Forecast Updates”

Report: Q4 2020 Covid-19 Revenue Forecast Updates

The Q4 2020 release of the EDHECinfra indices incorporates the views and asset-level revenue forecasts of our team of financial…
Featured image for “Strategic Asset Allocation and Unlisted infrastructure: first results”

Strategic Asset Allocation and Unlisted infrastructure: first results

Abhishek Gupta, Senior Research Engineer and Product Specialist at EDHECinfra, answers 4 frequent questions following our latest webinar on Strategic…
Featured image for “A G20 Reference: EDHECinfra helps to fill the data gap”

A G20 Reference: EDHECinfra helps to fill the data gap

EDHECinfra help fill the data gap and is now included in the GIH Infra Monitor 2020. Several years ago, the…
Featured image for “Q3 2020 Index Release – Back in positive territory thanks to a strong cash yield.”

Q3 2020 Index Release – Back in positive territory thanks to a strong cash yield.

Back in positive territory thanks to a strong cash yield. Roads are back in the black but airports struggle on.…
Featured image for “Report: Q3 2020  Covid-19 Revenue Forecasts Update”

Report: Q3 2020 Covid-19 Revenue Forecasts Update

The Q3 2020 release of the EDHECinfra indices incorporates the views and asset-level revenue forecasts of our team of financial…
Featured image for “Failure of regulation means unfair tolls for users of French roads in new study endorsed by Senate investigative committee.”

Failure of regulation means unfair tolls for users of French roads in new study endorsed by Senate investigative committee.

18 September 2020 – The high level of tolls on privatised highways is a sensitive matter in French politics. The…
Featured image for “Archaïsme et injustice de la gestion des péages autoroutiers en France [in French]”

Archaïsme et injustice de la gestion des péages autoroutiers en France [in French]

18 Septembre 2020- Une nouvelle publication de recherche de l’EDHEC Infrastructure Institute dont les conclusions sont reprises dans leur intégralité…
Featured image for “Q2 2020 Index Release: More negative returns for unlisted infrastructure investments but Contracted assets show resilience to Covid-19”

Q2 2020 Index Release: More negative returns for unlisted infrastructure investments but Contracted assets show resilience to Covid-19

The Q2 2020 release of the EDHECinfra indices marks a new quarter of negative returns for the unlisted infrastructure asset…
Featured image for “Report: Impact of Covid-19 on Infrastructure Companies Forecast Revenues in Q2 2020”

Report: Impact of Covid-19 on Infrastructure Companies Forecast Revenues in Q2 2020

By Jack Lee and the data team. Overview IC10 Power Generation x-Renewables IC40 Energy and Water Resources IC60 Transport 4.1  …
Featured image for “Infra unknowns – key questions that need to be answered”

Infra unknowns – key questions that need to be answered

As someone who straddles both the academic and finance worlds I’m always interested in research that can help better inform…
Featured image for “Measuring ESG to understand value in infrastructure investments”

Measuring ESG to understand value in infrastructure investments

There is growing recognition in the industry and academic field alike that an effective analysis of ESG is fundamental to…
Featured image for “Superannuation Fund and unlisted assets, why the fuss?”

Superannuation Fund and unlisted assets, why the fuss?

There has been a lot of commentary in the Australian financial press about superannuation funds exposure to unlisted assets and…
Featured image for “Do unlisted infrastructure investors live dangerously?”

Do unlisted infrastructure investors live dangerously?

Infrastructure businesses are usually impacted by the tail end of recessions as demand for essential services flags or public counterparty…
Featured image for “Q1 2020 Index Release: Covid-19 lockdown highlights the importance of understanding risk in unlisted infrastructure investments”

Q1 2020 Index Release: Covid-19 lockdown highlights the importance of understanding risk in unlisted infrastructure investments

Q1 2020 Release of the EDHECinfra Indices Infrastructure businesses are usually impacted by the tail end of recessions: demand for…
Featured image for “Report: Q1 2020 estimates of Covid-19 impact in infrastructure companies future revenues”

Report: Q1 2020 estimates of Covid-19 impact in infrastructure companies future revenues

By Jack Lee – Deputy Head of Data In response to the coronavirus Covid-19, many governments have put their nations…
Featured image for “Know your TICCS®, understand your risks”

Know your TICCS®, understand your risks

Infrastructure index provider EDHECinfra releases 2020 version of its industry-backed infrastructure investment taxonomy, which enables investors to build customised benchmarks…
Featured image for “UK Water Utilities: Why the negative returns in 2019Q4?”

UK Water Utilities: Why the negative returns in 2019Q4?

In this note, we provide some details and clarifications about our 2019Q4 index release with a focus on the performance…
Featured image for “2019Q4 Index Release (Erratum)”

2019Q4 Index Release (Erratum)

In the 2019Q4 Index Release made on January 16, 2020, it was mentioned that South East Water suffered a negative return…
Featured image for “2019Q4 Index Release: Up on the Year, Down on the Quarter”

2019Q4 Index Release: Up on the Year, Down on the Quarter

Unlisted infrastructure equity gave back some of the year’s gains in the final quarter of 2019 as rising bond yields…
Featured image for “An asset class is born”

An asset class is born

New indices, better benchmarks The next generation of EDHECinfra indices is ready. Computed quarterly, they use meticulously curated private data…
Featured image for “Part 3: A factor revolution in unlisted infra”

Part 3: A factor revolution in unlisted infra

A version of this blog was originally published on top1000funds.com. This blog marks our third and final article on the…
Featured image for “Part 2: Infra performance benchmarks wanting”

Part 2: Infra performance benchmarks wanting

A version of this blog was first published on top1000funds.com The EDHECinfra/G20 survey of infrastructure benchmarking practices included representatives of 130…
Featured image for “Part 1: infra risks misunderstood”

Part 1: infra risks misunderstood

The 2019 EDHECinfra/G20 survey of infrastructure investors is a detailed study of benchmarking practices amongst asset owners and managers and…
Featured image for “An uncomfortable truth: infrastructure investors do not know their risks”

An uncomfortable truth: infrastructure investors do not know their risks

We carried out the largest survey of infrastructure investors ever made. Here’s what we found: The largest survey of infrastructure…
Featured image for “New research shows that infrastructure credit spreads are fair”

New research shows that infrastructure credit spreads are fair

A new paper drawn from the Natixis/EDHECinfra research chair sheds new light on the drivers of returns in private infrastructure…
Featured image for “No financial pain or gain for ESG management and reporting”

No financial pain or gain for ESG management and reporting

New EDHECinfra research finds there is no financial penalty or gain (based on Return on Assets) for infrastructure firms to…
Featured image for “Infrastructure prices don’t show a bubble”

Infrastructure prices don’t show a bubble

This blog was initially published in top1000funds.com. No asset is an island… Infrastructure equity prices do not exist in a…
Featured image for “New EDHECinfra study shows that ‘peak infra’ may be behind us”

New EDHECinfra study shows that ‘peak infra’ may be behind us

New EDHECinfra research documents the factors behind the evolution of unlisted infrastructure prices over past 15 years. Common risk factors…

Infrastructure: Calling time on borrowed definitions

This blog was originally published in IP&E Real Assets. It’s time to stop saying apples are just round pears Infrastructure…
Featured image for “Does Europe need a new model for private roads?”

Does Europe need a new model for private roads?

Over-charging and under-investment: is the model broken? Private investment in European roads is under fire once more. The typical charge…
Featured image for “Three routes to maximizing infrastructure finance for development”

Three routes to maximizing infrastructure finance for development

There are big hurdles in place right now The industry needs to promote better standards, methods and benchmarking. That’s the…
Featured image for “Bad procurement creates systematic risk for infrastructure investors”

Bad procurement creates systematic risk for infrastructure investors

Singapore, 10 April 2018 – A case study of 10 Spanish toll road projects shows that ill-designed procurement can lead…
Featured image for “An industry standard for the infrastructure asset class”

An industry standard for the infrastructure asset class

From ad hoc to world class Today infrastructure investors use ad hoc benchmarks for unlisted infrastructure investment. They know that’…
Featured image for “Building benchmarks for infrastructure investors: a long but worthwhile journey”

Building benchmarks for infrastructure investors: a long but worthwhile journey

This blog was originally published on the World Bank’s PPP Blog Website. It’s past time for proper infrastructure benchmarks The…
Featured image for “Listed infra funds should be clearly labelled”

Listed infra funds should be clearly labelled

Listed infrastructure, in its current form, cannot be called an asset class. Asset managers offering so called ‘infrastructure funds’ are…
Featured image for “EDHEC calls on regulators to take measures against ‘fake’ listed infrastructure”

EDHEC calls on regulators to take measures against ‘fake’ listed infrastructure

Singapore – 9 October 2017: In open letters to the chairman of the European Securities and Markets Authority (ESMA) and…
Featured image for “Listed infrastructure investment is a great story but it’s fake”

Listed infrastructure investment is a great story but it’s fake

This post was originally published in the Financial Times. For the past 15 years infrastructure investment has been the preserve…
Featured image for “Fake infra threatens real deal”

Fake infra threatens real deal

This post was originally published on the top1000funds website. Support for infrastructure investment, the idea that asset owners should commit…

Appetite for infrastructure investment outpaces perceived investment opportunities

SYDNEY, AUSTRALIA // 29 July, 2016: The Global Infrastructure Hub (GI Hub) and EDHEC Infrastructure Institute-Singapore (EDHECinfra) have released the…
Featured image for “There is no listed infrastructure asset class”

There is no listed infrastructure asset class

“Listed Infrastructure Asset Class” establishing that class.…
Featured image for “Asset owners’ next battle”

Asset owners’ next battle

This blog was originally published on the top1000funds website. Private equity funds have long been characterised by high fees. Even…