Menu

LATEST
- LATEST INSIGHTS – Short research pieces on private investment valuation, stakeholder interviews and other issues.
  - - ESG Highlights: From Global Initiatives to Local Laws
      As part of our ongoing climate research efforts, the EDHEC Infra & Private Assets Research Institute tracks regulatory movements related to the ESG space. ...
    - Deal of the month: Perth Airport (July 2023)
      We have demonstrated over the last few newsletters how to employ infraMetrics® data to price up already completed deals. This month we’re looking to ...
    - Good times are over, now it gets harder
      This is a grim headline, but with the economic shifts over the last two years, we might be seeing a more difficult market for ...
- LATEST PAPERS – White papers and infraMetrics research
  - Latest Report
    
    It’s Getting Physical
  - Latest infraMetrics Paper
    
    Measuring the Social Acceptability of Infrastructure Investments
- Close
RESEARCH
- OUR MODELS
- OUR STANDARDS
  - Infrastructure Investment
- OUR RESEARCH
- Close
INFRAMETRICS®
CALENDAR
- etc. Venues133 Houndsditch, Liverpool Street, London EC3A 7BX
  
  Free
  
  2023wed06decAll Day(All Day: wednesday)(GMT+00:00) View in my timeetc. Venues, 133 Houndsditch, Liverpool Street, London EC3A 7BXEDHEC Infra Days 2023, Day 1The Imperative of Risk Management in Infrastructure investment
  
  Location
  etc. Venues
  133 Houndsditch, Liverpool Street, London EC3A 7BX
  
  Time
  All Day (Wednesday)(GMT+00:00) View in my time
  
  RSVP Now
  Make sure to RSVP to this amazing event!
  Please let us know if you can make it to the event.
  YesNoMaybe
  
  OpenSpaces Still Available
  
  Can not make it to this event?Change my RSVP
  
  Event Details
  Infrastructure is now a key part of many investors’ core strategy. The successful emergence of this asset class opens many important questions of risk management for pension plans, insurers or
  
  Event Details
  
  Infrastructure is now a key part of many investors’ core strategy. The successful emergence of this asset class opens many important questions of risk management for pension plans, insurers or private wealth managers. Beyond the Thames Water debacle in the UK, private asset valuation practices are focusing the attention of regulators from the SEC to the FCA. Meanwhile, in the wake of the LDI crisis, the role of infrastructure investment in asset-liability management remains an open question. Finally, the recent sharp increase in extreme weather events illustrates the imperative to measure and benchmark the climate risks of infrastructure assets.
  
  EDHEC Infra Days 2023 is the annual conference of the EDHEC Infra & Private Assets Research Institute and will be the opportunity to present the latest research on these key topics and the application of this research in an industry context over two days.
  
  The first day will focus on academic work on the climate, social and financial risks of unlisted equity and private infrastructure debt investments. Many investors remain exposed to a concentrated portfolio of infrastructure assets and these risks can be very material for them, even if they seem low on average in some cases. Better risk measurement is possible thanks to cutting edge research developed at the Institute in 2023. This research provides relevant, conceptual, robust facts and data to the infrastructure investment community.
  
  The second day, infraMetrics day, will be dedicated to our data solutions, applications drawn from the Institute’s research. Here again, interaction with the infrastructure investing community will be a core part of the seven workshops devoted to use cases for the financial and extra-financial infrastructure data available on the infraMetrics platform.
  
  Programme overview
  
  Day 1
  Infrastructure Day – The Imperative of Risk Management
  
  MORNING SESSIONS: ESG, FROM MEASUREMENT TO MATERIALTY
  
  09:00 – 09:10 Introduction
  
  Speaker: Frederic Blanc-Brude, Director, EDHEC Infra & Private Assets
  
  09:10 – 09:40 Keynote: What Materiality of ESG Risk in Infrastructure Investments?
  
  This opening keynote will focus on the role of ESG regulation and frameworks and whether they can provide useful information to investors in terms of risk. Understanding the materiality, and therefore the relevance, of ESG risks is central to making this information relevant to the investment process. ESG factors can contribute to volatility but may also be considered as drivers of the conditional liabilities of companies, including in regulated disclosures.
  
  > Single or double: the difference between reporting ESG and measuring materiality
  
  > When is ESG information relevant for investors and why?
  
  > Risk disclosures: from ESG risk metrics to audited accounts?
  
  Speaker: Chiara Del Prete, Chair, EFRAG Sustainability Reporting Technical Expert Group, and Chair, International Forum of Accounting Standard Setters
  
  09:40 – 10:40 What ESG Risks Really Matter? The Social Acceptance of Infrastructure
  
  This session will introduce brand new EDHEC research on the social acceptance of infrastructure activities and companies and show that material ESG risks can be detected and predicted using non-financial data. In contrast, numerous ESG topics have no predictive power when it comes to materiality. These findings invite a parsimonious, theory-based approach to integrating ESG into investment decisions, rather than relying on a laundry list of redundant indicators.
  
  > Measuring ESG risk through social acceptance measures
  
  > The materiality of social acceptance in infrastructure investments
  
  > Many ESG metrics are white noise, but some have predictive power
  
  Speaker: Jeanette Orminski, Senior Research Engineer, EDHEC Infra & Private Assets
  
  Panel:
  
  Ginette Borduas, Head of ESG & Sustainability, Meridiam
  
  Andrew Knight, Global Data and Tech Lead, RICS & Chairman of TICCS Review Committee
  
  Simon Whistler, Head Real Assets, PRI
  
  Q&A session with audience
  
  10:40–11:00 Break
  
  11:00 – 12:00 Between a Rock and the Climate: Extreme Climate Risks, -54% or Losing $600bn
  
  This session presents key findings of the EDHEC research program on climate risk in infrastructure investment: on the one hand, runaway climate change could lead to losses as large as half of the portfolio of some investors because of physical damage, on the other, a delayed transition, even if it achieved decarbonisation, would create a gigantic price and interest rate shock and could wipe out as much as $600bn of infrastructure asset value for the same investors. The identification and the deliberate mitigation of climate risks in the portfolio rest on the use of the correct classification of assets by TICCS taxonomy class to better diversify or exclude certain asset types.
  
  > How physical risk could lead to large losses in some portfolios before 2050
  
  > The large costs of a delayed transition for infrastructure investors
  
  > Why measuring climate risks today allows managing them tomorrow
  
  Speaker: Darwin Marcelo, Project Director, EDHEC Infra & Private Assets
  
  Panel:
  
  Julien Touati, CEO, REED Management
  
  Declan O’Brien, Executive Director, Energy and Transport Transition Investments, UBS
  
  Carlos Sánchez, Senior Director, Climate Resilient Investment, WTW
  
  Matthew Jordan-Tank, Director, Sustainable Infrastructure Policy & Project Preparation at EBRD
  
  Diana Budiono, Senior Financial and Impact Risk Manager, Triodos Investment Management
  
  Q&A session with audience
  
  12:00 – 12:45 Climate Risk Measurement in Infrastructure
  
  This session presents groundbreaking work on measuring climate risks at the asset level using a combination of models to estimate emissions, exposure to physical risk, and the valuation of climate risks in different climate scenarios. It highlights the importance of models to improve observable or reported data that suffers from a range of methodological short-comings and inconsistencies. All reported emission data is the output of the model. Thanks to a large dataset and the correct methodology, better climate data can be created that is homogenous across the assets in the portfolio.
  
  > Transition risk: the importance of robust emission estimates
  
  > Physical risk: the imperative of granularity
  
  > Climate scenarios and asset pricing: measuring climate risks in dollars
  
  Speaker: Darwin Marcelo, Project Director, EDHEC Infra & Private Assets
  
  Q&A session with audience
  
  12:45 – 14:00 Lunch
  
  14:00–14:15 KEYNOTE: Decoding Risk and Returns. Measuring Alpha in Private Infrastructure Investments
  
  Investments in private infrastructure are often intermediated by private funds. For prospective investors in these structures, it is imperative to assess the quality of their fund managers. This session will explain how the Direct Alpha Method can be used to dissect manager returns into systematic components driven by corresponding risks, as well as actual manager performance: Alpha. Any such decoding requires granular and accurate benchmarks and we will showcase our approach, utilizing EDHECinfra data for these purposes.
  
  Speaker: Ralph Eissler, Principal, Quantitative Research Group, Ares Management
  
  14:15-15:00 How Diversified is your Infrastructure Portfolio?
  
  This session focuses on a research paper that is published using monthly data and updated capital market assumptions. It shows that once the correlations are better known the role of infrastructure in the portfolio is clarified.
  
  > Common risk factors across infrastructure segments
  
  > How many investments are needed to achieve diversification?
  
  > Diversifying the total portfolio – can infrastructure help?
  
  Speaker: Abhishek Gupta, Associate Director – Solutions, EDHEC Infra & Private Assets
  
  Chair: François Berger, Executive Director, LTIIA
  
  Q&A session with audience
  
  15:00-15:45 Measuring Extreme Risks in Infrastructure Investments
  
  Infrastructure is often presented as low risk but this can lead to misinterpreting the nature of these investments and how they may truly benefit investors. This session discusses the importance of measuring the volatility of infrastructure investments correctly to understand and benefit from their risk-adjusted profile. Using high-frequency data, it analyses the difference between multiple asset classes and the broad infrastructure market and shows that only when measuring the market volatility of infrastructure can the genuinely defensive qualities of the asset class be understood and used to the benefit of investors.
  
  > Not so boring: the risks of infrastructure investments
  
  > Defensive by nature: the drawdown of infrastructure assets in bad times
  
  > Correlated or not? The time varying nature of the infrastructure risk premia
  
  Speaker: Frederic Blanc-Brude, Director, EDHEC Infra & Private Assets
  
  Chair: Avi Turetsky, Partner, Head of Ares Quantitative Research Group, Ares Management
  
  Panel:
  
  Florence Carasse, Head of Infrastructure Debt, Pension Insurance Corporation
  
  Avi Turetsky, Partner and Head of the Quantitative Research Group, Ares Management
  
  Gerald Wu, Portfolio Manager Infrastructure, LPPI
  
  Gianluca Minella, Infrastructure Portfolio Strategy & Research Lead, ADIA
  
  Amarik Ubi, Partner, Global Head of Infrastructure, Mercer Alternatives
  
  Ahmed Mubashir, Managing Director, Head of Infrastructure Europe & Asia, AIMCo
  
  Q&A session with audience
  
  15:45-16:00 Break
  
  16:00 – 17:00 Infrastructure as an Investment Solution
  
  This new paper shows that infrastructure is also a useful contributor to ALM and LDI strategies but only if return correlations and exposures can be measured properly.
  
  > The liability-friendliness of infrastructure
  
  > From performance seeking to liability hedging
  
  > Infrastructure for LDI
  
  Speaker: Pierre Guillemin, CEO and founder, Prospective Valley SA
  
  Chair: Jonathan Crowther, Head of LDI, Mercer
  
  Panel:
  
  Bruce Phelps, Managing Director, Institutional Advisory & Solutions, PGIM
  
  Thomas Liaudet, Partner, Global Head of GP Capital Advisory, Campbell Lutyens
  
  Marjia Simpraga, Infrastructure Strategist at Legal & General IM
  
  Jegor Tokarevich, CEO, SOF
  
  Lars Koehler, Executive Director, Mount Street Portfolio Advisors
  
  17:00 – 18:00 Lessons from the Thames Water Scandal
  
  This session will present a new paper on the fundamental reasons for the Thames Water fiasco of 2023 and the perils for investors to enter an asset class like infrastructure without data about the risks and fair market value of such assets. It examines the triple failure of cost of capital regulation, appraisals, and uninformed investors who could not measure risk clearly.
  
  How tariff regulation sent the wrong message investors
  
  Safe and boring: myopic appraisals
  
  How investment structuring turned a water utility into a high-risk bet
  
  Speaker: Tim Whittaker, Research Director, EDHEC Infra & Private Assets
  
  18:00 – 19:00 Cocktail Reception
  
  speaker(s)
  The EDHEC Infrastructure & Private Assets Team + Guests
  
  with the support of
  Ares Management
  
  Learn More
  
  Calendar GoogleCal
  
  etc. Venues133 Houndsditch, Liverpool Street, London EC3A 7BXLocated near Liverpool Street station, 133 Houndsditch is a state-of-the-art conference and exhibition venue spanning two floors.
  etc. Venues133 Houndsditch, Liverpool Street, London EC3A 7BX
  
  Free
  
  2023thu07decAll Day(All Day: thursday)(GMT+00:00) View in my timeetc. Venues, 133 Houndsditch, Liverpool Street, London EC3A 7BXEDHEC Infra Days 2023, Day 2infraMetrics Day
  
  Location
  etc. Venues
  133 Houndsditch, Liverpool Street, London EC3A 7BX
  
  Time
  All Day (Thursday)(GMT+00:00) View in my time
  
  RSVP Now
  Make sure to RSVP to this amazing event!
  Please let us know if you can make it to the event.
  YesNoMaybe
  
  OpenSpaces Still Available
  
  Can not make it to this event?Change my RSVP
  
  Event Details
  DAY 2 – infraMetrics Day The second day of the EDHEC Infra Days Conference – infraMetrics Day. It will be dedicated to our data solutions, applications drawn from the Institute’s research.
  
  Event Details
  
  DAY 2 – infraMetrics Day
  
  The second day of the EDHEC Infra Days Conference – infraMetrics Day. It will be dedicated to our data solutions, applications drawn from the Institute’s research. Here again, interaction with the infrastructure investing community will be a core part of the seven workshops devoted to use cases for the financial and extra-financial infrastructure data available on the infraMetrics platform.
  
  Workshop 1
  
  Indices and Benchmarks
  
  As the asset class has grown, it has become essential for direct investors, GPs and LPs to understand the dynamics of the market for unlisted infrastructure. Are valuations going up or down? Most investors are aware of where the market was 12 to 18 months ago, but often lack a contemporaneous view that would give them a forward-looking view of their investment case for infrastructure. Will infrastructure be replaced by bonds now that yields are durably higher? These questions and many more cannot be answered without representative market indices and benchmarks that capture market dynamics. Meanwhile, long term strategy benchmarks that look beyond the rate cycle can also be built for investors who want to hold infrastructure investments in perpetuity or to maturity. This workshop will present the indices and benchmark product of the infraMetrics platform and include use cases including:
  
  > Capturing market dynamics with ESMA-regulated indices
  > Customised portfolio and strategy benchmarks using TICCS
  > Long-term Strategy Indices: investing across the cycle
  
  Speakers:
  
  Frederic Blanc-Brude, Director, EDHEC Infra & Private Assets
  
  Abhishek Gupta, Associate Director – Solutions, EDHEC Infra & Private Assets
  
  Roundtable: use cases and industry applications of infraMetrics indices and benchmarks
  
  Workshop 2
  
  Valuation Tools for Infrastructure Equity Investments
  
  As infrastructure becomes a larger and more omnipresent asset class, the requirement to have good data for frequent valuations increases all the time. Whether it is to transact in the secondary fund market, value pension rights or buyouts in DB funds and member investment choices in DC funds, for prudential and fiduciary reasons, the accurate and mark to market valuation of infrastructure equity investments is increasingly sensitive. The valuation tools of the infraMetrics platform allow building valuation metrics using the market method or the income method by granular segment and to customise them by asset-level risk factor exposures like leverage, size or profits and country. These valuation metrics are computed using large samples and a representative selection of assets, allowing users to access robust, yet granular data to build their own comps or benchmark acquisition or exit values. This workshop will present the unlisted infrastructure equity valuation tools of the infraMetrics platform including the following topics:
  
  > What factors predict the market price of infrastructure companies
  
  > Customising valuations: granular yet robust comparables
  
  > Benchmarking cash flow forecasts with infraMetrics
  
  Speaker:
  
  Abhishek Gupta, Associate Director – Solutions, EDHEC Infra & Private Assets
  
  Roundtable: use cases and industry applications of infraMetrics valuation tools
  
  Workshop 3
  
  infraMetrics for Debt Investors
  
  Infrastructure debt has become a very attractive asset class and the opportunity for investors to get a different kind of exposure to infrastructure. However, the opacity of origination practices and the virtual absence of secondaries create valuation challenges for investors. This workshop will present the private debt indices, and debt valuation analytics product of the infraMetrics platform and focus on the following use cases.
  
  > The perils of using the wrong inputs to value private infrastructure debt
  
  > Credit spread dynamics: from patchy data to robust estimates of the market
  
  > Measuring the performance of the asset class against IG corporate bonds
  
  Speaker:
  
  Riazul Islam, Senior Researcher in Finance, EDHEC Infra & Private Assets
  
  Roundtable: use cases and industry applications of infraMetrics credit spread proxying and benchmarking tools
  
  Workshop 4
  
  Climate Impact and Risk Data in infraMetrics
  
  The climate and impacts and risks of infrastructure assets are a key point of focus but investors often lack the full picture of their level of impact or exposure to climate risks. While GPs or LPs may have carbon emission estimates for their own assets, they are not necessarily the result of a consistent model and cannot be compared to an industry average to understand the extent of the transition risk exposure. Likewise, physical risk estimates are often simplified to a ‘point on a map’ estimation and do not take into account the granularity of the terrain or the type of damage that different hazards can cause to an asset. Finally, climate data about today’s transition and physical risks are not very useful without a forward-looking view and a forward-looking value of these risks. This workshop will present the climate impact and risk metrics of the infraMetrics platform, including:
  
  > The importance of improving data quality with emission models
  > Benchmarking the climate impacts and risks of portfolios and strategies
  > Building climate impact and risk proxies (Comps) for individual assets
  
  Speaker:
  
  Darwin Marcelo, Project Director, EDHEC Infra & Private Assets
  
  Roundtable: use cases and industry applications of infraMetrics climate data
  
  Workshop 5
  
  TCFD Reporting and Beyond – A Customised Analysis of the Climate Risk of an Infrastructure Portfolio
  
  Investors all need to report for TCFD by 2025 at the latest, but they seldom feel comfortable with the estimates of climate risk and impact that they have access to, including scenario-based valuations of infrastructure assets and benchmarks of their exposures to climate risks. With data from the investor’s portfolio about risk profile and the location of each asset, infraMetrics can be used to produce a dedicated report that covers the key metrics needed for TCFD at the asset, fund and portfolio levels. This information also allows investors to begin to manage the risks created by climate change for infrastructure investors, including the possibility of being unknowingly concentrated in highly exposed assets in some scenarios. This workshop will present the infraMetrics climate impact and risk estimation service, including:
  
  > Service output and inputs from the investor
  > Asset-level estimates of climate risk at the 2050 horizon
  > Fund and portfolio level climate risk estimates and benchmarks
  
  Speakers:
  
  Frederic Blanc-Brude, Director, EDHEC Infra & Private Assets
  
  Darwin Marcelo, Project Director, EDHEC Infra & Private Assets
  
  Roundtable: use cases and industry applications of infraMetrics climate data estimation service
  
  Workshop 6
  
  Measuring Social Impacts and Risks for Infrastructure Investments
  
  Infrastructure projects impact people and the environment, and in return, societies react with various (financial) consequences. TCFD already requires companies to measure reputational risks, and several working groups and task forces are bringing the discourse on social factors to the table. Infrastructure assets and investments can’t ignore social risks any longer!
  
  This workshop will provide more details of the methodology behind our research on social acceptance. Our main aim for the workshop is to provide a platform for regulators, investment managers, asset owners, and other interested parties to discuss the impact of social factors on infrastructure assets and investments. Hence, after a short introduction on how we study social impact and risk, measure social acceptance, and provide data for (material) social risk reporting, we invite all participants to a hands-on workshop in which we want to discuss social risk measurement and reporting in the ESG context:
  
  >What non-financial measures could indicate (material) social risk?
  
  >What data does the market need to report on the S in ESG?
  
  >What are the most relevant factors that are material risk factors for the infrastructure sector?
  
  Speaker: Jeanette Orminski, Senior Sustainability & ESG Researcher, EDHEC Infra & Private Assets
  
  Workshop: presentation and group discussions on use cases and industry applications of social acceptance data and social risk measurement.
  
  speaker(s)
  The EDHEC Infrastructure & Private Assets Team + Guests
  
  with the support of
  Ares Management
  
  Learn More
  
  Calendar GoogleCal
  
  etc. Venues133 Houndsditch, Liverpool Street, London EC3A 7BXLocated near Liverpool Street station, 133 Houndsditch is a state-of-the-art conference and exhibition venue spanning two floors.
  
  2023mon18decAll Day(All Day: monday)(GMT+00:00) View in my timeinfraMetrics® Data ReleaseMONTHLY DATA UPDATE
  
  Time
  All Day (Monday)(GMT+00:00) View in my time
  
  Event Details
  Monthly Releases: a new batch of infraMetrics data is released on the tenth working day of each month. This includes – Market indices [link] – Investor Peer Group benchmarks
  
  Event Details
  
  Monthly Releases: a new batch of infraMetrics data is released on the tenth working day of each month. This includes
  – Market indices [link]
  – Investor Peer Group benchmarks [link]
  
  Quarterly releases: quarterly computations are released on the tenth working day of the first month of each quarter, including for:
  – Infrastructure Fund Benchmarks [link]
  – Deal and asset valuation analytics [link]
  – AssetSearch data [link]
  – TICCS® Research Data [link]
  
  Calendar GoogleCal
- ALL EVENTS & SEMINARS
  Current Month
  december, 2023
- Close
ABOUT
- CONTACT US
  EDHEC Asia Pacific
  One George Street - 15-02
  Singapore 049145
  +65 66538575
  
  EDHEC Europe
  10 Fleet Place
  London EC4M 7RB
  United Kingdom
  +44 20 7332 5600
  
  info [at] EDHECinfra.com
- ABOUT US
- Close

Events at this location

Hilton Frankfurt City Centre

Hochstraße 4, 60313 Frankfurt am Main, Germany

Events at this location

Current Month

No Events

About us

The Research Institute at EDHEC
Our Advisory Board
Our Sponsors & Partners
Announcements
EDHEC Infra Days 2023

OUR PRODUCTS

infraMetrics®
privateMetrics® [under construction]

Our RESEARCH

Research Papers
Insights
Seminars & Conferences
News Coverage

Our Standards

The TICCS® Classification Standard
Infrastructure Universe Standard
Data Collection Standard

Our MODELS

Asset Pricing Models
Cash Flow Models
Credit Risk Models

Terms of Use
Legal

Join the List

Copyright 2023 Scientific Infra & Private Assets Pte Ltd

Subscribe to EDHECinfra Communications

Name *

First

Last

Email *

Company *

ESG Highlights: From Global Initiatives to Local Laws
Deal of the month: Perth Airport (July 2023)
Good times are over, now it gets harder
Deal of the month: Angel Trains (June 2023)
Q2 2023 InfraMetrics Data Release: infrastructure flat as macroeconomic environment stabilises

X

X

X