A remedy to the 'core' vs 'core+' mush...

Private infrastructure investment is developing rapidly as a global asset class. This evolution requires a clear and robust classification of the individual infrastructure investments. The Infrastructure Company Classification Standard (TICCS®) was created by EDHECinfra to provide investors with a frame of reference to approach the infrastructure asset class, document its different segments according to objective criteria and create benchmarks that can be genuinely representative.

Academic rigour & industry relevance

Built on first principlessix key economic concepts drive value in infrastrUcture
The TICCS® Review CommitteeIndependent, represents investors, managers & consultants
Annual Market Consultation2019 Consultation drew 120 responses

What makes infrastructure?

Under the TICCS® framework, a number of fundamental economic criteria have to be present for a company and its assets to be meaningfully considered 'infrastructure':

  • Single-use investment (no alternative use)
  • Sunk or irreversible capital investment
  • Large size & long repayment period
  • Inflexible total cost structure
  • Infrastructure as a service (value through service provision)
  • Not a store of value (it's valuable because it's useful)

The Four TICCS® PIllars

Business RiskContracted, Merchant or Regulated?
Industrial Activity95 types of tangible assets
Geo-economic exposuresGlobal vs Subnational infrastructures?
Corporate GovernanceProjects or Corporates?

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