Institutional Investors and Infrastructure Investing
研究发现，基础设施基金现金流波动性和周期性与其他私募股权投资类似，业绩依赖快速退出，尽管风险调整后表现不佳且不符合基础设施资产特征，但封闭式基金仍获更多承诺，尤其来自公共机构投资者，其表现更差，ESG偏好和监管可解释部分增配和业绩不佳。
Abstract Institutional investors expect infrastructure to deliver long-term stable returns but gain exposure to infrastructure predominantly through finite-horizon closed private funds. The cash flows delivered by infrastructure funds display similar volatility and cyclicality as other private equity investments, and their performance similarly depends on quick deal exits. Despite weak risk-adjusted performance and failure to match the supposed characteristics of infrastructure assets, closed funds have received more commitments over time, particularly from public investors. Public institutional investors perform worse than private institutional investors. ESG preferences and regulations explain 25$\%$–40$\%$ of their increased allocation to infrastructure and 30$\%$ of their underperformance.