An Infrastructure Investment Primer: From Valuation to Allocation and Manager Selection
介绍基础设施投资的标准定义和现代资产定价框架，基于20年数据揭示非上市基础设施股权的风险调整表现、系统性与极端风险、资产配置及基金经理选择。
Infrastructure investments can play several important roles in the portfolio, from generating yield and income to creating diversification and matching or hedging liabilities. They are also relatively large and illiquid and, as such, present valuation and risk measurement challenges. Stale, biased, and limited contributed data have long left investors and regulators only able to make educated guesses. Recent developments in data collection and asset pricing techniques for private assets allow granular market-based valuations and risk-adjusted return calculations. This article introduces standard definitions for infrastructure investments and styles as well as a modern and robust asset pricing framework for the production of fair valuations and useful risk measures. It also presents stylized empirical facts based on 20 years of data for the risk-adjusted performance of unlisted infrastructure equity, systematic and extreme risks, asset allocation, and fund manager selection.