July 2012 Vol. 17 No. 07
Infrastructure: beyond the narrative
Category: Asia, Australia, Global
By Frédéric Blanc-Brude*
Impact of credit cycle must be taken into consideration
Recent years have seen the development of an ‘infrastructure asset class narrative’ which, at its most formulaic, can be summarised thus: “for pension funds, the long duration, steady cash flow and inherent inflation hedge of infrastructure investments hold considerable appeal” (RREEF et al. 2008). This narrative is indeed attractive to pension funds, most of which are required to meet a combination of objectives through a performance-seeking portfolio (PSP) and liability-hedging portfolio (LHP).
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