NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Aleksandar Andonov

University of Amsterdam
Amsterdam Business School
Plantage Muidergracht 12
1018 TV Amsterdam
Netherlands

E-Mail: a.andonov@uva.nl
Institutional Affiliation: University of Amsterdam

NBER Working Papers and Publications

September 2018The Subsidy to Infrastructure as an Asset Class
with Roman Kräussl, Joshua Rauh: w25045
We investigate the characteristics of infrastructure as an asset class from an investment perspective of a limited partner. While non U.S. institutional investors gain exposure to infrastructure assets through a mix of direct investments and private fund vehicles, U.S. investors predominantly invest in infrastructure through private funds. We find that the stream of cash flows delivered by private infrastructure funds to institutional investors is very similar to that delivered by other types of private equity, as reflected by the frequency and amounts of net cash flows. U.S. public pension funds perform worse than other institutional investors in their infrastructure fund investments, although they are exposed to underlying deals with very similar project stage, concession terms, ownersh...
 
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