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Infrastructure Investment - June 30, 2015

Frédéric Blanc-Brude presents the results of EDHEC-Risk Institute's infrastructure research at the International Centre for Pension Management in Toronto

On June 10, 2015, Frédéric Blanc-Brude, Research Director at EDHEC Risk Institute—Asia, presented the results of three years of academic research on asset pricing and risk measurement in privately held infrastructure investments at the International Centre for Pension Management Discussion Forum on the theme of "Long-Horizon Investing" held in Toronto.

The session, entitled "Long Horizon Investing in Infrastructure: Risks and Opportunities", discussed the need to develop adequate performance measures for very illiquid assets intended to be held to maturity and how the pension fund industry can benefit from cooperation and information sharing in this respect, based on research conducted as part of a global infrastructure investment data collection and benchmarking exercise undertaken by the Institute.

Frédéric Blanc-Brude is Research Director at EDHEC Risk Institute–Asia and heads the Institute’s thematic research programme on infrastructure financing and investment. Prior to joining EDHEC-Risk Institute, he worked for ten years in the infrastructure sector and has been actively involved in transactions representing a cumulative value of more than USD6bn in Europe, Asia and the Middle East. Between 2008 and 2011, he headed the operations of a boutique consultancy specialised in energy and water projects in China. He has published his research widely and talks regularly at academic and industry conferences. He has taught finance at King’s College London and designed and delivered executive seminars on infrastructure finance. He holds a PhD in Finance from the University of London.

Fellow speakers included Roger Ibbotson, Emeritus Professor of Finance at Yale School of Management, discussing the question "Can Long Term Investors Reap an Illiquidity Premium in Public Markets?", and Luis Viceira, George E. Bates, Professor and Senior Associate Dean for International Development at Harvard Business School, speaking on "The Benefits of International Diversification at Long Horizons". EDHEC-Risk Institute International Advisory Board member James C. Davis, Vice President Strategy and Asset Mix at Ontario Teachers' Pension Plan, also participated in the event, co-presenting the session on "Investing in a Low Interest Rate Environment (and Low Expected Returns in General)".