Publications

- Fall 2008 Vol. 1 No. 3

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Infrastructure Investment Risks, Are They the Same As Real Estate?: An Initial Examination

by Robert Moreland and Khalid Razaki

Is infrastructure a subcategory of real estate, real assets, or a separate asset class unto itself? That was the question raised in the cover article of the Summer 2008 issue of Institutional Investing in Infrastructure.

Institutions, professionals and investors with a stake in this market responded, citing similarities relating to the large fixed-asset and high current-return component in each of the three, but nonetheless expressed the opinion that, at a minimum, infrastructure is a hybrid. Our intent in the following article is to explore whether any empirical evidence can be developed to lend credence to this notion.

“I can’t define it, but I know it when I see it” — The Infrastructure Application. A Supreme Court justice used those words when describing a very different topic, but we begin with similar thinking. Using the same logic and statistics used to articulate the differences between other asset classes and using predef

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