Investing in Real Assets: Infrastructure and Real Estate

Commissioned through the IPF Research Programme, this paper explores how investors are assessing infrastructure and real estate within wider real assets and private markets portfolios. Based on more than 30 interviews with investors, investment managers and consultants, it considers how competition for capital is changing and why the distinction between the two asset classes is becoming less clear.

It also examines the growing importance of operational capability in real estate, using assets such as data centres to illustrate where the boundaries blur. Finally, it looks at the benefits and risks of scale and how investors choose between funds, direct investment and joint ventures.