Time：4:00pm - 5:30pm, Oct. 23rd, 2020

Speaker：Aleksandar Andonov

(Associate Professor of Finance, University of Amsterdam)

Platform：Tencent Meeting

Link：https://meeting.tencent.com/s/Ipe2L6gBYZ3f

ID: 868 6778 9526

 

Abstract:

Institutional investors expect infrastructure assets to deliver long-term stable returns, but they gain exposure to infrastructure predominantly through closed, finite-horizon private funds. The cash flows delivered by infrastructure funds display similar volatility and cyclicality to those of other private equity funds. Their performance depends primarily on deal exits. Public investors, such as public pension funds and sovereign wealth funds, perform worse than private investors, despite being exposed to underlying deals with similar characteristics. By selecting underperforming funds and increasing their commitments, public investors have created an implicit subsidy of over $2 billion per year to infrastructure as an asset class.

 

Speaker:

 

 

Prof. Aleksandar Andonov is an Associate Professor of Finance at Amsterdam Business School, University of Amsterdam. Previously, he completed his PhD studies at Maastricht University and worked at Erasmus University Rotterdam. In his research, he focus on institutional investors and asset management industry, investigating the asset allocation and performance of institutional investors in public and private markets. His research ideas and findings have been presented at academic and industry conferences, and have been covered in popular financial media, such as the Economist, Wall Street Journal, and Financial Times. His papers analyzing the investments and governance of public pension funds have been published in the Journal of Finance and Review of Financial Studies. At University of Amsterdam, he teaches master and bachelor courses on asset management and investments.