We analyze the risk, return and cash flow characteristics of infrastructure investments by using a unique dataset of deals done by private equity-like investment funds. We show that infrastructure deals have a performance that is higher than that of noninfrastructure deals, despite lower default...

In this paper, we present a new approach to measure the returns of private equity investments based on a stochastic model of the dynamics of a private equity fund. Our stochastic model of a private equity fund consists of two independent stages: the stochastic model of the capital drawdowns and...

The existing criticisms of CAPM in the financial economics literature in combination with the lack of new generalized risk pricing theories and methods in the private capital markets (PCM) valuation literature suggests there would likely be benefit from the introduction alternative asset pricing...