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India’s NIIF: A poster child for development finance

Sujoy Bose played a central role in setting up India's celebrated sovereign development fund, the National Investment and Infrastructure Fund. He explains how NIFF's governance combines a perfect combination of sovereign comfort for investors seeking Indian exposure alongside the discipline and freedom to hunt returns.
Infrastructure

Thames Water: A lesson in infrastructure valuations

Careful consideration of trends in Thames Water's cost of capital and volatility, calculated using an appropriate risk model, would have anticipated the operator's financial difficulties. The failure to recognise the loss in value at the right time raises the question of how to value this type of asset.
Asset Allocation

How Railpen keeps illiquid asset allocation on track

New research on private markets at Railpen has produced a framework that focuses on scenario planning and the uncertainty inherent in illiquid investments taking account of “portfolio steerability”, allocation drift and the impact on short-term liquidity management resulting in a more dynamic approach.