摘要：Infrastructure as a new asset class is said to have
several distinct and attractive investment
characteristics. This article reviews concepts, market
developments and empirical evidence on the riskreturn
and cash flow profile, and the potential for
diversification and inflation protection in investor
portfolios. Furthermore, a new, global analysis of the
historical performance of infrastructure funds is
undertaken. There is no proper financial theory to
back the proposition of infrastructure as a separate
asset class. Infrastructure assets are very heterogeneous,
and empirical evidence suggests an alternative
proposition that treats infrastructure simply as a subasset
class, or particular sectors, within the
conventional financing vehicle on which it comes
(e.g. listed and private equity, bonds).
