"Infrastructure As An Asset Class" is the leading infrastructure investment guide, with comprehensive coverage and in-depth expert insight. This new second edition has been fully updated to reflect the current state of the global infrastructure market, its sectors, sustainability aspects and financing instruments, and provides the knowledge base necessary to enter the market securely. Step-by-step guidance walks you through individual infrastructure projects and assets, emphasizing project financing structures, risk analyses, benchmarking, all of which help you understand the mechanics of this complex, yet rewarding market. New chapters explore sustainability, benchmarking as well as renewable energy generation, electricity and gas transmission and distribution, district energy systems and social infrastructure. The risk profile of an asset varies depending on stage, sector and country, but the individual structure is most important in determining the risk/return profile. This book provides clear, detailed explanations and invaluable insight from leading practitioners to give you a solid understanding of the global infrastructure market.


This updated edition includes the latest developments on the subjects covered, which makes it an extremely relevant source of guidance for infrastructure investors in both industrial and emerging market countries, and enables them to:


  • Get up to date on the current global infrastructure market • Gain deep insights into the most relevant infrastructure sectors
  • Investigate individual infrastructure assets step-by-step
  • Examine illustrative real-world case studies
  • Understand the factors that determine risk/return profiles


Infrastructure continues to be an area of global investment growth, both in the developed world and in emerging markets. Conditions continually change, markets shift and new considerations arise; only the most current reference can supply the right information practitioners need to be successful "Infrastructure As An Asset Class" provides clear reference based on the current global infrastructure markets, with in-depth analysis and expert guidance toward effective infrastructure Investment.







Copyright © Barbara Weber & Mirjam Staub-Bisang

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Prof. Klaus Schwab, Chairman, World Economic Forum


"Infrastructure is a key prerequisite for economic development and is the backbone of any society, directly impacting the lives of all citizens. Sustainable infrastructure protects our world’s vital natural resources and environment, and promotes a more effective and efficient use of financial resources. This second edition of Infrastructure as an Asset Class integrates important sustainability aspects into infrastructure investing, making it an indispensable resource for long-term infrastructure investors and policy makers alike."



Sally Bridgeland, Chair, Local Pensions Partnership Investments Ltd


"This updated book has come at a crucial point for institutional investment in infrastructure. Pension funds are maturing in a low return environment and need both the capital growth and cash flows which infrastructure investments can offer. The breadth and depth of practical experience shared by the authors will be invaluable to those assessing the risks and rewards of investing in this asset type."



Ron Boots, Head of Infrastructure Europe, APG


“A larger and even more elaborate piece of new and valuable information on Infrastructure and a well-written ~must-read for market participants of all kind.”



Torben Möger Pedersen, CEO, Pension Danmark


"Dr. Weber, Dr. Staub-Bisang and Professor Alfen have produced an excellent update to their important 2009 work on infrastructure investment. This edition succinctly captures the developments of this fast-growingmarket in light of the close-to-zero interest rates and strained government budgets. The book not only guides and inspires practitioners but should also be mandatory reading for pension fund board members and trustees, so as to gain valuable information about the opportunities and risks in this asset class."



Chris Knowles, EIB, Head of Climate Finance


"Infrastructure is key to robust and sustainable economic growth and also represents a significant opportunity for investors. Dr. Weber and her co-authors deliver an authoritative guide to this multi-faceted market, addressing both the opportunities in the various sectors and the risks. The book is essential reading for any investment professional as the asset class not only represents an opportunity to diversify a portfolio, but also the chance to benefit from global trends fuelled by renewed government interest and investment in infrastructure. The greater emphasis in this edition on sustainable infrastructure is particularly welcome and of course very topical."



Christoph Manser, Head of Infrastructure Investments, Swiss Life Asset Managers


"The authors strike a very good balance between a high-level description of the asset class and a more in-depth and comprehensive coverage of the various sectors and subsectors in the infrastructure investment universe. This book has been written by experienced industry practitioners, which is clearly evidenced by the many real-world examples and case studies covered throughout the book. In a unique way, the book also integrates ESG topics, which are growing in importance in the infrastructure space. All this makes the book a must-read not only for investment professionals, risk managers and pension fund trustees starting to get involved with the asset class, but also for experienced participants in the infrastructuremarket."



Peter Brabeck, Chair, 2030 Water Resources Group; Chairman, Nestl´e SA


"This book provides readers from the public sectors and investment professionals alike with comprehensive guidance to organisational models, value chain elements and the immense investment needs in the water sector. With “water” having been identified by the WEF not only as a social and political risk, but also as the number 1 business risk, efforts from all sectors of society are necessary to tackle this ardent issue!"



Dr. Suzanne Thoma, CEO of the BKW Group


"Long-term and sustainable investments into renewable energy and the maintenance of existing assets are essential for the global energy transition. Not only the energy sector, but all infrastructure areas are facing urgent needs for new investments. In a clear and instructive way, this book provides a comprehensive overview of various infrastructure sectors and is a must-read for all interested in sustainable infrastructure investments."



Mike Weston, Chief Executive, Pensions Infrastructure Platform (PIP)


"Barbara has a wonderful understanding of the infrastructure asset class and all its nuances. This new edition captures the essence of how both investors and the opportunities they are pursuing have evolved over the last 6 years as infrastructure has become an increasingly core long-term asset class."



Con Keating, Research Commission European Federation of Financial

Analysts Societies


"The first edition was one of those rare books that left the reader wishing that it had been written when they were a novice in the field, while still managing to cover the state of the art; yet the second edition manages to improve upon it. The new stress on sustainability and ESG places it centrally in today’s international marketplace for infrastructure investment."



Gilbert Probst, Co-Founder of the Geneva PPP Center, Chair for Organisational Behaviour and Organisation, University of Geneva, and Member of the Executive Committee, World Economic Forum


"For anyone involved in infrastructure PPP – public sector professionals and private investors alike – this book provides critical insights: Not only does it categorize the different organisational models of PPP investment, but it also positions PPP within the broader context of infrastructure investing and project finance and helps consider the increasingly important environmental, social, and governance dimensions involved."



Michael Moller, Director-General, United Nations Office at Geneva


"Sustainable infrastructure and private capital from institutional investors are very important elements in realising the 2030 Agenda for Sustainable Development and its 17 Sustainable Development Goals. The book Infrastructure as an Asset Class, Second Edition, addresses these issues from an investor’s point of view, explaining why it is rational to invest in infrastructure, and even more so if built in a sustainable way. The book is a very important tool for investors, international officials and public servants alike."

Dr. Barbara Weber is Founding Partner of B Capital Partners AG, an investment advisory firm focused on building institutional infrastructure portfolios of all shapes – direct and (secondary) fund investments, equity and debt. It offers related strategic and asset allocation services to institutional clients as well. Until recently, Barbara has been a member of the investment committee of the Swiss pension funds’ infrastructure platform IST3.


She has over 19 years of direct and fund investment experience in these areas gained with Dresdner Kleinwort Benson, PolyTechnos and, since 2003, B Capital Partners AG. She previously worked for the private-sector development group of the World Bank in Washington, DC on Russia. Barbara wrote her PhD in Economics at Harvard University and University of St. Gallen. She holds an MSc in Business and Operations Research from Warwick University and a postgraduate degree in International Relations from Mannheim University. She continues to lecture at various universities and is the author of several books and articles on infrastructure investing.





Dr. Mirjam Staub-Bisang is CEO of Independent Capital Group AG, an investment management firm focused on sustainable investing and real estate investments in Switzerland. In addition, she serves as a non-executive director on the boards of several public and private companies and as a trustee and member of the investment committees of several organisations.


She counts over 16 years of investment experience across asset classes, which she gained in senior positions in asset management and private equity among which at Commerzbank and Swiss Life. She holds a Ph.D. in Law from the University of Zurich, and an MBA from INSEAD. In 2009, she was elected a Young Global Leader of the World Economic Forum. Mirjam Staub-Bisang authored the standard work Sustainable Investing for Institutional Investors (Wiley 2012) and is a contributing author of several other finance books and publications.







Prof. Dr.-Ing., Dipl.-Wirtsch.-Ing. Hans Wilhelm Alfen is Head of the Chair of Construction Economics at the Bauhaus-Universität Weimar in Germany and General Manager and founder of Alfen Consult GmbH, Weimar. He has more than 20 years’ practical experience in developing and investing in infrastructure as well as researching and teaching in more than 25 countries in Africa, Asia, Europe and Latin America. Before joining the Bauhaus-Universität Weimar, he worked in leading positions in the construction as well as in the consulting industry. He is significantly involved in the German PPP standardisation process as researcher and advisor. He has contributed to a long list of national and international publications.







Investors in infrastructure such as pension funds, insurance companies and sovereign wealth funds, pursue multiple objectives. First and foremost, they seek long-term stable returns to match their long-term liabilities. Second, they look for portfolio diversification. Infrastructure investments, due to their often low correlation with other asset classes, enable investors to improve the overall risk-return profile of portfolios.


"Infrastructure as an Asset Class" is considered by many as the standard work of infrastructure investing, thanks to its comprehensive guidance for investors, especially during these challenging times. This Second Edition has been extensively updated and expanded. It now also covers the energy sector – from generation to transmission, storage and district energy systems – and sheds light on sustainable investing in infrastructure, an indispensable topic, which any long-term professional investor can no longer ignore. It introduces a strategic approach to benchmarking the financial performance of infrastructure investments and presents various sustainability benchmarking tools used across the industry.


Bringing together the topics of infrastructure investments, project finance and public private partnerships (PPPs), has proven to be crucial for equipping investors with the essentials of theory, fundamentals and practical examples needed to fully master the key aspects of infrastructure investing. Mirjam Staub-Bisang joins the powerhouse team of Barbara Weber, as lead author, and Hans Wilhelm Alfen to bring sustainability knowledge and insight to this new edition’s heightened focus on environmental, social and governance (ESG) issues.


This single-source guide for newcomers and experienced investors alike covers all aspects from basic fundamentals to highly specific infrastructure investment-related questions such as: How to define infrastructure, how to classify the ownership structures and business models in various industry sectors; what the main characteristics, sources of revenue and value chain elements, competition and regulation and investment opportunities in the various infrastructure sectors are; and how the broad spectrum of risks can be systematically analysed, evaluated and mitigated through adequate structuring of transactions. It also explains in detail how project finance works both in a traditional and in a PPP context.


This updated edition includes the latest developments on the subjects covered, which makes it an extremely relevant source of guidance for infrastructure investors in both industrial and emerging market countries, and enables them to:


  • Know about relevant developments in current infrastructure Markets
  • Assess individual infrastructure assets step by step for their suitability within an investment strategy, including sustainability aspects
  • Understand all factors determining risk-return profiles of infrastructure assets, including ESG and, in particular, climate change risk and how to mitigate such risks
  • Learn from illustrative real-world case studies on infrastructure assets across countries


Even experienced infrastructure investors who have read the first edition will find this revised standard work Infrastructure as an Asset Class, Second Edition, very useful as it supports them in their tasks of identifying and assessing suitable investment opportunities and making well-informed investment decisions.