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Alois Weigand
Last Name
Weigand
First name
Alois
Email
alois.weigand@unisg.ch
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+41 71 224 7059
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PublicationPrivate Equity Infrastructure Funds(Palgrave Macmillan, 2023-07-24)
;Douglas CummingBenjamin HammerPrivate equity infrastructure funds (PEIFs) can take the form of listed, open-end, or closed-end funds. Listed funds are traded on a stock exchange and can issue new shares or buy back existing shares at any time. In the context of open-end and closed-end funds, investors sign a partnership agreement and provide capital as so-called limited partners to the managers of PEIFs, defined as general partners. More specifically, open-end funds continuously issue and redeem shares in response to changes in investor demand and, hence, allow investors to commit and remove capital over an infinite lifetime. In contrast, closed-end funds have a finite lifetime of on average 7 to 12 years, with the option to extend the investment period for another short-term period of usually up to 3 years (Haran et al. 2020). Despite the long-term time horizon of the underlying assets, closed-end funds are the dominant type of funds giving investors access to a diversified portfolio of infrastructure assets.