PMG REAL ASSETS

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Real assets — infrastructure, energy, property, farmland, and natural resources — have attracted record institutional capital over the past decade. Whether the inflation linkage, long-duration cash flows, and diversification benefits that justify those allocations are being delivered at current valuations is a question that deserves more rigour than it typically receives.

PMG Real Assets publishes weekly analysis for institutional investors, family offices, and alternative investment professionals — examining both the genuine opportunities and the risks that are not always prominent in manager presentations.

Infrastructure — core, core-plus, and value-add — including how return expectations have changed as capital inflows have compressed yields and what the valuation adjustment challenge looks like for funds carrying pre-2022 discount rate assumptions. 

Energy transition investment — offshore wind, solar, battery storage, hydrogen, and grid infrastructure — with particular attention to the distinction between contracted and merchant revenue profiles and the policy dependency risks that differ significantly across technologies. 

Data centres and digital infrastructure — power availability constraints, stranded asset risk, and the questions current valuations are not always answering. UK water, ports, airports, and social infrastructure — regulatory frameworks, political risk, and the impact of the National Security and Investment Act on deal structuring.

Farmland, timberland, and natural capital — return evidence, liquidity profile, and ESG dimensions examined with equal weight. UK and European housing infrastructure — the planning reform assumptions embedded in current capital deployment and the history of those assumptions proving optimistic.

Every article is strictly neutral and analytical, drawing on published research from the OECD, IEA, BloombergNEF, MSCI, Preqin, and NCREIF. 

We do not manage money and have no commercial relationships with fund managers.

New analysis published every week.