Standard Life Investments: Smoothing The Flow In Illiquid Assets

What are illiquid assets?

Infrastructure is the asset class that immediately comes to mind when we talk of illiquid assets, but participants said the universe also includes property, investments in businesses, equity-release mortgages and some exotic assets, such as farms and timber plantations. The asset can be in the form of debt or equity and more often than not it is unlisted. Because they are harder to liquidate, these investments typically yield higher returns that investments in