Don’t breathe too easily just yet, thinking that the threat of prescribed assets is forever off the table. Rather assume that it will loom, as a sword of Damocles, depending on how institutional investors respond to the revised Regulation 28, still in draft, purportedly intended to facilitate investment in infrastructure.

There’s an element of duplicity in the new Regulation 28 being welcomed by pension funds. It’s as if their investment in alternatives had been cramped by the old Regulation 28. Yet few ever approached its ceilings. Perhaps their enthusiasm stems partly from relief that prescribeds remain the great unmentionable...

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