TY - JOUR T1 - Asset Allocation Implications of Illiquid Assets JF - The Journal of Investing DO - 10.3905/joi.2022.1.229 SP - joi.2022.1.229 AU - Tony Berrada AU - Olivier Scaillet AU - Zhicheng Zhang Y1 - 2022/04/15 UR - https://pm-research.com/content/early/2022/04/15/joi.2022.1.229.abstract N2 - In the wake of the global financial crisis, with low returns on traditional fixed income instruments, institutional investors seek alternative investment vehicles with similar characteristics. Illiquid assets, such as infrastructure and real estate, have become an increasingly important share of their investments. In this article, we study the performance impact in terms of diversification and return of introducing illiquid assets in an otherwise standard allocation. ER -