Holding Private Assets for Their Cash Flows
quick transition here from very short time horizons to long and potentially unlimited ones. Apart from the mezzanine and other long-term loans discussed in Chapter 5, there are numerous assets for which there is no liquid market that can also be held over long periods in order to enjoy the cash flows they generate, and many of these have no terms to them. These include, but are by no means limited to:
• commercial or residential real estate,
• operating companies,
• intellectual property rights,
• farmland and agricultural operations,
• public infrastructure such as toll roads,
• private infrastructure such as pipelines,
• aquaculture, and
• ocean-going vessels.
Although any ...