Chapters 10 to 15 cover a broad range of assets that may generally be described as real assets. The six chapters are roughly ordered by the assets' focus on operations and management, from those involving the least focus to those involving the greatest focus. The first three chapters focus on natural resources and commodities, with Chapter 10 focusing on natural resources and land, and Chapters 11 and 12 discussing commodities. Chapter 13 covers operationally intensive real assets, including two categories that have emerged relatively recently as substantial components of the alternative investment space for institutional investors: infrastructure and intellectual property. A discussion of real estate closes out Part 2, with Chapter 14 focusing on fixed-income claims on real estate and Chapter 15 emphasizing equity claims on real estate.