21054 - INVESTING IN ALTERNATIVE ? ILLIQUID ASSETS
Department of Finance
Course taught in English
Go to class group/s: 31
ACME (6 credits - II sem. - OP | SECS-P/09) - AFC (6 credits - II sem. - OP | SECS-P/09) - AI (6 credits - II sem. - OP | SECS-P/09) - CLELI (6 credits - II sem. - OP | SECS-P/09) - CLMG (6 credits - II sem. - OP | SECS-P/09) - DES-ESS (6 credits - II sem. - OP | SECS-P/09) - DSBA (6 credits - II sem. - OP | SECS-P/09) - EMIT (6 credits - II sem. - OP | SECS-P/09) - FIN (6 credits - II sem. - OP | SECS-P/09) - GIO (6 credits - II sem. - OP | SECS-P/09) - IM (6 credits - II sem. - OP | SECS-P/09) - MM (6 credits - II sem. - OP | SECS-P/09) - PPA (6 credits - II sem. - OP | SECS-P/09)
Course Director:
MAURIZIO DALLOCCHIO
MAURIZIO DALLOCCHIO
Suggested background knowledge
Knowledge of key principles of corporate finance and capital budgeting. Basic M&A concepts
Mission & Content Summary
MISSION
If we turn our clock back before 2008, investors’ success was basically an asset allocation game. Things today … are just the same, but assets are different animals. Before 2008 Equities (Stocks), Fixed Income (Bonds), Cash and Cash Equivalents with Real Estate and a twist of Alternatives were the options available. Their correlations were clear and highly predictable. The Great Financial Crisis together with all the disruptive events that followed (at the social, political and consequently at the financial level) completely reshaped the scenario. Structurally modifying asset correlations and widening the options for investors, opening the door to distressed assets, infrastructures, PE and VC and more real estate just as examples. In the recent past physical infrastructures like logistics, transportation and renewable energy together with data centers completed the options scenario. Nothing new in reality: all “alternative” assets basically have always been there (apart probably from data centers…). But their role increased significantly and they are now pivotal to generate solid diversification and robust performances. Our mission is to penetrate and fully understand the alternative investments world and become able to take advantage of this world to generate sustainable performances and, at the end, tangible, long lasting value.
CONTENT SUMMARY
Introduction to alternatives: what are alternative investments
Quantitavive Foundations for alternative Investments
Real estate (RE) assets and debt
RE and Equity
RE Case study on Luxury hospitality platform
Infrastructures (IS) Energy
IS Case study on Renewable energy
IS Digital Infrastructures. Fiber, Towers; Data centers
IS Case study
Hedge Funds (HF) Structure and activity of the HF industry
HF Event-Driven Hedge Funds
HF Case study (tbd)
Private Equity (PE) Private Equity assets
PE Funds and their features in the alternave investment scenario
PE Private Credit and Distressed debt
PE Case study on TIP (Tamburi INvestment Partners
Venture Capital (VC) Theory and basci portfolio construction
VC Funds and their role in the search for portfolio equilibrium
VC Case study on Biotech investments
A.I. Disruption: how A.I. will reshape alternative Investments
A.I. Disruption Case study on Agentic A.I.
Investors: The opportunity for affluent and retail investors
Intended Learning Outcomes (ILO)
KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
- Analyze the alternative Investment scenario and the opportunities offered by this (these) wide asset class(es)
- Verify the performances historically (and in perspective) offered by Alternative Investments
- Study and learn how to use the correlations between Alternative Investments and other common asset classes
- Comprehend the relevance of Alternative Investmments options through state of the art case studies
- Understand the importance of Alternative Investments strategy to achieve performance and portfolio diversification
- Understand the impact of Artificial Intelligence and its disruptive power, inn reshaping asset allcation in general and Alernative Investing in particular
APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
Work in an asset management/investment banking/financial advisor team bringing a state of the art knowledge on the use of Alternative Investments to enhance portfolio performance reducing risk (other things being equal)
Properly rely on a set of options to construct a portfolio of Investments decorrelated with the most popular asset classes
Successfully use Alternative Investments to deliver returns and diversification
Introduce Artificial Intelligence features to increase speed and quality of financial performance
Teaching methods
- Lectures
- Guest speaker's talks (in class or in distance)
- Practical Exercises
- Collaborative Works / Assignments
DETAILS
Alternative Investment is a relatively new context; and is hevily based on empirical cases/current situations.
This is why Guest Speakers' Talks and practical exercises will be a pivotal part in the lerarning game.
Talks are meant to bring up to date considerations and challenges, associated with an empirical vision that will allow students to immediately apply the concepts proposed in class. Practical exercises remain in the same framework and add practical value to the innovative concepts proposed during the lectures
Assessment methods
| Continuous assessment | Partial exams | General exam | |
|---|---|---|---|
|
x |
Teaching materials
ATTENDING AND NOT ATTENDING STUDENTS
The relevant textbook will be identified by the end of the month of September
Last change 01/06/2025 17:26