Course 2025-2026 a.y.

21054 - INVESTING IN ALTERNATIVE ? ILLIQUID ASSETS

Department of Finance

Course taught in English
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

Classes: 31 (II sem.)
Instructors:
Class 31: 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...
  1. Analyze the alternative Investment scenario and the opportunities offered by this (these) wide asset class(es)
  2. Verify the performances historically (and in perspective) offered by Alternative Investments
  3. Study and learn how to use the correlations between Alternative Investments and other common asset classes
  4. Comprehend the relevance of  Alternative Investmments options through state of the art case studies 
  5. Understand the importance of Alternative Investments strategy to achieve performance and portfolio diversification
  6. 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
  • Written individual exam (traditional/online)
     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