Real Assets and the P3 Opportunity

Joyce Shapiro, Managing Director of Franklin Templeton Real Asset Advisors, describes her firm’s approach to real asset investing. Rather than plan the traditional limited partner role, the firm partners directly with local operators who “understand the value proposition at the asset level.” In a Privcap interview, Shapiro also discusses why she likes small- to mid-sized deals, how real assets can add diversification, strong yields and inflation linkage to institutional portfolios, why she is bullish about P3 (public-private partnership) opportunities in the US, how to control for “development and permitting risks,” and how real asset opportunities interconnected, such as agriculture and transportation.