Longtime readers of PitchBook’s real assets reports may notice that we have grouped the subcategories of this asset class differently in this iteration than in prior versions. We had previously split real assets out into three groups: infrastructure, oil & gas, and “other,” which consisted of agriculture, metals & mining, natural resources, and timber. The shrinking size of natural resources AUM in the world of closed-ended private funds has reduced the need for the separation of the various commodities. Going forward, we will now have dedicated sections for infrastructure and natural resources, which will include oil & gas. The only instance in which we will continue to split out oil & gas from other natural resources will be with regards to performance, as oil & gas returns are vastly different to the returns of other natural resource strategies.