Infrastructure investment – the emergent PPP equity market

Dexter Whitfield, Stewart Smyth

Research output: Contribution to journalArticlepeer-review


Increasingly governments are looking to private sector actors to invest in infrastructure projects. An emergent mechanism for such investment is the market in PPP equity. This is an aspect of PPPs that has to date had little empirical attention. This paper reports on the size and scope of the market in PPP equity sales within the UK. In the process, the nature of PPP projects and the existing rationales for the policy are critiqued. The paper concludes by laying out a number of potential research agendas focused on PPP equity sales including a call for reassessing theoretical perspectives.
Original languageEnglish
Pages (from-to)291-309
Number of pages19
JournalAnnals of Public and Cooperative Economics
Issue number2
Early online date4 Dec 2018
Publication statusPublished - Jun 2019


  • public private partnership (PPP)
  • secondary market
  • equity sales
  • infrastructure investment funds


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