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Infrastructure Public‐Private Partnerships Re‐Defined: An Increased Emphasis on “Partnerships”

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  • James Runde
  • J. Perry Offutt
  • Stacie D. Selinger
  • Jennifer Sarah Bolton

Abstract

A public‐private partnership, also known as a “P3,” is usually structured as a long‐term lease of a municipal asset (such as a toll road, port, or airport) by a private investor (and/or operator). Five years ago, P3s were viewed by municipalities primarily as a means for raising capital, and maximizing the upfront proceeds was often viewed as the primary goal. Today's transactions are now being redefined with the goal of developing sustainable long‐term partnerships between the public and private sectors. Governments are increasingly intent on realizing efficiencies by partnering with the private sector to achieve improved services and accelerate needed capital improvements. As a result of this redefining, the P3 has become an essential tool in governments' financial arsenal to manage the many challenges facing municipalities, including budget deficits, large pension obligations, and extensive infrastructure funding needs.

Suggested Citation

  • James Runde & J. Perry Offutt & Stacie D. Selinger & Jennifer Sarah Bolton, 2010. "Infrastructure Public‐Private Partnerships Re‐Defined: An Increased Emphasis on “Partnerships”," Journal of Applied Corporate Finance, Morgan Stanley, vol. 22(2), pages 69-73, April.
    • Handle: RePEc:bla:jacrfn:v:22:y:2010:i:2:p:69-73
    DOI: 10.1111/j.1745-6622.2010.00275.x
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    Cited by:

    1. Joshua Steinfeld & Ron Carlee & Kouliga Koala, 2020. "DBFOM Contracting and Public Stewardship in the Norfolk-Portsmouth Elizabeth River Tunnels Public-Private Partnership," Public Organization Review, Springer, vol. 20(1), pages 37-62, March.

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