Infrastructure Investment – The Emergent PPP Equity Market

19 Pages Posted: 30 Apr 2019

See all articles by Dexter Whitfield

Dexter Whitfield

Flinders University

Stewart SMYTH

University of Sheffield

Date Written: June 2019


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.

Keywords: Public private partnership (PPP), secondary market, equity sales, infrastructure investment funds

JEL Classification: G10, H44, M4

Suggested Citation

Whitfield, Dexter and SMYTH, Stewart, Infrastructure Investment – The Emergent PPP Equity Market (June 2019). Annals of Public and Cooperative Economics, Vol. 90, Issue 2, pp. 291-309, 2019, Available at SSRN: or

Dexter Whitfield (Contact Author)

Flinders University

GPO Box 2100
Adelaide S.A. 5001, SA 5063

Stewart SMYTH

University of Sheffield

17 Mappin Street
Sheffield, S1 4DT
United Kingdom

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