The PPP/PFI secondary market plays a vital role in creating liquidity for project sponsors. It has also led to the development of numerous secondary market funds.

Initially, these funds focused on buying equity (whether on a per-project or portfolio basis), usually following the construction phase. More recently, contractors have agreed to forward-sell equity and participate in leveraged funds, further enhancing liquidity and ease of exit.

Our market leading expertise means we can assist buyers and sellers in the process, ensuring an efficient and successful secondary market transaction.

We have advised on secondary market deals involving over 100 PPP/PFI assets, acting for contractors, funders, fund purchasers and even the public sector in PFI buyout arrangements. We also provide practical advice on fund establishment and investment.

By combining detailed market knowledge, we can help with all aspects of a secondary transaction. This can involve:

• For Sellers: ensuring that projects are ready for sale, identifying value-enhancing aspects, offering assets to the right market participants and optimising the sale process; or
• For Buyers: sensible and coherent due diligence advice to help understand the security of future cashflows, contractual robustness and help with bid strategy.

Our experience has shown us time and again the benefit of using lawyers who not only know the market and how to structure a secondary deal, but who also genuinely understand PPP/PFI deals. Our team has this mix and has been following the secondary market since its beginnings.
Increasingly funds are being established to look beyond the PPP/PFI market and we are exceptionally well placed to assist with the sale and purchase of other project investments involving the analysis of long-term cashflows.

We look to build long term relationships with our clients and will share in the benefits and efficiencies they generate.