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Public-private partnership (PPP) renegotiations and their outcomes have been studied extensively in Latin America and Europe but not in the United States. Therefore, this study evaluates factors triggering U.S. PPP renegotiations by examining six highway PPPs located in California (2), Indiana (1), and Virginia (3). The findings suggest exogenous macroeconomic shocks, project and political complexity, and institutional inexperience are the most compelling triggers behind U.S. PPP renegotiations. These findings also highlight America's distinct political and institutional environment – i.e. favourable to buy-outs as well as debt restructuring via bankruptcy – as a possible explanation for the absence of opportunism among U.S. PPP renegotiations. [ABSTRACT FROM AUTHOR]

This study examines how institutional change affects public-private partnership (PPP) market maturity. Using a novel Time Differencing Qualitative Comparative Analysis (QCA) method, the institutional settings of 19 different PPP markets across Latin America and the Caribbean (LAC) were analysed between 2009 and 2014. The results show enhancing the regulatory framework and institutional knowledge are necessary in order to increase PPP market maturity in most cases. However, a deteriorating investment climate coupled with a weaker regulatory framework led to declines in PPP market maturity. This suggests that the influence of institutional change on PPP market maturity is not symmetrical. [ABSTRACT FROM AUTHOR]

Many public–private partnership (PPP) projects around the world suffer from poor risk allocation, questionable technical studies, cost underestimation, and inaccurate demand forecasts. To address these issues, some scholars have suggested public authorities adopt more flexible contracts. However, given their limited use to date, questions about the overall efficacy of flexible contracts persist. To test their suitability for PPPs, this article reassessed the least present value of revenue (LPVR) model—a flexible-term contract that dynamically changes based on project revenues. The capacity of the LPVR model to address variations in both demand and project costs was tested under different scenarios by modeling historical financial data from an operating highway PPP in Peru. The results suggest the LPVR model can effectively mitigate demand risk but cannot adequately address unexpected cost variations commonly found in greenfield projects. This means the LPVR model may be better suited for brownfield projects in emerging markets that have consolidated demand and limited construction risk. [ABSTRACT FROM AUTHOR]

Sovereign development funds (SDFs) and strategic investment funds (SIFs) have become increasingly important investment vehicles for sustainable development. This article explores how the design and governance of these funds align institutional capital with large, long-term investments such as infrastructure, all while yielding high commercial returns for institutional investors. Using the National Investment and Infrastructure Fund (NIIF) of India as a case study, this article demonstrates how SIFs can crowd-in private capital into strategic assets via collaborative investment models. The study thus offers a blueprint for how large, longterm institutional capital can be channeled into long-term projects that support economic growth and innovation. [ABSTRACT FROM AUTHOR]