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Chicago, third-largest U.S. city, has raised billions of dollars in recent years turning public assets over to private businesses that then run them as for-profit enterprises |
As United States grapples with the present crisis since the Great Depression in 1929, many state and local governments will be coaxed into following the footsteps of Chicago. The third-largest U.S. city has raised billions of dollars in recent years turning public assets over to private businesses that then run them as for-profit enterprises.
The early success of those transactions, as well a much-longer track record overseas, has stoked an interest in these "public-private partnerships" -- or P3s for short.
So, too, has the growth of funds focused on P3 investing. In recent years, they've raised money from pension funds and other big investors faster than assets have hit the market, creating a demand for deals that has only gained strength as Wall Street melted down and triggered a flight to safety.
