With few exceptions institutional investors have not built teams within their organisations that are capable of structuring and negotiating PPP project financings, nor do they necessarily wish to do so. There are sound economic reasons for this given that most PPPs require many months, if not years, of involvement by funders which is not a justifiable expense for most fund managers seeking to buy two or three PPP bonds per year. In effect, institutional investors in infrastructure have outsourced this function to monolines.