Investors are not unified in their appetite for construction risk, a fact that applies within national markets as well as among them. These distinctions were masked by the participation of the monolines, but have been revealed now that investors are being asked to consider PPP risks directly. Some institutional inves-tors are highly risk averse. These tend to be those that are looking for sovereign or triple-A risk profiles and cannot accommodate any material risk. They were in PPPs only because of the triple-A monoline guaran-tees available. Others are willing to look at projects with construction risk but within this group, appetite varies widely. This is related to the previous point; funds approaching the PPP sector from relatively risky areas such as commercial real estate are more likely to be comfortable with some level of construction risk than those coming from the public sector debt side. The difficulty for procuring authorities and bidders is that there is still very little market intelligence about where different investors fall on this spectrum which makes the capital markets execution a more opaque and less attractive financing option than bank financing.