Should the public sector limit the transferability of PFI equity?  What nature and quantum of limit would not adversely impact on investment appetite and pricing, and on project performance? 

The transfer of Equity from primary investors (in particular contractors) following construction completion is valuable to all parties, allowing contractors to recycle equity and deliver a pipeline of projects. It is possible that any attempt to limit transferability could deliver little or no benefit to the public sector, whilst unnecessarily constraining private sector investment.