2.16 Throughout the procurement, the Departments were aware that Mapeley STEPS was a new company and that it had put in a low bid in order to win business in what it saw as a promising market. The Departments identified risks associated with its bid, but considered that they could be managed. In addition, its shareholders demonstrated their commitment by investing £80 million of equity in the deal, about 28 per cent of the overall funding (Figure 13). A more typical level of equity in a PFI deal is around 10 per cent or less.