PF2 is structured to widen the sources of equity finance and encourage longer term investors ("New Investors"), such as pension funds, into projects at an earlier stage than has been normal up untill now. Under PF2 project equity will be provided by each of the public sector, the private sector developer and "New Investors"; these New Investors will, in order to keep the costs of further equity down, be invited to take part in an equity funding competition, designed to enable new classes of equity to invest (alongside the existing preferred private sector bidder and the public sector investor) in projects, at competitive rates, at the preferred bidder stage of the procurement.