Private Finance 2 (PF2) is essentially a rebranding of PFI. It does nothing to address the profiteering from the sale of equity in current PFI projects. Public sector minority equity stakes in future PF2 projects is likely to have a marginal effect on windfall gains and entrap local authorities, the NHS and other public sector organisations in playing the secondary market. The measures to increase public disclosure are meagre and likely to be ineffective.