The sale of secondary market funds with portfolios of PPP assets has been another important way in which the ownership of equity in PPP projects has transferred to new owners. Over £4.1bn equity assets in nearly 730 PPP projects were transferred to new owners via the sale of secondary market funds between 2003-2012. The figures are dominated by three sales of the Secondary Market Infrastructure Fund to Star Capital Partners, then to Land Securities Trillium, its conversion into a joint venture fund, then the sale of Trillium's stake to Telereal and subsequent rebranding as Semperian - see Appendix 3.