Many of the key sponsors are not normally long-term equity infrastructure investors, for example the construction companies who are often the key investors in road PPP, or the equity funds that look for investments with short-medium term (3-7 year) exit opportunities. Investors will therefore look for the right to sell down their equity positions as soon as possible. The contracting agency will want the shareholders to remain invested until key project risks have been addressed, in particular construction risks. Some time after completion of construction (usually 1-3 years) investors are generally permitted to sell-down part of their equity. Strategic shareholders are those who provide critical skills/ inputs to the project company. The contracting agency will want to ensure that strategic investors retain sufficient financial interests in the success of the project, to align their interests, for a period long enough to ensure that design and construction meet requirements.