PIP was conceived as a private equity investment vehicle for large U.S. infrastructure projects.  It was formed to advance a “next generation” of P3 structures offering greater transparency on risk-adjusted private equity returns.  The investment thesis focused on adaptation of public utility models to transport and other infrastructure sectors.  Building on the POMT experience, PIP also sought to promote the use of advanced technologies and new insurance products to reduce construction costs and optimize risk allocation.  Thought Leadership research on tunneling technology sponsored by EY, and EY’s London Office’s engagement on TTT further crystalized the conceptual framework for PIP.  A London-based team of legal, technical, financial advisory and placement agent support was formed to help stand up PIP’s investment vehicle.