Commercial capital
Institutional investors · pension · insurance
Sovereign & Infrastructure Advisory
Public programs and infrastructure delivered with institutional discipline
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State P3 statutes that differ materially in what they permit
Combining municipal, federal program, and private capital in one financing
We advise public authorities, agencies, and their delivery partners on the financing and governance of infrastructure — from P3 frameworks to individual projects and the public programs that support them.
US infrastructure is financed through a mix found nowhere else: municipal debt, federal credit programs, tax-advantaged structures, and private capital under state P3 statutes that differ from one state to the next. The financing question is usually which combination a particular project and jurisdiction actually allow.
Public sector advisory, P3 frameworks, and infrastructure structuring for public authorities across the Americas and their delivery partners.
Sovereign & Infrastructure Advisory
Advisory for public programs and the infrastructure that carries them
Capital architecture
Blended finance layer stack
How concessional, guarantee-backed, and commercial capital combine in bankable project and fund structures.
Guarantee layer
Partial credit · political risk · first-loss
Concessional finance
DFI · ECA cover · blended tranches
Sponsor equity
Government · corporate · project equity
Layered by payment seniority — commercial capital sits senior, concessional and guarantee layers absorb structured risk, and sponsor equity takes first loss.
Services & capabilities
What we deliver
Discuss this advisory pillar with our team.
Capability detail
Public program advisory
Structuring and sequencing within federal and state infrastructure programs, from framework to individual project.
- €2B+
Programs advised
Sovereign and infrastructure capital pathways
- PPP
Depth
Transport, energy, social infrastructure
How we've helped
Public infrastructure
P3 structuring for a state transportation program
We advised on financing structure and risk allocation for a transportation P3 — reconciling the statutory framework and procurement timetable with the diligence institutional lenders required.
Read moreOur approach
A disciplined approach to capital advisory
We work between the public program and the market — translating public objectives into structures lenders and investors can underwrite within the statutory framework available, and documenting them to institutional standards.
Assess
Evaluate policy objectives, delivery options, fiscal impact, and market appetite for public or PPP structures.
Structure
Design risk allocation, payment mechanisms, guarantee layers, and governance for bankable project or program delivery.
Mobilize
Run lender, DFI, and investor processes — term sheets, due diligence, and financial close coordination.
Transition
Support operations handover, covenant monitoring, and refinancing planning through the asset lifecycle.
Client outcomes
- Programs translated into projects lenders and investors can underwrite
- P3 frameworks with risk allocation the private sector will accept
- Structures that fit the statutory and program requirements that apply
- Governance and reporting that satisfy public and private financing partners
Latest insights
Sovereign & Infrastructure Advisory
Analysis on capital and policy
February 17, 2026 · Capital mobilization
Tax-Advantaged Capital in US Energy Financing
CAPITALJanuary 20, 2026 · Risk advisory
Foreign Investment Review and What It Does to a Deal
RISKFebruary 24, 2026 · Policy & markets
State P3 Statutes and What They Permit
POLICYApril 14, 2026 · ESG & impact
ESG Integration Across the Investment Lifecycle in European Markets
IMPACTSector application
Industries we serve
Infrastructure
Core mandate: structuring bankable infrastructure investments
Public Sector
Bridging policy objectives with private sector investment capability
Electric Power & Natural Gas
Infrastructure finance for energy transition and grid modernization
Engineering, Construction & Building Materials
Bankable structures for EPC contracts and construction megaprojects
Related expertise
Explore other advisory pillars
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Funding & Capital Mobilization
Mobilizing capital for bankable projects, public programs, and cross-border investment
Risk Management Advisory
Risk intelligence and mitigation for capital-intensive domestic and cross-border mandates across the Americas
Fund Management & Investment Structuring
Investment vehicles built for governance, institutional subscription, and scale
Guarantees & Credit Enhancement
Risk-sharing instruments that unlock capital and improve terms
Legal, Securities & Escrow Advisory
Legal, securities, and escrow architecture for domestic and cross-border investment across the Americas
Wealth & Asset Management
Preserving and deploying private capital with institutional discipline
Private Equity Advisory
Deal, holding, and capital structures for private equity and co-investment
Contact us
Discuss your mandate
Discuss this advisory pillar with our team.