Torys LLP
Toronto416.865.0040 New York212.880.6000 Calgary403.776.3700 Montréal514.868.5600

Practice Areas and Industry Groups

Public-Private Partnerships 

Market Overview

The rapid pace of globalization and urbanization continues alongside aging public infrastructure. In both developed and emerging markets, there is an intense requirement for replacement and new infrastructure, as well as alternative approaches to public service delivery. Some estimates put the total investment needed over the next 20 years at over US$20 trillion.

As a result, governments and other public entities worldwide continue to look for ways to maximize the impact and value of their infrastructure spending. Many have adopted Public-Private Partnerships (P3s) as an efficient approach to these transactions and one which creates good value for money for the public sector.

In North America, the Canadian P3 market has recently been one of the most active globally, with 180 projects valued at over $60 billion now completed or underway. The initial focus on social infrastructure, primarily in the areas of healthcare and justice, is now rotating to other sectors such as transportation, transit, communications, water and wastewater, social housing and alternative delivery models for public services. The U.S. P3 market is also expanding strongly.

Our Practice

Torys has a well-established reputation in P3 and other infrastructure transactions in both Canada and the United States. Our respected position in the vibrant Canadian P3 market results from our lawyers’ early involvement in shaping it, and we have contributed to its evolution ever since. As the U.S. P3 market gains momentum, our expertise and our U.S. infrastructure platform position us well to provide current, practical and market-tested advice on U.S. P3 transactions.

We have advised on many different project structures, including BF, DBF, O&M, DBFM and DBFOM, and have a thorough understanding of the perspectives of all stakeholders, having represented all participants in P3 transactions at various stages. We are able to field a team with a broad range of legal skills applicable to P3 projects (e.g. procurement, project development, project finance, real estate, environmental, tax, securities), but, more importantly, we have a group of dedicated P3 specialists, who practice almost exclusively in this area.

In addition to our extensive experience with greenfield P3 projects, our team in both Canada and the United States has broader infrastructure expertise, including structuring and negotiating public and private M&A transactions, investments, divestitures, joint ventures and other transactions involving various infrastructure asset classes.

Primary Contacts


Mark Bain, Partner

New York

Tara Mackay, Partner
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