September 06, 2017
Torys partner Tara Mackay has contributed comments to a Lexpert article discussing the rise of public-private partnerships (P3) in the healthcare sector in Canada.
The August 25 article touches on a number of discussion points about P3s, with Tara initially dismissing any notion of privatization throughout the process.
“There was a common misconception that these were somehow privatizations. But there was never a sale of any health-care asset to the private sector. The assets remain public assets at all times. All that happens is that the private sector participates,” Tara tells Lexpert.
Tara later tells Lexpert about various legal requirements in a P3 from both sides of the deal. She said if a lawyer is working for the government, “we help the public sector structure and prepare their procurement documents. We help them prepare a project agreement and then negotiate the project agreement with the private sector. And if acting for the private sector, we’re reviewing the project agreements and helping them negotiate their subcontracts and their financing documents.”
Tara continues: “The Japanese banks are very active in the P3 market, mainly out of their New York offices,” she said.
“We also see some large U.S.-based institutional investors, [especially] life insurance companies [and pension funds] there and in Canada as well.”
The full article with Tara’s comments can be read on the Lexpert website.