Institutional investors are increasingly using co-investment as a way to reduce transaction costs, gain access to more potential investment opportunities as well as build relationships with experienced investors such as infrastructure funds. In contrast, a joint-venture is a business arrangement where two or more parties agree to pool their resources and establish a new entity for a specific project or business activity in a way that is separated from the participants’ other business interests. A consortium is an association of two or more individual companies to pool their resources and participate in a common project or business activity.