The concessionaire can now issue bonds backed by toll revenues (or infrastructure charges in the case of rail), as this “securitisation” can spread the risks that can now be much better assessed as the infrastructure is in operation, and all the preconstruction and construction risks have been accounted for. Pension funds and insurance funds can be used to purchase these long terms bonds, and the securitisation widens the access of PPPs to capital markets. Despite the theoretical ideal match between a large source of capital and an asset class in need of investment, the uptake of institutional investors has been slow.