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Public agencies pursue many goals when employing alternative procurement approaches like public–private partnerships (P3s) to develop and renew transportation infrastructure. Evaluators often focus on economic efficiency. However, that rarely represents an agency’s sole or even primary objective. This paper identifies government sponsors’ objectives in selecting P3s as a delivery approach and the extent to which projects have met those objectives. The paper extends previous work examining six case studies of U.S. P3 projects by adding three additional projects out of a total population of 21 U.S. P3 projects launched since 2003. The new case studies introduce important elements of P3 projects, namely, a multistate project and a project that encountered financial challenges and bankruptcy. The new case studies generally confirm that public agencies pursue six objectives when employing P3s: (i) accessing private-sector financing; (ii) accessing private-sector expertise and innovation; (iii) accelerating project delivery; (iv) increasing certainty about project cost, schedule, and quality; (v) transferring and managing risk; and (vi) improving transit and development opportunities. Government sponsors generally achieved their goals. They might benefit further by: (a) pursuing private-sector expertise and innovation earlier; (b) elevating risk transfer objectives; (c) incorporating broader transit, local development, and value capture opportunities; and (d) improving outcome measurement, analysis, and transparency practices. The U.S. government may also benefit from reconsidering the statutory authority granted to the U.S. Department of Transportation when it holds debt in bankrupt projects.

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