In the autumn of 2012, five pension funds - ATP, PFA, PKA, SamPension and PensionDanmark - agreed to carry out a project to clarify the rationale for public authorities and institutional investors entering into projects organized as public-private partnerships (PPP) in Denmark.Ernst & Young acted as secretariat and the CEOs of the five pension funds constituting the steering group. Bech-Bruun, Copenhagen Economics and Professor Bent Flyvbjerg of Oxford University contributed the legal content, an analysis of the Danish economy and perspectives on British PPP experience, respectively.