Capital
Launch a PPP program for Sovereign Wealth and Pension Funds in Jordan
A free 17-page guide · The $500 trillion PPP infrastructure opportunity
What this guide is for
Your fund launches a long-term allocation that invests directly and as a co-investor in operating public-private partnership (PPP) projects, brownfield assets and tokenized holdings, and serves national development goals.
The case
Long-term owners hold a PPP for its whole life
Concessions run for decades and pay contracted, often inflation-linked revenue that matches the liabilities of a pension fund and the horizon of a sovereign fund. The assets of the next fifty years will be built, run and owned in new ways. This guide invites sovereign wealth and pension funds in Jordan to launch a PPP allocation, starting with the projects at home.
The guide
Own the $500 trillion PPP infrastructure opportunity
Your fund launches a dedicated PPP allocation, with a team, an investment policy and a set of partners, that owns operating projects for the long term, invests directly and beside infrastructure funds, and starts with Jordan’s $86 billion of projects and the $46 billion anchored in Aqaba.
01
A long-term PPP allocation
The fund sets aside a dedicated allocation for PPPs, with a horizon that matches the length of a concession and an investment policy built around contracted revenue, availability payments and the risk allocation in each agreement.
02
Direct and co-investment
The fund invests directly in project companies where it has the team to do so, and beside infrastructure funds, developers and banks where it does not, which lowers fees and builds its own capability with every deal.
03
Brownfield first
Operating assets carry no construction risk and come with a revenue record, so the allocation starts with brownfield PPPs and stakes that sponsors sell after completion, and moves into greenfield projects as the team gains experience.
04
Small-scale PPPs and direct proposals
Jordan’s PPP Regulation No. 9 of 2024 defines small-scale PPPs below $14.1 million, which can be bundled into one feasibility report and one tender, and PPP Law No. 19 of 2023 accepts direct private proposals under Article 15. A fund with a development mandate can gather small projects into one holding or bring a priority project to government itself.
05
Tokenized holdings
The fund holds part of its allocation as tokenized stakes in operating PPPs, which gives it a market price between full exits, lets it rebalance in small amounts and opens the same assets to citizens who want to invest in their own country’s infrastructure.
Why sovereign and pension funds
Long-term owners hold a PPP for its whole life
A concession runs for decades and pays contracted revenue the whole way. Sponsors often sell once the asset is complete, and the investors who buy from them hold it until handback, which is the role sovereign and pension funds are built for.
Where sovereign and pension funds fit in a PPP
- Allocation
- A long-term commitment to infrastructure that matches the horizon of the fund and its beneficiaries.
- Direct equity
- Stakes in project companies, held through construction or bought once the asset is operating.
- Co-investment
- Stakes beside infrastructure funds, developers and banks on larger projects, with lower fees and shared diligence.
- Brownfield
- Operating PPPs and stakes sold by sponsors after completion, with a revenue record and no construction risk.
- National mandate
- Projects that build national capacity in water, energy, transport and health, alongside the financial return.
What changes for long-term owners
AI, robotics and tokenization change how a long-term owner sees and holds its assets. Sensors and digital twins report condition and performance every day, so a fund with a small team can oversee direct holdings across many projects. Robotic inspection and maintenance keep assets in better condition through handback, and tokenized stakes give the fund a market price between full exits and a way to open a share to citizens.
Why a program, and why now
Without a program, a fund meets each PPP through someone else’s deal and pays fees for access it could build itself. A program gives the fund a team, an investment policy and partners that bring it into projects early and on its own terms. Jordan’s pipeline is large and early, and the long-term owners who commit while consortiums form will hold the assets for the life of each concession.
Futureproofing
Futureproof Sovereign Wealth and Pension Funds in Jordan for the infrastructure singularity
This free 17-page guide shows how, with small PPPs in parallel, PPP research labs, artificial intelligence, robotics, tokenization and six first steps.
Jordan and Aqaba
An $86 billion pipeline to start with
Every one of them will need patient, long-term owners. A Jordanian fund that owns one operating PPP at home can hold the same kind of asset across the region for decades.
- $86B
- of PPP and infrastructure projects in development in Jordan
- $46B
- of them anchored in Aqaba
Artificial intelligence
AI gives a long-term owner a clear view of what it holds. Investment teams can read a concession agreement, test a financial model and compare an asset against similar deals in hours, which makes direct investment possible with a lean team. Once the asset is operating, digital twins and sensors report its condition in real time, so the fund can value each holding on evidence and plan the maintenance that protects value until handback.
Robotics
Robotics protects the value of an asset over the decades a long-term owner holds it. Drones that inspect roads, bridges and power lines, robots that find leaks inside pipes and machines that clean solar fields keep assets performing and cut the cost of maintenance. Assets that machines monitor and maintain reach handback in better condition, which protects the returns a pension or sovereign fund depends on.
Tokenization
Tokenization gives a long-term owner liquidity without a full sale. The fund can hold its PPP stakes as tokens, sell small portions to rebalance, receive revenue through smart contracts as it arrives and open a share of national infrastructure to citizens, so a sovereign or pension allocation becomes a holding the public can join.
Small PPPs and research labs
Small PPPs can serve as the research budget of a long-term portfolio. A modest allocation to labs and pilots shows a fund which technologies, contracts and operating models work before it commits patient capital to the large projects that will use them for decades.
Unsolicited proposals
A direct proposal lets a long-term investor bring projects that match its own horizon and national development goals, with partners it trusts. In Jordan, dinar savings matched to dinar projects can take currency risk off the table, and proposals give the fund a way to shape those projects from the start.
The program
How the program could work
The program can sit inside the fund’s infrastructure or private markets team, with a PPP allocation at its center and partners chosen for each kind of investment.
- Allocation
- A dedicated PPP allocation with a horizon, a target return and a risk budget set for assets held over decades.
- Investment policy
- Rules built around contracted revenues, availability payments, inflation linkage and the risk allocation in each concession agreement.
- Direct team
- A small team of investment, asset management, legal and technical people that leads direct deals and oversees co-investments.
- Brownfield
- Stakes in operating PPPs in Jordan and the region, bought from sponsors once construction is complete.
- Co-investment
- Partnerships with infrastructure funds, developers and banks that offer the fund a share of the larger projects.
- Tokenized holdings
- A pilot that holds one operating PPP stake as tokens and opens a small share of it to citizens.
- Mandate
- Priority projects in sectors that build national capacity, including direct proposals under Article 15 and small-scale PPPs below $14.1 million.
What the fund gains
The fund gains long-dated assets backed by contracted, often inflation-linked revenue that matches the horizon of its beneficiaries, and direct access to projects at a lower cost than buying through intermediaries. Each project brings partners who can offer the fund the next one.
It also gains a role in building the economies its beneficiaries live in and a position in the next form of infrastructure ownership. The first long-term investor in the region to hold PPP stakes as tokens will set the standard for how operating infrastructure is owned and opened to the public.
Next steps
How a fund can start
Any sovereign wealth or pension fund in Jordan can take this guide forward. The first steps use the capital, people and mandate the fund already has.
01
Mandate
Board approval for a PPP allocation, with its share of the portfolio, its sectors and its development goals.
02
Team
A named allocation lead, with investment, risk, legal and technical people drawn from the fund’s existing teams.
03
Pipeline
A map of Jordan’s $86 billion of projects by sector and stage, with the operating PPPs and stakes that may come up for sale.
04
Structures
Direct, co-investment and tokenized holding structures, matched in dinars to the fund’s long-dated obligations.
05
Partners
Co-investment with banks, infrastructure funds, developers and operators.
06
Pilot
A first stake in an operating PPP, a lab or a small-scale PPP, taken from idea to investment committee.
Jordan has the projects and a pipeline that will need owners for decades. A PPP program gives your fund the long-dated assets it was built to hold and a lasting share in the superintelligent infrastructure future.
The full document
Inside this guide
Seventeen pages and thirteen sections, from the case for a PPP program to the first steps, written for sovereign wealth and pension funds in Jordan.
Download the guide (PDF)
- 01IntroductionWhy a century of infrastructure needs rebuilding, and the $500 trillion it will take.p. 3
- 02The guideOwn the $500 trillion PPP infrastructure opportunityp. 5
- 03Jordan and AqabaAn $86 billion pipeline to start withp. 6
- 04Artificial intelligenceHow AI designs, structures and runs PPP projects, and what it means for sovereign and pension funds.p. 7
- 05RoboticsHow robots build infrastructure and keep it running, and what that means for sovereign and pension funds.p. 8
- 06TokenizationHow tokenization funds projects from their own revenue, and the role it opens for sovereign and pension funds.p. 9
- 07Small PPPs in parallelWhy many small PPPs teach a country faster than a few large ones.p. 10
- 08PPP research labsA lab in each sector, running ten small PPP projects a year.p. 11
- 09Unsolicited proposalsHow Jordan’s PPP law accepts direct proposals from private companies.p. 12
- 10Why sovereign and pension fundsLong-term owners hold a PPP for its whole lifep. 13
- 11The programThe program can sit inside the fund’s infrastructure or private markets team, with a PPP allocation at its center and partners chosen for each kind of investment.p. 14
- 12AboutAbout Jordan PPP and what it offers.p. 15
- 13Next stepsHow a fund can start: six first steps.p. 16
Questions
Questions about the guide for Sovereign Wealth and Pension Funds in Jordan
- What does the guide for Sovereign Wealth and Pension Funds in Jordan propose?
- Your fund launches a long-term allocation that invests directly and as a co-investor in operating public-private partnership (PPP) projects, brownfield assets and tokenized holdings, and serves national development goals.
- Why should sovereign wealth and pension funds in Jordan launch a PPP program?
- Long-term owners hold a PPP for its whole life. A concession runs for decades and pays contracted revenue the whole way. Sponsors often sell once the asset is complete, and the investors who buy from them hold it until handback, which is the role sovereign and pension funds are built for.
- Which PPP projects can sovereign wealth and pension funds in Jordan take part in?
- Jordan has about $86 billion of PPP and infrastructure projects in development, $46 billion of them anchored in Aqaba. Every one of them will need patient, long-term owners. A Jordanian fund that owns one operating PPP at home can hold the same kind of asset across the region for decades.
- How can sovereign wealth and pension funds in Jordan start a PPP program?
- Any sovereign wealth or pension fund in Jordan can take this guide forward. The first steps use the capital, people and mandate the fund already has. The guide sets out six first steps: mandate, team, pipeline, structures, partners and pilot.
- What does a PPP program give sovereign wealth and pension funds in Jordan?
- The fund gains long-dated assets backed by contracted, often inflation-linked revenue that matches the horizon of its beneficiaries, and direct access to projects at a lower cost than buying through intermediaries. Each project brings partners who can offer the fund the next one.
- Is the guide for Sovereign Wealth and Pension Funds in Jordan free?
- Yes. It is free to read on this page and free to download as a 17-page PDF, with the case for a PPP program, Jordan’s pipeline, the role of AI, robotics and tokenization, the program and six first steps.
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