A new type of infrastructure P3 is emerging in the United States —  real estate P3s. These projects and assets are a subsector of social infrastructure, and they are unlike typical real estate projects in two important respects: first, they are government procured, and second, they mix residential, commercial and civic user bases.  These P3s also are part of a broader trend in the United States.

It is estimated that U.S. cities and states need more than $3.6 trillion by the year 2020 to modernize their infrastructure, according to the American Society of Civil Engineers. Even if the engineers have the numbers off a little and it is a fractional amount, we are still talking about a lot of need, a lot of money. Most governments, meanwhile, are cash-strapped and have difficulty finding reasonable financing to meet their needs.

Despite this need, more than $115 billion sits on the sidelines in the accounts of global investors such as pensions, private equity funds, ins