Infrastructure projects that use so-called "availability" models to minimise risk are now the preferred model for public-private partnerships in the US, with Macquarie Capital among the keenest bidders for new projects, US lawyers say. 
"The availability payment model is the preferred investment route," said Michael Pikiel, head of Norton Rose Fulbright's US infrastructure, mining and commodities practice. "There's much stronger investment appetite and investment interest on the availability projects than on the demand risk projects."
Availability PPPs reduce risk to companies that finance and operate projects by providing them with regular payments after a project is completed.
Norton Rose is representing Macquarie and Lend Lease on a bid to extend the University of California's Merced campus.
Lend Lease and Macquarie have been shortlisted to submit detailed proposals for the project along with the UK's Balfour Beatty Investments and a consortium including Australia's Plenary Group and the US' Edgemoor Infrastructure & Real Estate.
The University of California wants to team up with a private developer to expand its campus because the government cannot afford to keep paying for new buildings as its student enrolment grows. The successful bidder will design, build, finance, operate and maintain a new master-planned university community that uses both the current Merced campus as well as adjacent land. They will receive availability payments from the university after buildings are completed - the first time that a US campus has used the availability model to pay for an expansion, according to Mr Pikiel.
PPPs that use availability models attract double the number of bidders than more traditional "demand risk" projects that require bidders to bear the financial risk that fewer people use the new infrastructure than expected, he added. Investors such as Macquarie lost money on toll roads built in the US and Australia over the past decade after traffic forecasts failed to live up to expectations.
Norton Rose is also working with a consortium led by Plenary and Edgemoor on the development of a new civic centre in Long Beach, California. Private development in downtown Long Beach being used to help finance the cost of public infrastructure such as the City Hall and a new main library.
The city of Long Beach will own the civic centre land and facilities for 40 years after construction is completed.
US states are not, however, moving as fast at Australia on the privatisation of state-owned assets.
"Privatisation generally is bit of a dirty word in US politics but a lot of municipalities and US states are pretty cash-strapped," Mr Pikiel said.
The Queensland Investment Corporation managed to strike a deal with Ohio State University in 2012 to run the university's parking system, and Mr Pikiel said US municipalities should also consider privatising parking facilities.
Ohio State is now considering leasing its energy infrastructure including water, electricity and gas to a private entity to manage. The successful operator will be required to install energy conservation technology in its campus buildings.
Some 40 groups have submitted expressions of interest.