Where IO conducts Value-for-Money (VfM) studies at various stages of a project, Canada’s other premier P3 agency, Partnerships British Columbia (PBC) takes a different approach. PBC has convinced decision makers in British Columbia to adopt a P3-first policy (which PPP Canada has adopted as well) that employs an “affordability ceiling” methodology and seems to bypass the use of public-sector comparators altogether. Instead, PBC  establishes value-for-money at financial close of P3 deals.