regulated tariffs. Sovereign wealth funds and pension funds may co-invest with large ticket sizes and long-term investment mandates, they prefer operating assets, targeting lower returns but providing scale and patient capital through dividend streams. Listed infrastructure vehicles, insurance companies and at this stage, attracted by recurring income streams from operational of ASEAN interconnector projects. To date, the region has not seen commercial sponsors leading grid-to-grid or transmission projects, nor has there been meaningful secondary market trading of interconnector equity stakes. The SOE- led, on balance sheet model has dominated with limited participation from private infrastructure funds or institutional investors in the equity tranche. The investor more liberalised developed markets rather than proven ASEAN precedent. first-of-kind or higher risk interconnector structures. While their participation in ASEAN interconnectors to date has been almost exclusively through debt, guarantees or technical assistance, equity investment could help de-risk projects