It was a public limited company formed in 2000, owned jointly by HM Treasury and the private sector.
The TTF initially consisted of a policy arm staffed by five civil servants, and a projects section employing eight private sector executives led by Adrian Montague, formally co-head of Global Project Finance at investment bank Dresdner Kleinwort.
The Treasury retained a 49% 'golden share' in PUK managed by the Shareholder Executive, while the majority stake in the company was owned by private sector investors.
PUK was staffed almost entirely by private sector procurement specialists such as corporate lawyers, investment bankers and consultants.
It took the lead role in promoting PFI and other public–private partnership variants within government, and was in control of the policy's day-to-day implementation.