CA Searches for Investors for its High-Speed Rail

James Nash reports that Gov. Jerry Brown is turning to the $6 trillion market in sovereign wealth funds, pensions, and endowments to help fill the $55 billion gap between the project's total cost and what state bonds and federal grants will cover.

1 minute read

December 3, 2012, 1:00 PM PST

By Jonathan Nettler @nettsj


Governor Jerry Brown and California state leaders are banking on the increasing interest in public works investments to help fund the most expensive public-works project in U.S. history. "Public works projects have become more attractive to investors seeking stable, if modest, returns in a volatile climate, said Bradley Morrow, a senior consultant for private markets at Towers Watson & Co. (TW), a New York-based professional- services company," writes Nash. “'It’s becoming more accepted as an asset class for institutional investors in North America,' Morrow said, referring to a range of capital projects and not rail specifically."

"The $68.4 billion project, linking San Francisco with Los Angeles, is counting on $10 billion in bonds authorized by voters, $3.3 billion committed by the federal government and as much as $55.1 billion from private sources."

“We have active interest in and outreach to sovereign funds and foreign consortia that are looking at us,” Jeffrey Morales, chief executive of the California High-Speed Rail Authority, said Nov. 29. In addition to sovereign wealth funds, or state-owned investment pools, other potential investors include companies that will build and operate trains and stations, he said."

Monday, December 3, 2012 in Bloomberg BusinessWeek

portrait of professional woman

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching. Mary G., Urban Planner

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching.

Mary G., Urban Planner

Cover CM Credits, Earn Certificates, Push Your Career Forward

Logo for Planetizen Federal Action Tracker with black and white image of U.S. Capitol with water ripple overlay.

Planetizen Federal Action Tracker

A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.

June 25, 2025 - Diana Ionescu

Person wearing mask walking through temporary outdoor dining setup lined with bistro lights at dusk in New York City.

Restaurant Patios Were a Pandemic Win — Why Were They so Hard to Keep?

Social distancing requirements and changes in travel patterns prompted cities to pilot new uses for street and sidewalk space. Then it got complicated.

June 19, 2025 - Diana Ionescu

Map of Western U.S. indicating public lands that would be for sale under a Senate plan in yellow and green.

Map: Where Senate Republicans Want to Sell Your Public Lands

For public land advocates, the Senate Republicans’ proposal to sell millions of acres of public land in the West is “the biggest fight of their careers.”

June 19, 2025 - Outdoor Life

Aerial view of town of Wailuku in Maui, Hawaii with mountains in background against cloudy sunset sky.

Maui's Vacation Rental Debate Turns Ugly

Verbal attacks, misinformation campaigns and fistfights plague a high-stakes debate to convert thousands of vacation rentals into long-term housing.

July 1 - Honolulu Civil Beat

White and purple sign for Slow Street in San Francisco, California with people crossing crosswalk.

San Francisco Suspends Traffic Calming Amidst Record Deaths

Citing “a challenging fiscal landscape,” the city will cease the program on the heels of 42 traffic deaths, including 24 pedestrians.

July 1 - KQED

Tents inhabited by unhoused people lined up on sidewalk in Los Angeles, California in front of industrial building.

California Homeless Arrests, Citations Spike After Ruling

An investigation reveals that anti-homeless actions increased up to 500% after Grants Pass v. Johnson — even in cities claiming no policy change.

July 1 - Times of San Diego

Urban Design for Planners 1: Software Tools

This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.

Planning for Universal Design

Learn the tools for implementing Universal Design in planning regulations.