This report examines whether the PPP deals for running of the London Underground infrastructure are likely to be successful. The assessment was based around three questions: are performance outcomes likely to improve; are the key success factors in place for the partnership to work; are their any constraints.It concludes that so far performance against benchmarks has been mixed but there is potential to deliver improvements for customers; however it is not certain that the oversight mechanisms will enable London Underground to deliver the outcomes promised in the contracts.