Public Private Partnerships (PPPs) have emerged worldwide as an attractive way for government to finance infrastructure. This study aims to examine key stakeholders' perceptions on the allocation, transfer and pricing of risk in Irish toll road PPPs. It examines how stakeholders' perceptions on these issues may be changing as access to finance becomes more difficult in the PPP market. Furthermore, the research investigates how and why some PPP risks are allocated, transferred and mitigated through a stakeholder approach. The study therefore makes an important contribution to the stakeholder literature. The study examined three in-depth case studies of Irish toll road PPPs. 40 in-depth interviews were conducted with 38 key stakeholders including public sector representatives, operators, contractors, equity investors, senior debt financiers, advisors and interest groups involved in toll road PPPs in the Republic of Ireland. Through their interaction on risk issues these stakeholders have developed a number of relationships. Three types of stakeholder relationships are explored: the relationship between the public sector bodies responsible for PPPs; the relationship between the procuring authorities and the Special Purpose Vehicle (SPV); and finally the relationship between the SPY members. The findings suggest that the Irish Government's treatment of risk and its transfer to the private partner in PPPs is changing over time. These changes are occurring in the midst of a global financial crisis where access to finance for infrastructural investment has become very difficult. The findings suggest that the Irish Government may be willing to provide more guarantees on future PPPs. Pricing of demand risk also differs from the Irish Government's rhetoric that it is being priced realistically. In practice, it was found to be priced aggressively by the Spy in order to win PPP contracts. The National Roads Authority (NRA) has worked collaboratively and shown flexibility with the SPY to resolve a number of risks in PPP. The study also found that risk can be allocated, transferred and managed through a number of different relationships in PPPs. The SPY companies work collaboratively together to manage risk in PPPs, although they do transfer considerable risks to subcontractors.