Mary Bonar is a partner in the rail consultancy First Class Partnership where she has been involved in advice to the Department for Transport on third party funding of the railway, as well as in the new Wales and Borders arrangements. Before joining FCP Mary was a leading rail lawyer also dealing with light rail with extensive experience of the various means of private finance which can be used in the rail industry from lease finance for rolling stock and state of the art depots, to project style financing for infrastructure and the use of debt , private equity and pension funds .The requirements of these different types of finance need to be tailored to the rail regulatory environment and the treatment of different classes of asset within franchises.