Public private partnerships (PPP) and Public Finance initiative (PFI) have been widely used to finance infrastructures and public services. PPP and PFI are an effective way to achieve value for money (VFM) (Broadbent et al. 2008) as they guarantee efficiency levels and transfer risk away from the public sector. Scholars analysed “risk” from different angles, i.e. risk identification and controlling (Broadbent et al. 2008), diffusion of risks (Demirag et al. 2012), demand risk (Burke and Demirag 2013) and risk management (Chung and Hensher 2015). Despite the importance of the risk the topic has not yet been deepened. This research aims at understanding the state of the art of risk consideration under PPP and PFI studies. We conducted a systematic literature review (SLR), we defined five constitutive areas, namely: value for Money, risk determination and allocation, financial risk transfer, contractualization of risk and risk management in post construction phase. Risk in PPP and PFF is still in its infancy. Further research are required. In particular, regarding operational and post-operational risk studies, risk management and the role of trust between partners in operational phase, and more in general issues related to PPP/PFIs within developing countries.