The Bank’s 10 deals to date have mostly been in relatively conventional investments.45 This total consists of seven loans and three equity investments made through funds rather than directly. The Treasury told us that the Bank was deliberately designed to start with “those less controversial things, less equity driven” as it builds up resources over time.46 The Bank acknowledged that it is comfortable with senior debt transactions, but does not have the skillset and resource within the Bank to undertake direct equity investment.47 It told us that it took the decision to deploy equity through qualified third-party managers, rather than not deploy any equity until it had the resource to do so. The Bank told us that this is a “technique that has been deployed successfully in Government before”, for example through the Digital Infrastructure Investment Fund and Charge Infrastructure Investment Fund – both of which are now the responsibility of the Bank. The Bank expects such “outsourcing” to moderate over time as it develops the skills necessary to make direct investments, to the point where it will not outsource equity investment further.48