The present article investigates the risk management in public private partnership (PPP) projects. This study reviews and highlights the drawbacks and limitations of the current
approach towards the process PPP and finally proposes the strategies and solutions to overcome them. The author proposes to make the concept of risks in PPP projects more precise in order to manage these risks. Due to this reason, the paper presents series of criteria which allow identifying events that can be definitely regarded as risks from the huge number of events affecting PPP project. It is also justified in the article that implementation of risk classification based on the objective and justified classification criteria is preferable than in the absence of these criteria. In this respect, three classification criteria are offered and based on them the author creates her own classification of risks in PPP projects. Besides, not only general risks but also specific risks inherent in PPP projects in health care and actions to mitigate these risks are identified and described. The author shows her findings on the case of PPP projects in health care in St. Petersburg, Russia.