This study aims to identifies, assess and allocate the potential risk factors on the Public Private Partnership (PPP) project. This study adopts a questionnaire instrument conducted at the University of Indonesia; consist of five phases of PPP mechanism from pre FS/FS (Feasibility Study), project transaction/procurement phase, Basic Design/Detail Engineering Design phase, construction phase and also operation and maintenance phase. Participants in this research are 32 companies which consist of 15 contractors, 9 consultants and 8 hybrid construction companies such as partners, developers, operator, user and funder. To assess the respondents’ level of agreement in identifying, assessing and allocating risk are using Kendall's W Concordance. The results show low level of agreement between groups of respondents in identifying and assessing risk, while there is a significant agreement of the risk allocation among groups of respondents. In this study 11 potential risks are identified in PPP projects. The most potential risk is project delayed due to land acquisition. The allocation for this risk by most of the respondents is given equally to government and private.