The privatization program of the City of St. Petersburg is unique in its approach. With over 15,000 enterprises in the City's portfolio, a select group of companies were chosen for pilot transactions prior to creating overarching institutional framework. Drawn from field experience, Bogdanowicz-Bindert and Ryan analyze program progress to date and attempt to draw lessons applicable to a wider spectrum of companies, not only in St. Petersburg, but in Russia in general.