Releaving　traffic　congestion　by　developing　public　transport　as　an　alternative　mode　of　travel　is　a　common　practice　all　over　the　world.　However,　the　increasing　public　transport　subsidies　have　created　a　financial　burden　for　governments.　Encouragingly,　private　capital　supplies　an　opportunity　for　public　transport　in　sustainable　finance.　Previous　research　mainly　focuses　on　qualitative　analysis　and　money-for-value　(MFV)　analysis.　In　this　paper,　a　new　investment　model　is　proposed　based　on　the　concept　passenger　value＇,　and　a　bi-level　programming　model　(BLPM)　is　constructed　as　a　quantitative　analysis　tool.　The　upper　target　of　BLPM　is　the　total　surplus　(including　the　value　of　time　(VOT)　of　passengers)　of　the　public　transport　system　and　the　upper　constraint　is　the　ticket　price.　The　lower　target　of　BLPM　is　passenger＇s　surplus,　the　lower　constraints　are　service　capability　and　the　lowest　return　rate　of　the　private　sector.　The　public　transport　of　Jinan　City,　China　is　taken　as　a　case　to　quantify　the　impacts　of　private　capital　investment　in　public　transport.　Results　show　that　the　proposed　investment　model　considering　passenger　value　is　superior　to　the　traditional　one,　and　effective　private　capital　investment　could　increase　the　total　societal　benefit　of　the　transportation　system.　The　proposed　investment　strategy　satisfies　economic　viability　and　is　a　financially　sustainability　strategy.　Additionally,　travelers　should　be　encouraged　to　use　public　transport　through　improving　the　service　quality　and　passenger　returns.　Only　in　this　way　can　the　success　rate　of　the　private　sector　investment　in　public　transport　be　improved　efficiently.