The privatization of infrastructure is an important policy in China, in which PPPs have been applied in infrastructure development However, lack of effective key performance indicators (KPIs) has hindered PPPs from being applied in good health Aiming at helping public sectors in PPPs to improve the performance of PPP projects, the structural equation modeling (SEM) is utilized in this paper to simplify and analyze the total 48 performance indicators that were identified by prior researches by authors Furthermore, the relationships between different indicator groups were also explored Finally, 41 KPIs were identified by SEM, and the findings from relationship analysis can be used for future research to measure the performance of PPP projects, which will hopefully improve the performance of PPPs in China