After the 2014 Ebola outbreak, the World Bank committed to providing a financial mechanism to support global pandemic preparedness. In line with its mandate of creating new markets, the bank is proposing an insurance arrangement that does not simply pool donor money but creates a market for private sector investment. We outline the bank’s efforts to do so through the Pandemic Emergency Financing Facility (PEF). We then analyze some potential benefits and wider concerns about private sector involvement in global health.