Toll road concessions using assignment schemes in Indonesia have several investment problems, such as limited funding, inefficient operations, and lack of implementation of value capture. These problems have an impact on delays in the completion of project construction and reduce the financial performance of toll road development companies. Therefore, the development of value capture-based business model innovations for assigned toll road developers needs to be studied. This study aims to formulate a conceptual framework for Road Plus Property Developer as an innovative value capture-based business model in toll road concessions with assignment schemes in Indonesia to improve investment performance. The method used in this research is descriptive qualitative analysis to formulate its development. The results of this study are targeted to provide a conceptual framework for the Road Plus Property Developer business model in toll road concessions with an assignment scheme based on value capture implementation to improve investment performance. © 2025 Author(s).