***
**Nature of ownership**
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## Assessment Instructions
Intent: What is the purpose of this indicator?
Describe the ownership status and characteristics of the participating entity.
Input: How do I complete this indicator?
Select the nature of the participating entity. Select at least one of the applicable sub-options and provide details if applicable. Entities reporting to GRESB are expected to represent investable vehicles, and these entities are expected to represent all infrastructure assets held by the vehicle (i.e., the whole portfolio).
\*Values in the Entity Characteristics (EC) aspect are fixed to one entity, regardless of assessment year. In order to update these please select the 'Manage Entity' setting in the 'Assessment Portal').
**Other:** Other answers must be outside the options listed in the indicator to be valid.
#### Terminology
**Closed end fund**
> An investment vehicle with a fixed amount of capital. Limited liquidity, with the redemption of units provided for at the end of the life of the vehicle.
**Core, Value Add, Opportunistic**
> These are classifications of investment risk and return sometimes used by infrastructure investors. GRESB does not seek to define these but merely requires participants to select if they apply one of these classifications.
**Debt**
> A fund or similar entity that has been set up for the purposes of issuing or investing in loans or bonds.
**Direct investment**
> The purchase of a controlling interest or a minority interest of such size and influence that active control is a feasible objective.
**Government entity**
> An entity owned and managed by the government.
**ISIN**
> International Securities Identification Number. ISINs are assigned to securities to facilitate unambiguous clearing and settlement procedures. They are composed of a 12-digit alphanumeric code and act to unify different ticker symbols, which can vary by exchange and currency for the same security. In the United States, ISINs are extended versions of 9-character CUSIP codes.
**Joint venture**
> A vehicle where at least two parties share a common investment objective. Control over significant risk management decisions is not transferred to an external manager, but is exercised by members in the venture.
**Open-end fund**
> An investment vehicle with a variable and unlimited amount of capital. Investors may purchase or redeem units or shares from the vehicle as outlined in contractual agreements.
**Private entity**
> A company or fund that is not a listed or traded on any stock exchange. Also known as non-listed entities or private portfolios.
**Public entity**
> A company that is publicly listed and traded on a recognized stock exchange, such as Nasdaq or NYSE. Also known as "listed entities”.
**Separate Account**
> A portfolio of assets managed by a professional investment firm with a single investor client.
**Special Purpose Vehicle**
> A subsidiary created by a parent company to isolate financial risk.
***
References
[INREV Guidelines, Definitions, 2017](https://www.inrev.org/definitions/)
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