EC2: Nature of Ownership – Above Green

Intent

Describe the ownership status and characteristics of the participating entity.

Requirements

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).

Public entity
- Specify ISIN:
Private (non-listed) entity
- Entity style classification:
  - Debt
  - Core
  - Value added
  - Opportunistic
- Open or closed end:
  - Open end
  - Closed end
- Type of investment vehicle
  - Direct investment
  - Joint venture (JV)
  - Separate account
  - Special purpose vehicle
  - Other
Government entity

Note: GRESB Infrastructure Investor Members that invest in listed infrastructure securities have access to the results of all listed entities that participate in the GRESB Infrastructure Assessments. Publicly traded closed-end funds should be considered as non-listed entities given their level of disclosure requirements.

2020 changes: Added several new checkboxes to “entity style classifications” as well as a new section on “types of investment vehicles”.

Other: Other answer must be outside the options listed in the indicator to be valid.

Terminology

Closed end fund: Fund with a fixed amount of capital and a finite life. Limited liquidity, with the redemption of units provided for at the end of the life of the fund.

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.

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 infrastructure portfolio owned and managed by a government agency. Government portfolios are formed of publicly owned, and/or publicly managed assets.

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.

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”.

Open end fund: Fund with a variable and unlimited amount of capital which may be accepted and has an infinite life. Investors may purchase or redeem units or shares from the fund as outlined in contractual agreements.

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