AB | Aktiebolag. A Swedish stock company. Privately-held ABs must have capital of at least SEK 100,000 upon incorporation. |
ASA | Allmennaksjeselskap. The Norwegian term for a public limited company. |
BV | Besloten Vennootschap. The Dutch term for a private limited liability company. |
CERPIs | Long-term investment vehicles for infrastructure and energy projects in Mexico and are listed on the BMV and BIVA stock exchanges. |
CKD | Certificados de Capital de Desarrollo or Certificates of Capital Development are legal structures granting investors access to private equity, real estate, and infrastructure investments within Mexico. |
CV | Commanditaire Vennootschap. A Dutch limited partnership. |
FCP | Fonds Commun de Placement. A co-proprietorship whose joint owners are only liable up to the amount they have contributed and whose rights are represented by units. An FCP does not have legal personality and requires a Luxembourg-based management company. |
FIL | Fondo de Inversión Libre. A Spanish investment fund. |
GK | Godo Kaisha. A Japanese structure; similar to a limited liability company. |
GmbH | Gesellschaft mit beschränkter Haftung. Translates as Company with Limited Liability. The structure exists in Germany, Austria and Switzerland. In Germany the company is incorporated, but not publicly traded, and must have at least two partners. In Austria there must be at least two founding shareholders. |
Immobilienfond | A German open-ended fund. Generally established for retail investors, there are various limitations imposed on the nature and geographic location of investments. |
Incorporated (Inc.) | A legal entity where the ownership has been arranged into shares. A shareholder has no responsibilities to the company and the potential losses of the shareholder are limited to the value of the stock turning to zero in the case of a bankruptcy. |
KY | Kommandiittiyhtiö. A Finnish limited partnership. |
Limited Partnership | A form of partnership consisting of both GPs and LPs. GPs have authority as agents of the firm to bind all the other partners in contracts. |
LLC | Limited Liability Company. A US structure in which shareholders have limited liability for the actions of the company/fund. |
NV | Naamloze Vennootschap. A Dutch public open stock company. |
PLC | Public Limited Company. PLCs are limited companies in the UK and Ireland that are allowed to sell their shares to the public. |
Private REIT | Private Real Estate Investment Trust. A REIT that is not registered with the Securities and Exchange Commission (SEC) or traded on a national exchange. |
Property Unit Trust | A collective investment scheme in property which invests in a portfolio of investment-grade properties that is held for its rental income and capital appreciation. |
Public REIT | A Real Estate Investment Trust that files with the Securities and Exchange Commission (SEC) and whose shares trade on national stock exchanges. |
SARL | Société à responsabilité limitée. A company whose liability is limited to the contributions of its civil aspects, formed by two classes of shareholders, (i) the GP(s) with unlimited, joint and several liabilities, and (ii) the limited shareholders with limited liability. |
SICAF | Société d’Investissement à Capital Fixe. An investment company with fixed capital. It is subject to formalities when changes are made to its capital. |
SICAR | Société d’investissement en capital à risque. A Luxembourg structure designed to facilitate the raising of funds and to allow investment in risk-bearing capital. |
SICAV | Société d’Investissement à Capital Variable. An investment company whose capital is always equal to its net assets. |
SIF | Société de Participations Financières. A Luxembourg-branded investment vehicle for sophisticated investors. Can be structured as a common fund (FCP) or investment company (SICAV or SICAF). |
Specialfonds | German Special Funds or Spezial-Sondervermögen. These are funds managed by Germany-based investment management companies for institutional investors. |
Unlisted REIT | A publicly registered, non-traded Real Estate Investment Trust. It files with the Securities and Exchange Commission (SEC), but is not traded on a national exchange. |
YK | Yugen Kaisha. A Japanese vehicle often held by a Cayman SPV. |