closed-ended investment fund

(1) (in UKLR, ESG and DISC) an entity:  

      (a) which is an undertaking with limited liability, including a company, limited partnership, or limited liability partnership; and

      (b) whose primary object is investing and managing its assets (including pooled funds contributed by holders of its listed securities):

           (i) in property of any description; and

           (ii) with a view to spreading investment risk.

(2) (in PRM) an entity: 

      (a) which is an undertaking with limited liability, including a company, a limited partnership, or limited liability partnership; and 

      (b) whose primary object is investing and managing its assets (including pooled funds contributed by holders of its transferable securities admitted to trading): 

           (i) in property of any description; and 

           (ii) with a view to spreading investment risk.