Beneficiaries of UDF financing (Final Recipients) must be eligible under the relevant Operational Programme from which the JESSICA funds are allocated. The beneficiary of an investment via a financial engineering instrument may be a financial investor or developer. While being an exception rather than the typical UDF structure it is also possible to have "A Special Purpose Vehicle set out to invest exclusively in a single project may be considered to be an "urban development fund set out to invest in public private partnerships and other urban projects", provided it falls within the definition of an urban development fund in Article 44 of Regulation (EC) No 1083/2006, i.e., that it invests in PPPs or other projects included in an integrated plan for sustainable urban development, and that it does so in accordance with Regulation (EC) No 1828/2006"22.
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22 COCOF 08/0002/01-EN.