Segregated portfolio company
A form of espievie where limited recourse is achieved by operation of the company’s constitutive documents, which segregates the company’s innards into segregated cells, assets in each of which are fully protected from claimants pertaining to other cells. While their host espievie does, the cells in themselves do not have legal personality though. Contrast with incorporated cell company, where the cells do have separate legal personality, and with normal old SPVs, where you can achieve more or less the same thing contractually with a combination of limited recourse and security.