Legal Updates

 Asset Management and Investment FundsSeptember 23, 2020

Publication of Irish Investment Limited Partnerships (Amendment) Bill 2020

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For further information on any of the issues discussed in this publication please contact the related contact(s) on this page.

A Bill to amend The Investment Limited Partnerships Act, 1994, which governs the establishment and operation of regulated investment limited partnerships (“ILP”) in Ireland, has been published with Paschal Donohue, Irish Minister for Finance, describing its publication as “an important step to maintain Ireland’s place as a leader for investment funds in Europe”.

The Bill is intended to modernise the law governing Irish private equity funds so as to make the ILP the vehicle of choice for implementing private equity, venture capital and real assets investment strategies in Europe. As well as modernising the ILP in line with other types of Irish investment fund vehicles, the amendments to the existing ILP regime are intended to incorporate “best in class” features for this type of vehicle.

As well as revising the existing ILP legislation, the Bill also includes provisions to extend anti-money laundering beneficial ownership requirements to both ILPs and common contractual funds as well as making some technical amendments to the ICAV Act 2015 to enhance the efficiency of the structure and align it with the Companies Act 2014 where relevant.

The Bill must now be considered by both houses of the Irish Parliament before it becomes law. We will issue further updates as this progresses.

DISCLAIMER: This document is for information purposes only and does not purport to represent legal advice. If you have any queries or would like further information relating to any of the above matters, please refer to the contacts above or your usual contact in Dillon Eustace.

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