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Specialty Services

Irish Investment Limited Partnership

The Maples Group welcomes the coming into effect of the Irish Investment Limited Partnerships (Amendment) Act 2020 (the "Act") which amends existing investment limited partnership ("ILP") law.

OVERVIEW

The ILP is a regulated common law partnership structure which will be of significant interest to Irish and international managers marketing to EU investors and wider global markets now that the new enhanced structure is available  The new ILP falls within the AIFMD regime and is able to fully avail of the marketing passports and associated investor protection features. 

The Act introduces a number of important changes which aim to position the ILP as a leading EU fund vehicle for private equity, sustainable investments and closed-ended alternative funds. It also introduces several important changes to the Irish Collective Asset-management Vehicle (“ICAV”) Act 2015 and extends the beneficial ownership requirements that apply to corporate and unit trust fund structures to ILPs and common contractual funds.  In addition to the Act, the Central Bank of Ireland has recently introduced new regulatory guidance which permits ILPs established as closed-ended funds to avail of key structuring features.

It is hoped that the ILP will create additional jobs and opportunities in the Irish and international market, which is particularly timely noting the challenges posed by Brexit and recovery from COVID-19.
 
The Maples Group is globally recognised as a leader in private equity and closed-ended fund legal advice, along with the provision of a comprehensive suite of solutions which include AIFMD fund management, fund administration and registered offices, board support and fiduciary services to GPs.  We look forward to discussing the investment and distribution opportunities with our international clients and their advisors.