The proposed modernisation of the existing limited partnerships legislation has taken a further step forward with the announcement that the Second Stage of the Investment Limited Partnerships (Amendment) Bill 2019 was completed on 18 September 2019.

The Bill will modernise the 1994 Investment Limited Partnerships Act, reflecting changes and developments in continuously evolving investment funds regulation, both domestically and in Europe, such as the Companies Act 2014 and the EU Alternative Investment Funds Managers Directive.

The Investment Limited Partnerships Act is a key deliverable in the Ireland for Finance Strategy, aiming to develop Ireland’s international financial services sector and make Ireland a more attractive domicile for private equity funds. The investment funds sector supports thousands of jobs in Ireland, both directly and indirectly.

Speaking about the ILP Amendment Bill 2019, Minister of State Michael D’Arcy TD said:

Enhancing the Investment Limited Partnership structure is a key deliverable of the Ireland for Finance Strategy. The Investment Limited Partnership (Amendment) Bill will further support Ireland’s offering as a top-tier global location of choice for financial services investments as laid out in the Ireland for Finance Strategy.

The limited partnership structure is used in the EU and around the world for venture capital, private equity and other ‘real economy’ investing by investment funds.

The Investment Limited Partnership (Amendment) Bill will allow Ireland to compete for global private equity investment, with the aim of creating employment and securing Ireland’s reputation as a reputable and attractive location for the funds industry, which is subject to a robust and transparent regulatory regime.