In response to its consultation proposing changes to partnership legislation for private equity investments, the government has decided to proceed with its proposal to establish a scheme for private funds structured as a limited partnership. It notes that some of the proposals may be beneficial if applied to all limited partnerships, not only private funds, but that wider ranging proposals would require further consideration and consultation, so it will consider appropriate next steps. The government proposes to put forward draft legislative amendments in a Legislative Reform Order to be laid before Parliament in due course, with the changes to be fully operational within a year.