In July 2017 the Irish Government approved the heads of the Investment Limited Partnership and Irish Collective Asset-Management Vehicle (Amendment) Bill (the "Bill").

The aim of the Bill is to support the development of real economy investments by ensuring that Ireland continues to remain a leading centre of excellence for investment structures and remains at the cutting edge of market developments. Until the Bill is published there is still uncertainty about the changes that will be implemented, however, it is hoped that the changes will include amendments which will (i) improve the operation of Investment Limited Partnerships ("ILPs") and align the structure with AIFMD and (ii) allow for the establishment of umbrella ILPs and the migrations of ILPs, thereby increasing the structural options available for promoters of venture capital and private equity funds in Ireland.

The Government recently published its legislation programme for Autumn/Winter 2018 in which it confirmed that the Bill is due to be published before the end of the year.