IE - Publication of the Irish Investment Limited Partnership Bill
On 20 June 2019, the Irish Government published the Investment Limited Partnership (ILP) Bill 2019.
The Bill is intended to update the existing framework for regulated limited partnerships, set out in the ILP Act 1994, in order to reflect changes in the global private equity market, both in terms of the modernization of the Irish ILP structure and in terms of applicable EU legislation. The updated framework will also contribute to achieving the Government’s aim to make Ireland a global location for private equity funds. A key change to the 1994 Act includes the proposal to allow an Investment Limited Partnership to be structured as an umbrella fund with segregated liability between sub-funds. The Bill also clarifies limited partners obligations in relation to capital contributions and facilitates the replacement of a General Partner.