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.
The Irish investment limited partnership (“ILP”) is a regulated common law partnership structure, which has recently been updated and enhanced pursuant to the Investment Limited Partnerships (Amendment) Act 2020 (the “Act”). The revised ILP structure is attracting significant interest to Irish and international managers marketing to EU investors and wider global markets. The ILP falls within the AIFMD regime and is able to fully avail of the marketing passports and associated investor protection features.
The Act introduced 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 introduced several important changes to the Irish Collective Asset-management Vehicle (“ICAV”) Act 2015 and extended 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 introduced complementary regulatory guidance which permit ILPs established as closed-ended funds to avail of key structuring features.
The Maples Group is globally recognised as a leader in private markets 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.
