Investment Limited Partnerships (Amendment) Bill 2020 (the “Bill”)
The above Bill is currently before Seanad Eireann (third stage). The main purpose of the Bill is to amend the Investment Limited Partnerships Act, 1994 (“Act”) which governs the establishment and operation of regulated investment limited partnerships (“ILP(s)”) in Ireland. The Bill is intended to modernise the law governing Irish private equity funds so as to make the ILP an attractive choice for implementing private equity, venture capital and real assets investment strategies. The proposed changes to the Act include providing a list of activities which, if undertaken by a limited partner, will be deemed not to be taking part in the conduct of the business of the partnership and so do not result in loss of liability for a limited partner. It is also proposed to include the ability to establish an umbrella ILP with segregated liability between its sub-funds.
It should also be noted that the Bill incorporates amendments to enhance the transparency applied to Ireland’s fund vehicles by extending Anti Money Laundering Beneficial Ownership requirements to both ILPs and to Common Contractual Funds. The Bill also provides that the Central Bank can verify PPSN information pertaining to beneficial ownership registers it operates by proposing an amendment to the Social Welfare Consolidation Act 2005.
If you require legal assistance in respect of ILPs please contact Edel Conway or Michael Walshe of this office.