Ireland’s Investment Limited Partnerships Amendment Bill 2020: Enhancing The LLP Fund Regime
What is it?
The Investment Limited Partnerships (Amendment) Bill 2020 or ILP Bill modernises the 1994 Investment Limited Partnership (ILP) Act.
It makes provision for a new ILP structure, which will add to the already extensive choice of fund vehicles available to asset managers including the ICAV, CCF and Unit Trust and also the unregulated 1907 partnership structure.
It also introduces a number of other measures to ensure there is alignment with more recent domestic and EU legislation, such as the Alternative Investment Fund Managers Directive, the 2014 Companies Act and the 2015 Irish Collective Asset-management Vehicles Act.
Benefits of the new ILP legislation include: