The Irish Government has published the Investment Limited Partnerships (Amendment) Bill 2020. This new Bill brings changes which are set to make Ireland a more attractive location for setting up investment limited partnerships (ILP's).
ILP's are popular collective investment vehicles globally and are commonly used to invest in a broad range of asset classes. They are particularly suited for private equity, infrastructure and real estate investments. Irish ministers approved legislative plans last week aimed at enhancing Ireland's regulatory environment in international financial services.
Existing legislation for limited partnerships is well established in Ireland by the original Act of 1994, however the new 2020 Bill aims to further promote investment and secure Ireland's competitiveness and enrich our regulatory environment in international financial services.
The Irish Minister for Finance and President of the Eurogroup, Paschal Donohoe said:
‘The publication of this Bill is an important step to maintain Ireland's place as a leader for investment funds in Europe. It fulfils a commitment made in the Programme for Government to progress the revision of the Investment Limited Partnership structure and it ensures the same standards of transparency and beneficial ownership apply across all of Ireland's investment fund vehicles. The importance attached to the Bill as a means to promote investment and Ireland's competitiveness and sound regulatory environment in international financial services is more acute in the wake of the economic impact caused by COVID-19'.
While there are still a number of stages which need to take place before the Bill becomes law, the publishing of the Bill is an important step for Ireland. As a professional services firm with global private equity expertise, Intertrust look forward to helping our clients understand how this new legislation can help grow their business.
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