Why is this topic suddenly of interest?
Irish Investment Limited Partnerships (“ILPs”) have been around since the introduction of the Investment Limited Partnership Act in 1994 (the “1994 Act”). Due to certain requirements imposed under the 1994 Act, they have seldom been used – there were only six in existence as of January 2021 based upon statistics published by the Central Bank of Ireland (“CBI”).
However, the 1994 Act has now been revitalised by virtue of the Investment Limited Partnerships (Amendment) Act 2020 (the “2020 Act”) to make it fit for modern-day investment purposes and comparable to other fund domiciles. Marking the signing of the Statutory Instrument, the Irish Minister of State at the Department of Finance, said: “The changes will further support Ireland’s offering as a top-tier global location of choice for financial services investments.”