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Press Release: ‘Game-changing’ Irish funds legislation to create 3,000 jobs

17 December 2020


‘Game-changing’ Irish funds legislation to create 3,000 jobs

Partnership structure update to attract up to €20bn p.a. in global private capital

17 December 2020 – Irish Funds today welcomed completion of a key financial services bill that has been in the works for over five years and is expected to create 3,000 jobs by 2025 while attracting up to €20bn per annum in global private capital.

The Investment Limited Partnerships (Amendment) Bill 2020, passed in the Dáil, is set to accelerate Irish fund industry growth, help firms facilitate the green recovery, andopen the door for new global private fund market entrants to domicile in Ireland as a key base for European capital raises.

Firms will now have the potential to expand their Private Equity, Infrastructure, Renewables, and Real Estate offerings with a positive knock-on effect expected for local employment and Ireland’s position as a sustainable finance hub.

Funds industry centres across Ireland such as Cork, Limerick, Wexford, Kilkenny and Galway are also primed for increased business.

As the Irish Funds’ industry marks 40% growth over the two-year period from 2018 to November 2020, with an additional 119 firms entering or expanding in the market during the Brexit transition, it anticipates that the new offer will particularly appeal to fund promoters and managers from other common law countries, such as the US, UK, Hong Kong and Australia. This is due to Ireland’s position as the only common law country in the EU post-Brexit on 31 December and its importance as a global English-speaking gateway to Europe.

Pat Lardner, CEO, Irish Funds commented: “Ireland has today reasserted its position as a leading, full-service location for the global funds industry and I congratulate Government and the Minister for Financial Services Sean Fleming TD, on this milestone.

“This is game-changing in terms of Ireland’s global competitiveness and will enable and drive new business and opportunities, as well as retain business which has previously been lost overseas. It will help develop Ireland as a centre for green financing and align us with EU policy goals in sustainable finance.

“Importantly it will stimulate growth, safeguarding and creating jobs across the sector benefiting local communities throughout Ireland and increasing the industry’s Exchequer returns at a critical time for the economy.”

Partnership structures are used to fund long-term capital projects such as investments in renewable energy, energy efficiency, carbon capture and climate transition finance, with the new legislation expected to make Ireland a key global jurisdiction for raising capital for these activities.

According to Invest Europe, annual fund-raising in the European Private Equity space averaged more than €100bn per year in the last three years. Ireland is expected to grow a significant market share of up to €20bn per annum over the coming years based on its strong position in the wider funds market.


Notes to Editor

For all media enquiries, please contact:

Hume Brophy


T: +44 7788267702 (Edel Bach)

About Irish Funds

The Irish Funds Industry Association (Irish Funds) is the voice of the funds and asset management industry in Ireland. Founded in 1991, Irish Funds represents fund managers, depositaries, administrators, transfer agents, professional advisory firms and other specialist firms involved in the international fund services industry in Ireland.

Irish Funds’ more than 140 members service or manage in excess of 14,000 funds with a net asset value of €4.9 trillion. Irish Funds’ objective is to support and complement the development of the international funds industry in Ireland, ensuring Ireland is the premier location to enable and support global investing through its reputation for trust, capability and innovation.

As Irish Funds prepares to celebrate its 30th anniversary in 2021, Ireland has become a premier location for fund managers establishing regulated investment products for distribution in the global marketplace.

Today, Irish domiciled funds are sold to investors from 90+ countries across Europe, the Americas, Asia and the Pacific, the Middle East and Africa. Over 560 fund promoters from across the globe have used Ireland to set up regulated investment funds distributed to investors and savers throughout the world.

There are 38,000 people employed in the financial services industry and in excess of 16,000 directly in investment funds industry including fund managers, administrators, trustees, legal advisers, auditors, tax advisers, compliance, listing and other industry specialists.

For further information about Irish Funds, please visit

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