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The Investment Limited Partnership: A common law, EU-based partnership for investment funds

25 February 2021

New legislation enacted in late 2020 has modernised the ILP in order to bring it into line with European and international standards and to provide the ILP with features available in other Irish regulated investment funds. Find out more about the Investment Limited Partnership, the key changes under the recent legislation and new Central Bank of Ireland guidance. 

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What is an Investment Limited Partnership?

A limited partnership structure is the vehicle of choice for many kinds of longer-term and closed-ended investments. An Investment Limited Partnership (ILP) is a fund-based type of limited partnership that is governed by the Investment Limited Partnerships Act 1994 and authorised by the Central Bank of Ireland as an alternative investment fund (AIF). The ILP is constituted under a Limited Partnership Agreement (LPA) betwee the general partner(s) and the limited partner investors in the ILP.

What are the key changes under the recent legislation? 

The ILP has been recently updated by the Investment Limited Partnerships (Amendment) Act 2020. The changes have modernised the ILP by i) clarifying the rights, obligations and status of limited partners and general partners; ii) aligning the standards and features of the ILP with those already in place for other Irish regulated investment fund structures; iii) updating the framework for changes in market practice since 1994; and iv) updating the ILP to take account of more recent EU legislation, in particular the Alternative Investment Fund Managers Directive (AIFMD).

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