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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.”
Updated / Friday, 5 Feb 2021
08:40
Pat Lardner, the chief executive at Irish Funds
Assets under management in Irish domiciled investment funds is set to climb to over €5 trillion by 2025, rallying from the €3.21 trillion recorded at the end of 2020.
This is according to new industry analysis by Irish Funds, the Association of the Funds and Asset Management Industry in Ireland.
With nearly 8,000 domiciled funds and over 14,000 total funds administered here, Ireland has over the last 30 years become the second investment fund location in the EU and the third largest in the world.
The Irish investment funds industry currently employs just over 16,000 people across asset management, depositaries, administrators, professional advisors, transfer agents, and other specialist firms.
By Gail Moss2021-02-04T16:26:00+00:00
European investors in private markets now have access to a new vehicle domiciled in Ireland, allowing them to invest more easily in these asset classes.
The framework is provided by Ireland’s Investment Limited Partnerships (Amendment) Act 2020, which modernises the existing law to create a new investment limited partnerships (ILP) structure, aligning it with international standards for private equity funds.
The intention is to make this the vehicle of choice for institutional investors in private equity, private debt, renewables and real assets.
The legislation, which took five years to reach the statute book, is expected to strengthen Ireland’s position as a financial hub, creating 3,000 jobs by 2025 and attracting €20bn per year in global private capital, while expediting the green recovery.