A new form of limited partnership is introduced in the UK, in a bid to modernise the law in this area and to allow private fund limited partnerships to be established.
A new form of limited partnership has been introduced in the UK, in a bid to modernise the law in this area. It also aims to promote the UK limited partnership as a favoured arrangement for private equity and venture capital funds. The Legislative Reform (Private Fund Limited Partnerships) Order 2017 amends the Limited Partnerships Act 1907 (LPA 1907) to allow for the establishment of private fund limited partnerships (PFLPs). A limited partnership can convert to PFLP status if it is subject to a written agreement and a collective investment scheme, within the meaning of Section 235 of the Financial Services and Markets Act 2000. Only UK limited partnerships that qualify and elect to be PFLPs will be within the new regime. To gai