On 18 July 2017, the Government of Ireland took a major step in the process to reform Ireland's existing investment limited partnership legislation by approving the legal drafting of the Investment Limited Partnership (Amendment) Bill, 2017 (the "ILP Bill").

The goal of the ILP Bill will be to update and modernise the current investment limited partnership legislation, further enhancing Ireland's suite of legal structures available for fund formation, and in particular Ireland's offering for global private equity, venture capital, infrastructure, loan origination and other real asset-focussed investment funds. This announcement demonstrates Ireland's continued commitment to grow its funds sector and to remain a leading global fund domicile.

Walkers' Investment Funds team in Ireland has played an active role in progressing the ILP Bill and will continue to engage with Government and other industry constituents throughout this next step in the reform process.

A copy of the Government's press release can be found here.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.