Private Funds Law Update

On 23 July 2015, the UK Treasury published a consultation paper and draft Legislation Reform (Limited Partnership) Order 2015 setting out its proposed amendments to the Limited Partnership Act 1907 (LPA 1907). The proposals were intended to modernise the law on limited partnerships by removing unnecessary legal complexity and administrative burdens to ensure that UK limited partnerships remain the preferred structure for European private equity and venture capital funds, as well as various other types of private fund. The government has now considered, and responded to, the submissions received. It has outlined a number of changes to the initial proposals, which we discuss further in here.