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Government legislates for new private fund limited partnerships

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HM Treasury has published the draft Legislative Reform (Private Fund Limited Partnerships) Order 2016, together with an explanatory document, to introduce a new private fund limited partnership (PFLP) structure, which will be available to private investment funds established as limited partnerships, such as private equity and venture capital funds, from April 2017. A limited partnership must be constituted by an agreement in writing and be a collective investment scheme to be designated as a PFLP. The government consulted on its proposals during 2015, announcing at Budget 2016 its intention to legislate for this new type of partnership. See