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Private fund limited partnerships

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The Legislative Reform (Private Fund Limited Partnerships) Order, SI 2017/514, introduces a new type of partnership structure, the private fund limited partnership, from 6 April 2017. The new structure will be available to private investment funds established as limited partnerships, such as private equity and venture capital funds. A limited partnership must be constituted by an agreement in writing and be a collective investment scheme to be designated as a private fund limited partnership. Following consultation, the government announced at Budget 2016 its intention to legislate for this new type of partnership and published the draft order in January.