UK: introducing the Private Fund Limited Partnership (PFLP) structure

Several days ago a draft of the Legislative Reform (Private Fund Limited Partnerships) Order 2017 was laid before Parliament together with an accompanying explanatory document: see, respectively, here (pdf) and here (pdf). An impact assessment has also been published: see here (pdf). The Order will be considered by the Parliamentary Regulatory Reform Committee and the Delegated Powers and Regulatory Reform Committee.

The purpose of the Order is to amend the Limited Partnerships Act 1907 to introduce a Private Fund Limited Partnership (PFLP) structure. The structure is intended for private investment funds (i.e., those not authorised to be promoted to retail consumers and structured as limited partnerships).