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Limited Partnership Law Reform

The BVCA remains vigilant in promoting the continued competitiveness of the UK limited partnership as a globally pre-eminent private fund vehicle, particularly in light of Brexit.

The UK limited partnership regime is the legal bedrock of the global funds industry, and the inspiration for numerous similar vehicles around the world. Dating from 1907, it was modernised in April 2017, following extensive lobbying by the BVCA. The new “Private Fund Limited Partnership” vehicle brings the UK framework in line with other jurisdictions, by improving certainty and removing administrative burdens.

The BVCA also represented the private equity and venture capital industry when amendments were made to the UK Partnerships Regulations 2008 in 2013, which changed the definition of a qualifying partnership as regards the preparation of financial statements for limited partnerships.

We are now engaged with the UK government as regards a further review of UK limited partnership law, and will continue to keep our members informed any further developments via our regular technical publications.