The Private Fund Limited Partnership: A New Fund Vehicle for the UK

6 April 2017
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Key takeaways

  • On 6 April 2017, the UK government’s long-awaited reforms to limited partnership law became effective. The effect is to create a new vehicle for private funds known as a Private Fund Limited Partnership (“PFLP”).
  • The new PFLP regime is aimed at reducing various financial and administrative burdens for the manager or general partner, as well as providing greater legal certainty for limited partners.
  • It represents a welcome modernisation of the Limited Partnership Act 1907 and one that should help the United Kingdom remain competitive as a jurisdiction for global fund formation.