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.