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New Private Fund Limited Partnership vehicle becomes a reality

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Summary: The Legislative Reform (Private Fund Limited Partnerships) Order 2017 has been approved by Parliament and comes into force on 6 April 2017.

From 6 April 2017 the private funds industry will be able to take advantage of a new, more flexible and streamlined vehicle, the ‘private fund limited partnership’ (PFLP), for both existing and new UK limited partnerships (UKLPs) that meet the PFLP conditions. The existing UKLP regime will remain, for those vehicles that choose not to have (or are not eligible for) PFLP status.

For a summary of some of the key themes of the new PFLP model and how it differs from the existing UKLP legislation, read our January briefing (UK limited partnership reform proposals: key themes of the new private fund limited partnership).

Please feel free to get in touch with any of the BLP Investment Management team or your usual BLP contact if you would like to discuss these reforms further, including consideration of the positions on both new and existing structures across your business.

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