On 16 January 2017, the government laid before Parliament a draft Legislative Reform Order to amend limited partnerships legislation as it applies to private funds such as venture capital and private equity funds. This follows on from the 2015 consultation on partnership legislation for private equity investments. The government response to the consultation was published at Budget 2016.
When the legislation is enacted, the amendments will introduce a new Private Fund Limited Partnership category for private funds. The amendments will reduce administrative burden and legal uncertainty for these funds.
The draft Legislative Reform Order will be considered by the Parliamentary Regulatory Reform Committee and the Delegated Powers and Regulatory Reform Committee.