Ireland’s updated ILP legislation: what it means for real estate funds

The long-awaited update to the Investment Limited Partnership (ILP) Bill in Ireland has now passed all stages of the parliamentary process. The new ILP legislation makes Ireland an even more competitive jurisdiction for private investment funds, like real estate, and will likely see not only new business flow into Ireland but also established managers in other jurisdictions move domiciles. The updates to the ILP and AIF Rulebook reflect typical features of close-ended funds. These features will be available to close-ended qualifying investor fund partnerships as well as other available legal structures.

We expect that the ILP amendments will drive strong activity for Ireland in January 2021 and across the new year, making Ireland a highly attractive jurisdiction for private capital asset managers – especially those based in the UK, US, Europe and Asia.

What does it mean for real estate managers?

Following the challenges that the Covid-19 pandemic  presented to the real estate market in 2020, investors will be keen to put record dry powder to use and take advantage of the new opportunities on offer in the reshaped global economy. Deals around the world that have been put on hold will finally come to fruition – and the ILP can offer real estate managers flexibility but also cost-efficient solutions. The ILP will allow fund managers to set up and operate multiple funds under one umbrella structure.

How can Intertrust Group help?

Intertrust Group has established a large private capital client base in Ireland and across the globe, with a proven track record and strong expertise in helping private investment fund managers in popular fund jurisdictions such as Luxembourg, Cayman, Jersey and Guernsey.

For real estate structures, we can set up and manage entities at the global SPV level, through to full fund administration and investor services, such as onboarding and KYC/AML. We deliver a comprehensive range of fund and corporate client services for real estate transactions and administrative services such as domiciliation, directorship, corporate and governance services and have specialised accounting expertise and software across all real estate asset classes.

To discover more about the ILP and how Intertrust Group can help you accelerate the possible across the full lifecycle of your real estate fund, get in touch with our experts.