Structural Enhancements To Irish Funds: ICAV & The ILP 2.0

Assets under management of Irish alternative investment funds (AIFs) are at an all-time high. The strategies being pursued by Irish AIFs continue to expand, hand in hand with the introduction of additional legal structures, particularly the Irish collective asset management vehicle (ICAV). Work is also currently ongoing on reforming the Irish investment partnership structure (ILP) and, once complete, there is scope for the further expansion of the strategies being pursued by Irish AIFs, particularly private equity (PE) and real economy investment strategies.

In this article, we highlight what makes the ICAV such an attractive legal structure for AIFs and how its introduction has seen the expansion of strategies being pursued. We also introduce the ILP and highlight the proposed enhancements that are designed to make it a "best of breed" partnership structure.