RULES IN PRACTICE

摘要

An investment business (the X Fund) is constituted as a limited partnership under the Limited Partnership Act 1907. The institutional investors comprise UK pension funds and two wealthy US individual investors. One of the UK pension funds (A) holds its interest via a nominee, N. The two US investors have invested via their investment vehicle, a US LLC. The X Fund is now generating profits by way of gains from successful realisations of its stakes in investee companies, as well as through the receipt of interest on the debt component of its financings of such companies. This package of proposals, published in September 2017, has perhaps come out rather better than might have been feared, though undoubtedly they do introduce some additional administrative complexity, particularly for limited partnerships. As well as close attention to detail, good levels of co-operation and/or disclosure between partnerships, where one is a member of the other, will be important.