The government has published a summary of responses to a July 2015 consultation paper on changes for private equity investment funds operating via UK limited partnerships. This will see the introduction of a new regime applying to limited partnerships designated as 'private fund limited partnerships' or PFLPs. Once the changes have been made, new limited partnerships will be able to opt for PFLP designation on their registration. Existing limited partnerships will be able to opt into the PFLP regime although, having done so, they will then be unable to return to limited partnership status.
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