Irish Funds welcomes LP reform
Trade body Irish Funds said The Investment Limited Partnerships (Amendment) Bill 2020, passed in the Dáil will create 3,000 jobs by 2025 and attract up to €20bn of global private capital each year.
According to the association, the recent passing of the bill will accelerate Irish fund industry growth, help firms facilitate the green recovery, and open the door for new global private fund market entrants to domicile in Ireland as a key base for European capital raises.
Irish Funds also predicted that fund industry centres including Cork, Limerick, Wexford, Kilkenny and Galway are primed for increased business.
In the two year period from 2018 to November 2020, 119 firms have entered or expanded in Ireland, marking 40% growth. Irish Funds linked some of this growth to the Brexit Transition, and anticipates that the LP reform will appeal to fund promoters and managers from other common law countries, such as the US, UK, Hong Kong and Australia. “This is due to Ireland’s position as the only common law country in the EU post-Brexit on 31 December and its importance as a global English-speaking gateway to Europe,” read a statement.
Pat Lardner, CEO, Irish Funds commented: “Ireland has today reasserted its position as a leading, full-service location for the global funds industry and I congratulate Government and the Minister for Financial Services Sean Fleming TD, on this milestone.
“This is game-changing in terms of Ireland’s global competitiveness and will enable and drive new business and opportunities, as well as retain business which has previously been lost overseas. It will help develop Ireland as a centre for green financing and align us with EU policy goals in sustainable finance.
“Importantly it will stimulate growth, safeguarding and creating jobs across the sector benefiting local communities throughout Ireland and increasing the industry’s Exchequer returns at a critical time for the economy.”