Ireland has a proven track record as a principal E.U. alternative investment fund domicile with a sophisticated ecosystem to support international sponsors. Ireland’s growth as a global domicile for certain private fund strategies was held back, however, by outdated features of its investment limited partnership (ILP) that failed to match best market practices. Those deficiencies were remedied by recent reforms to the ILP structure, allowing Ireland to offer the full suite of preferred legal structures for private fund strategies spanning real estate, PE, private credit and many others. In a guest article, McCann FitzGerald partner Iain Ferguson outlines changes to the Irish ILP vehicle introduced in late 2020 by the Investment Limited Partnerships (Amendment) Act, 2020 and how the vehicle is being applied in practice by fund managers. In particular, the article discusses Ireland’s merits as a fund domicile, the impetus for the recent ILP reforms, pertinent changes introduced by the reforms, key considerations for PE sponsors interested in using the ILP and factors related to the ILP as a regulated structure. See “What Does the Central Bank of Ireland’s Review of CP86 Mean for Private Fund Managers?” (Feb. 16, 2021); and “How PE Funds May Benefit From Anticipated Irish LP Vehicle Enhancements” (May 21, 2019).