Limited Partnerships & Advice

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New Financial Services Partner - Anthony O'Hanlon

Neil Campbell (left) with Anthony O'Hanlon

We are pleased to announce the appointment of Anthony O’Hanlon as a partner in our Financial Services…

15/04/24

Limited Partnerships Expertise

Our team has a market leading practice advising both general partners (GPs) on the establishment and advising limited partners (LP) on their admission to limited partnership structures under the Limited Partnerships Act 1907.

Our team has particular experience advising on limited partnerships structures used for venture capital funds, property holding funds and targeted investment funds.

We offer partner-led teams supported by the full resources of specialist areas in the firm. Our team advises a broad range of clients, including both Irish and international, operating in both the public and the private sectors. Whether you are looking to establish a new investment fund as the general partner or are considering an investment as a limited partner, our team is well placed to advise you on strategy and implementation.

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Advising on the establishment of funds structured as limited partnerships
Advising on the establishment of regulated alternative investment funds structured as investment limited partnerships
Advising on Limited Partnership Agreements (LPAs)
Carrying out General Partner (GP) and Limited Partner (LP) due diligence
Advising on the applicable requirements under the Alternative Investment Fund Managers Directive (AIFMD) and European Venture Capital Regulation (EuVECA)

Recent Work

Represented Enterprise Ireland as the cornerstone investor to the Elkstone Opportunities Fund ILP, one of the few investment limited partnerships to be established in 2022 and the first such fund to launch following the amendment to EIIS legislation.

Advised the European Investment Bank and the National Treasury Management Agency (as controller and manager of the Ireland Strategic Investment Fund) on their investments into a €108 million sub-fund, structured as an Irish limited partnership, aimed at the development of forestry and timberland assets in Ireland.

Advised Bank of Ireland on its investments into multiple funds structured as limited partnerships.

Advised Venture Wave Capital on the establishment of the Impact Ireland LP, aiming to raise more than €100 million in total and take strategic stakes in around 15 Irish companies with high growth potential.

Advised early stage Irish technology investor, Zoosh Investments Limited, on the promotion and establishment of a new fund providing seed and early stage investment in Irish and European SaaS technology companies.

Advised the US-based EcoEnterprises Capital Group, LLC on the promotion and establishment of EcoEnterprises Partners III, L.P. an Irish limited partnership providing debt financing to small and medium-sized companies located in Central and South America.

Frequently Asked Questions

Please contact our Limited Partnerships team if you have a question that has not been answered here.

What is a limited partnership?

A limited partnership is a particular class of partnership which is formed and registered under the Limited Partnerships Act 1907 of Ireland.

What are the requirements for a limited partnership?

A limited partnership must have at least one general partner and at least one limited partner. A general partner is liable for all of the debts and obligations of the limited partnership and is responsible for the management of the limited partnership’s business. A limited partner must contribute capital to the limited partnership but is not liable for the limited partnership’s debts beyond the amount of capital contributed. A limited partner may not receive back its capital during the term of the limited partnership and may not take part in the management of the business of the limited partnership.

What are the tax benefits of a limited partnership?

A limited partnership is tax transparent, meaning that the partnership itself is not subject to tax on its income or gains. Consequently, there should be no tax leakage in using a limited partnership. Limited partners will be subject to tax under the tax code of their country of residence and the country where the investment is situated. This is subject to any relief available under a double tax treaty between the country of residence of the limited partners and the country where the investment is situated.

What are the disadvantages of a limited partnership?

A disadvantage of the limited partnership structure for limited partners is the prohibition on participating in the management of the business of the partnership. If a limited partner takes part in the management of the partnership business, it will be liable for all debts and obligations of the partnership incurred while it so takes part in the management as though it were a general partner.

Your Dedicated Team

David O'Donnell

Partner

+353 86 234 1330

dodonnell@mhc.ie

Limited Partnerships

New Financial Services Partner - Anthony O'Hanlon

Limited Partnerships Expertise

Your Dedicated Team

David O'Donnell

Conall Geraghty

Rowena Fitzgerald

MHC Life: Conall Geraghty (Part 2)

Investment Funds: Investment Limited Partnership (Amendment) Bill 2019 Published

New Financial Services Partner - Anthony O'Hanlon

Limited Partnerships Expertise

Related Practice Areas

Related Sectors

Related Services

Recent Work

Frequently Asked Questions

Your Dedicated Team

David O'Donnell

Conall Geraghty

Rowena Fitzgerald

Related Content

MHC Life: Conall Geraghty (Part 2)

Investment Funds: Investment Limited Partnership (Amendment) Bill 2019 Published

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