In July 2015, the U.K. Treasury issued a consultation paper seeking comment on proposed revisions to the U.K. Limited Partnerships Act 1907 that would create a new type of entity known as a Private Fund Limited Partnership (PFLP). The new PFLP structure would ease certain administrative requirements applicable to limited partnerships and would provide a “white list” of permissible limited partner activities. The Treasury recently issued a summary of consultation responses revealing broad support for the proposals. This article examines the Treasury’s planned changes in response to those comments. For a discussion of the proposals, see “U.K. Treasury Proposes Limited Partnership Reforms to Boost Competitiveness of Private Fund Structures
” (Aug. 27, 2015).