EisnerAmper Ireland Supports Charity Cycle from Malin Head to Mizen Head
EisnerAmper Ireland’s CSR Team was delighted to sponsor our colleague, Peter Buckley’s charity cycle from Malin Head to Mizen Head in aid of Barretstown Children’s Charity and the Children’s Health Foundation.
The four day cycling trip started at Malin Head, with Peter and three of his friends, William Tallon, Martin Hearns and Brian Daly cycling 162km to Bundoran. On day two, the group cycled 173km to Athenry, Co. Galway. With some much needed rest and recuperation time in between, day three saw Peter cycle 213km to Kanturk. The final stretch of the journey was on day four with a 145km cycle to Mizen Head. The group have raised €19,468 to date.
Barretstown offers free, specially designed camps and programmes for children and their families living with serious illness – supported behind the scenes by 24 hour on-site medical and nursing care. Children’s Health Foundation raises funds with the help and generosity of supporters across Ireland and beyond, and provides urgent funding where it is needed most across Children’s Health Ireland (CHI) – from funding essential equipment and patient and parental supports to making new services and ground-breaking paediatric research possible. Children’s Health Foundation is committed to supporting CHI hospitals and urgent care centres in Temple Street, Connolly, Crumlin and Tallaght.
EisnerAmper Ireland were delighted to sponsor Peter for his amazing charity cycle.
To make a donation to Peter’s GoFundMe page, click here.
At EisnerAmper Ireland, we care about business and we care about the people we work with in business.
Corporate Social Responsibility (CSR) is integral to how we do business and manage interactions, not just with our employees and clients but also our wider community and society as a whole. As a professional services firm, demonstrating ethical high performance in all aspects of our work and how we run our Firm is fundamental to our success. Learn more about our CSR policy here and our CSR initiatives here.
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EisnerAmper Ireland Sponsors Team in The Fionn Brogan Trust Golf Classic
EisnerAmper Ireland’s CSR Team were delighted to sponsor a golf team and hole for The Fionn Brogan Trust in Killeen Castle recently.
Fionn Brogan is 5 years of age and was diagnosed with Duchenne Muscular Dystrophy (DMD) in 2019. The Fionn Brogan Trust has been established to collect and administer all funds raised for Fionn. The goal of the Trust and all fundraising is to be as proactive as possible in ensuring his family limit the inevitable barriers Fionn will face throughout his life, and to maximize his potential going forward.
EisnerAmper Ireland were delighted to sponsor such a worthy cause.
To find out more, or to make a donation to The Fionn Brogan Trust, click here.
At EisnerAmper Ireland, we care about business and we care about the people we work with in business.
Corporate Social Responsibility (CSR) is integral to how we do business and manage interactions, not just with our employees and clients but also our wider community and society as a whole. As a professional services firm, demonstrating ethical high performance in all aspects of our work and how we run our Firm is fundamental to our success. Learn more about our CSR policy here and our CSR initiatives here.
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Congratulations to EisnerAmper Ireland’s FAE Students
Congratulations to EisnerAmper Ireland’s trainees who successfully passed Chartered Accountants Ireland’s Final Admitting Exam (FAE) and are now exam qualified.
Special congratulations to Andrew Brady, a member of EisnerAmper Ireland’s Audit team, who achieved 6th place as a prize winner in the overall Summer FAE results sitting 2021 – an amazing achievement for both Andrew and our Firm. These results are proof, not only of the extensive hard work our trainees put into achieving their qualification, but also of the dedication that EisnerAmper Ireland puts into supporting, coaching and training all staff members.
This coaching and training is unrivalled and includes bespoke training sessions, firm-wide briefing sessions and twice yearly off-site and virtual training programmes. We value education, not just qualifications. Members of our team have lectured on FAE and CAP 2 programmes, have acted as External Examiners, correct mock papers, sit on education boards and write accounting books, giving our trainees access to some of the leading professionals in the industry.
To find out more about qualifying with EisnerAmper Ireland, click here.
We care about business and we care about the people we work with in business.
Our trainees are involved in all elements of practice management from day one. From the outset, trainees work closely with Partners and Senior Management to deliver services and solutions to our key markets. This approach facilitates our trainees getting hands-on experience while also developing the core awareness, knowledge, skills and confidence to succeed in their careers. To learn more about our trainee programme, click here.
Latest News →EisnerAmper supports Insurance Ireland third INED Forum of 2021
EisnerAmper Ireland, in conjunction with Insurance Ireland, was delighted to host the third INED Forum of 2021 this afternoon.
The webinar focused on ‘Using Internal Audit As Partners In Governance’. Frank Keane, Partner and Head of Client Internationalisation at EisnerAmper Ireland, moderated the event. We would like to thank Jacqueline Thornton, Manager of EU and Domestic Regulatory Affairs and Company Secretary at Insurance Ireland for setting the scene, and our panellists for their insightful contributions:
- Ronan Murphy – Partner and Head of Internal Audit, EisnerAmper Ireland; shared his expertise by providing an overview of internal audit and what it looks like in implementation in addition to covering where it stands in an organisation and within its relationship with various stakeholders; and
- Conor Molloy – Board Chair and Insurance INED; who took part in a conversation piece with Moderator Frank Keane and explored the topic of “Using Internal Audit as Partners in Governance” from the perspective of an INED.
Many thanks also to the participants who joined today’s webinar and who contributed to our very interesting Q&A session.
We deliver specialist Insurance Regulatory Compliance Services to help you meet your regulatory compliance and corporate governance requirements.
At EisnerAmper, we design and deliver specialist Services and Solutions for Business in the areas of Governance, Risk and Compliance. In this regard, if we can assist you or your business in any way, please do get in touch – we’d be delighted to help.
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Latest News →EisnerAmper LLP Announces Investment By TowerBrook Capital Partners
EisnerAmper LLP, the US member firm of EisnerAmper Global, has announced that TowerBrook Capital Partners (“TowerBrook”), an international investment management firm, has made a strategic investment in EisnerAmper LLP.
TowerBrook’s significant capital infusion will help drive EisnerAmper LLP’s long-term growth initiatives, which include accelerating the evolution of service offerings, investing considerably in talent and technology, and strategically expanding via organic growth and targeted mergers and acquisitions — all directed at exponentially enhancing client service. EisnerAmper LLP’s leadership teams will remain unchanged.
EisnerAmper LLP and EisnerAmper Ireland are founding members of EisnerAmper Global, a specialist network of independent member firms operating via global financial services and international trading hubs. This strategic investment in EisnerAmper LLP is welcomed by the EisnerAmper Global board and by EisnerAmper Ireland. It will significantly strengthen the collective capabilities of EisnerAmper Global member firms. EisnerAmper Ireland looks forward to continuing to work successfully with EisnerAmper Global member firms designing and delivering services and technology solutions to clients and to our communities.
About TowerBrook Capital Partners
TowerBrook Capital Partners L.P. is an investment management firm that has raised in excess of $17.4 billion to date and has a history of creating value for investors. The firm is co-headquartered in New York and London and focuses on making investments in companies headquartered in North America and Europe. TowerBrook’s private equity strategy primarily pursues control-oriented investments in large and mid-market companies, principally on a proprietary basis and often in situations characterized by complexity. TowerBrook’s structured opportunities strategy allows access to a broad array of opportunities, principally via structured asset and structured equity investments, enabling investment companies to access funding and expertise to support growth without ceding control. TowerBrook is a certified B Corporation. B Corporation certification is administered by the non-profit B Lab organization and is awarded to companies that demonstrate leadership in their commitment to environmental, social and governance (“ESG”) standards and responsible business practices. For more information, please visit towerbrook.com.
About EisnerAmper
EisnerAmper, one of the largest business consulting firms in the world, is comprised of EisnerAmper LLP, a licensed independent CPA firm that provides client attest services; and Eisner Advisory Group LLC, an alternative practice structure that provides business advisory and non-attest services in accordance with all applicable laws, regulations, standards and codes of conduct. Clients are in all business sectors and leverage a complete menu of service offerings. Our combined entities include more than 200 partners and principals and 2,000-plus employees. For more information, please visit eisneramper.com.
Latest News →New Partner Appointment at EisnerAmper Ireland
We are delighted to announce the appointment of Carina Myles as Partner in our Governance, Risk & Compliance Group.
Carina’s appointment represents a further strengthening of our specialist accounting, tax and risk & regulatory teams advising the Financial Services, International Business and Government sectors.
As Partner in our Governance, Risk & Compliance Group, Carina advises financial services providers on risk, regulatory and compliance related matters. Carina supports clients throughout the regulatory engagement lifecycle and specialises in the design and implementation of risk and compliance frameworks. Carina also provides outsourced solutions to operationalise risk and compliance functions.
Carina has over 20 years’ experience designing and developing risk, compliance and control frameworks; leading regulatory change programs such as AIFMD; and leading large scale business transformation programs.
Carina joins us from Northern Trust where she held a number of senior leadership positions including Head of Business Change; Regulatory Compliance GDPR Lead; and Head of Operational Control & Compliance. Carina’s industry representation includes Chair of the Association of Compliance Officers in Ireland (ACOI) Funds Working Group and former Chair of Irish Funds GDPR Working Group.
Specialist services delivered by a market leading team
Carina’s appointment reflects our commitment to delivering market leading services and solutions through a combination of our specialist expertise, robust methodologies, innovative use of technology and global connectivity.
If you have any queries or if we can assist you in any way, please do not hesitate to contact Carina.
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Latest News →Minister for Finance announces reappointment of Diarmaid O’Keeffe to the Credit Union Advisory Committee
On Monday, 26 July, Minister for Finance, Paschal Donohoe TD, announced the reappointment of Diarmaid O’Keeffe, Head of Audit at EisnerAmper Ireland, to the Credit Union Advisory Committee (CUAC) for a further three year term having originally been appointed in 2018.
CUAC was established in 1997 to advise the Minister for Finance regarding the improvement of the management of credit unions; the protection of the interests of members and creditors of credit unions; and other matters relating to credit unions upon which the Minister and the Central Bank of Ireland may from time to time seek the advice of the Committee.
CUAC has undertaken wide ranging research in relation to the credit union sector. Most recently it conducted a Review of the Credit Union Sector 2020. This report, including recommendations, is being considered as part of the Review of the Credit Union Policy Framework that is currently being undertaken in line with the Programme for Government commitments.
Minister Donohoe also announced the reappointment Lorraine Corcoran, Chair and Director of Afanite; Olive McCarthy, Senior Lecturer & Director at the UCC Centre for Co-operative Studies; and Seamus Newcombe, CEO of Payac and the appointment of Dermot Griffin, CEO of the Credit Union Service Organisation for Payments (CUSOP), as a new member of CUAC. Elizabeth Boylan, Director of Progressive Credit Union, and Michael Ahern, CEO of Dubco Credit Union, are also members of the Committee.
Commenting on these appointments, Minister of State with responsibility for Financial Services, Credit Unions, and Insurance, Seán Fleming TD, said:
“The reappointment of Ms Corcoran, Ms McCarthy, Mr O’Keeffe, and Mr Newcombe, along with the appointment of Mr Griffin, will ensure CUAC has the requisite blend of skills and knowledge to continue its important work. CUAC’s work plays an important role in informing policy decisions and I would like to acknowledge the efforts of the committee, particularly over the last number of years.”
To read the press release from the Department of Finance, click here.
At EisnerAmper Ireland, we help credit unions optimise growth opportunities and manage risk.
Our highly experienced credit union team has more than 15 years’ industry experience working with over 200 credit unions; regulators; industry bodies; and technology developers. We provide a full range of services to credit unions from audit, internal audit and regulatory advisory to due diligence, merger advisory and training & consulting services. If you would like to learn more about EisnerAmper Ireland’s services to Credit Unions, please contact Diarmaid O’Keeffe.
Contact Diarmaid O'Keeffe
Latest News →EisnerAmper hosts Mid-Year Academy 2021
The EisnerAmper Ireland Academy is a key part of our Firm’s all-staff training programme which was held for the tenth year running. The Academy is specifically designed for our professionals to accelerate their “on the job” learning and to facilitate their journey towards becoming not just great accountants but exceptional advisers and practitioners.
This year we adapted to our changing environment by hosting an additional Mid-Year Academy virtually. The theme for our Mid-Year Academy was ‘Collaboration for Great Teamwork & Effective Teams’ and included workshops, key note speakers and team building exercises reaffirming our commitment to achieving and maintaining excellence in everything we do.
Alan Costello speaking to our team members.
Team building exercises encouraged our staff to work together and collaborate to develop their design thinking skills. Team exercises included creating mock proposals for clients and designing new products for an established global brand. Teams had the opportunity to collectively reflect on, and discuss, their performance using the “Forming, Storming, Norming, and Performing” model which describes the path that teams follow on their way to high performance.
We would like to thank yesterday’s guest speaker Alan Costello, Director, Resolve Partners, who led a thought provoking discussion on the importance of creating a culture of intrapreneurship, innovation and collaboration in today’s workplace.
We care about business and we care about the people we work with in business.
Our trainees are involved in all elements of practice management from day one. From the outset, trainees work closely with Partners and Senior Management to deliver services and solutions to our key markets. This approach facilitates our trainees getting hands-on experience while also developing the core awareness, knowledge, skills and confidence to succeed in their careers. To learn more about our trainee programme, click here.
Latest News →EisnerAmper Ireland takes part in Junior Achievement 2021
As part of EisnerAmper Ireland’s Corporate Social Responsibility (CSR) programme, the Firm annually takes part in Junior Achievement Ireland (JAI), with both Trainees and Management assisting young people to develop the skills they need to succeed in a changing world.
During the past few months, members of our team have been involved in Junior Achievement virtually. Team members have been involved in a variety of virtual teaching classes from one off career talks where our staff members discussed their own individual studies and career experiences to multiple teaching lessons via Zoom to children in schools all over the country. Staff members were teaching students about various aspects of business, the benefits of staying in school and obtaining meaningful employment and career success.
Junior Achievement Ireland (“Junior Achievement”) is part of a worldwide organisation reaching out to over 12 million young people each year. Junior Achievement aims to inspire and motivate young people to realise their potential by valuing education and understanding how to succeed in the world of work. This programme is operated in both primary and secondary schools and fosters a spirit of enterprise within participating schools.
At EisnerAmper Ireland, we care about business and we care about the people we work with in business.
Corporate Social Responsibility (CSR) is integral to how we do business and manage interactions, not just with our employees and clients but also our wider community and society as a whole. As a professional services firm, demonstrating ethical high performance in all aspects of our work and how we run our Firm is fundamental to our success. Learn more about our CSR policy here and our CSR initiatives here.
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EisnerAmper provides editorial input and subject matter expertise to IBFD publication on Mergers & Acquisitions
The International Bureau of Fiscal Documentation (“IBFD”) Mergers & Acquisitions Online Collection covers crucial tax aspects that mergers and acquisitions give rise to in a number of jurisdictions around the world.
The Online Collection is helpful to tax specialists, professional advisers and policymakers, by providing information that can form the basis upon which more detailed advice can be sought from local experts on a particular issue.
Considerations of the tax implications of Mergers & Acquisitions take place in the context of accounting for business combinations, including merger accounting and the treatment of goodwill, among other topics. Gavin Redmond, Senior Manager, Accounting & Compliance at EisnerAmper Ireland, provided editorial input and subject matter expertise, in respect of the relevant accounting topics discussed within the chapters, from the perspective of the accounting frameworks applicable in Ireland in accordance with Irish Company law: IFRS (International Financial Reporting Standards) and FRS 102 (The Financial Reporting Standard applicable in the UK and Republic of Ireland).
IBFD is a centre of expertise, offering high-quality information and education on international and cross-border taxation, and providing research services which are relied upon by tax practitioners from all over the world.
How EisnerAmper Ireland Can Help
EisnerAmper Ireland is a Firm of specialist accountants, tax advisors and risk & regulatory experts playing a key role in bringing international trade to Ireland and advising Irish corporates. If we can help you or your business in any way, please do get in touch – we’d be delighted to help.
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Latest News →EisnerAmper completes 100k in May fundraiser for LauraLynn
EisnerAmper Ireland is proud to have completed the 100k in May for LauraLynn charity challenge. EisnerAmper teamed up with LauraLynn to help raise €1,000 for the charity.
The charity initiative ran from 1st – 31st May and a number of our team took on the challenge of completing 100km over the month by either walking, jogging or running. The charity initiative was a fun fitness challenge that brought our Firm together to improve our health and wellbeing, while raising funds for LauraLynn. We would like to thank our employees for their dedication in completing the 100k and for helping to raise funds for such a worthy cause.
EisnerAmper Ireland has partnered with LauraLynn Children’s Hospice for a second year running, helping them to support children with life-limiting conditions to live as fulfilling lives as possible and receive the very best care at the end of life. LauraLynn is Ireland’s only Children’s Hospice providing palliative care and support for children with life-limiting conditions and their families.
If you would like to make a donation to EisnerAmper’s fundraising page, please click here.
At EisnerAmper Ireland, we care about business and we care about the people we work with in business.
Corporate Social Responsibility (CSR) is integral to how we do business and manage interactions, not just with our employees and clients but also our wider community and society as a whole. As a professional services firm, demonstrating ethical high performance in all aspects of our work and how we run our Firm is fundamental to our success. Learn more about our CSR policy here and our CSR initiatives here.
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Latest News →Ireland’s Investment Limited Partnership (ILP): Some Key Messages
By David Naughton, Partner, LK Shields Solicitors LLP & Ian Wilson, Director, EisnerAmper Ireland
Introduction
Ireland’s common law partnership, the Investment Limited Partnership (ILP), which comes into existence when it is authorized by the Central Bank of Ireland (CBI) as a regulated E.U. alternative investment fund (AIF), has recently been revamped and is now available as a partnership structure for use by international sponsors and limited partners (LPs).
In this article, we briefly consider some key messages about the ILP, which can be factored into decision-making about the domicile and structure of an AIF in the form of a partnership.
Some Key Messages
1. The ILP Is A Regulated E.U. AIF
An ILP is an AIF whose legal structure is a common law partnership. An ILP comes into existence when it is authorised by the CBI and is then subject to a supervision regime within the legal and regulatory framework for AIFs in Ireland. An ILP is, first, an AIF and, second, a partnership.
2. International Sponsors and Limited Partners Will Be Familiar With It’s Structure
The ILP is a common law partnership structure, which is a popular choice for structuring private equity and real estate (PE/RE) investment funds. Some key advantages of the ILP include:
2.1 Tax transparency
- An ILP is treated as tax transparent from a tax perspective in Ireland in respect of all its income, gains and losses.
- Any income, gains or losses which arise at the level of an ILP shall under tax rules in Ireland be treated as arising, or, as the case may be, accruing, to each partner of the ILP as if such income, gains or losses had arisen, or, as the case may be, accrued, to the partners without passing through the ILP.
- Therefore, the allocation of income, gains or losses should follow the commercial allocation of profits under the partnership agreement.
- Distributions can be made by an ILP to its partners free of any tax implications in Ireland as all the underlying profits of the ILP have already have been allocated to partners for tax purposes in Ireland.
2.2 Flexibility
- An ILP is not subject to legal risk-spreading obligations, making the ILP extremely useful for single asset investment funds and/or investment funds with very concentrated positions.
- The partnership offers a great deal of organizational flexibility so that the specific requirements of individual investors can be accommodated. The partners can set the rules on matters such as how the profits are shared and how the business is to be conducted.
- Consequently, it is suitable for nearly all investors, by type (tax paying or exempt, such as pension funds) and geographical region.
2.3 Limited liability for LPs
- Limiting liability for LPs is a key reason investors prefer partnerships for structuring PE/RE funds.
- PE/RE investors are typically passive investors with very little control, who are investing in relatively illiquid but high-performing asset classes and do not want to monetarily risk more than that which they have committed to the partnership.
3. The CBI’s New Regulatory Regime Compliments A Closed-Ended ILP
An ILP can be open-ended and may be a suitable structure for certain strategies (for example, a credit strategy). However, an ILP is typically closed-ended as this structure fits in with the typical investment strategy of a PE/RE manager – to invest in, and develop, illiquid assets over the long-term, without having to factor in asset liquidity concerns owing to potential investor redemption requests.
By using a closed-ended structure, the sponsor of an ILP can now harness the CBI’s guidance issued on 2 February 2021 introducing new structuring features, which can give flexibility to a closed-ended ILP, as follows:
3.1 Interests may be issued as a fixed price throughout the life of a closed-ended ILP.
3.2 A closed-ended ILP may facilitate excuse provisions (which enable an LP to be excused from an investment that the ILP proposes to make) and/or exclude provisions (which permit the ILP to exclude an LP from a proposed investment that the ILP intends to make).
3.3 To facilitate new investors in the closed-ended ILP, the general partner (GP) of an ILP may, at a later stage in the life cycle of the ILP, permit new investors to acquire interests in the ILP, thereby facilitating stage investing.
3.4 A closed-ended ILP may establish management interest classes, which permit portfolio managers to participate in investments of the ILP. Such interest classes may participate in the ILP based on conditions which differentiate the interest class from other interest classes in the ILP (for example, to reflect a pre-determined fee arrangement or capital payout which is not pro-rata).
4. The Structure Gives Access To The Valuable AIFMD Marketing Passport
The GP appoints the alternative investment fund manager (AIFM) to the ILP and also acts in an oversight capacity. The CBI requires pre-approval as to the fitness and probity of the directors or partners of the GP before their appointment to its board. A GP is not otherwise authorised by the CBI. In addition, the GP is not required to be located in Ireland nor is there a requirement for a minimum number of directors of the GP to be resident in Ireland.
The AIFM may be authorised in Ireland or authorised in another E.U. member state and allowed to passport its activities into Ireland or authorised outside the E.U.
A key advantage of using an authorised E.U. AIFM is access to the marketing passport, which can permit the sale of ILP interests into the E.U. market. The marketing passport is accessed by filing a notification with the CBI, to include the offering document of the ILP, for each member state of the E.U. within which the E.U. AIFM intends to market the ILP. The CBI will inform the E.U. AIFM when transmission to the relevant host member state competent authority has taken place, which typically takes up to 20 business days, and then the E.U. AIFM can start marketing.
As a result, the ILP is attractive to international sponsors with existing structures in Delaware, Cayman, British Virgin Islands, Guernsey or Jersey looking to access E.U. investors using the AIFMD marketing passport.
An ILP can also be registered for sale globally in accordance with local securities laws, e.g., into U.S. and English markets.
5. The ILP Can Slot Into Various Global Structuring Solutions
This is an important consideration.
Partnership structures are bespoke and there is not a ‘one-size fits all’ approach. In particular, the exact structure used will depend on a number of factors including: (i) the identity of the investors (different investors will have different requirements and sometimes this requires additional parallel or feeder partnerships, with each new partnership requiring a new GP entity); or (ii) the location of the portfolio asset(s).
For example, for U.S. federal income tax purposes, it is possible to “check the box” to treat a vehicle as tax-transparent or tax-opaque. Some U.S. investors (primarily tax-exempt investors) prefer to invest through a tax-opaque structure, while others (primarily U.S. taxable investors) prefer to invest through a tax-transparent structure.
As a result, the ILP can be used where there are two parallel LPs or a master and feeder fund within the same structure to accommodate both types of investor.
6. Flexible Financial Reporting
The ILP legislators ensured that a flexible financial reporting model was made available to support the needs of the ultimate investors.
6.1 Financial reporting frameworks available:
The following financial reporting frameworks available to the ILP are the E.U. International Financial Reporting Standards (IFRS), Financial Reporting Standard 102 (FRS 102) and alternative GAAPs such as U.S., Canada and Japan.
For U.S. managers looking to Europe, it is worth noting that U.S. GAAP has not been approved by every home member state in Europe and to U.S. mangers with Luxembourg-domiciled funds that, on 20 January 2021, the Association of the Luxembourg Fund Industry (ALFI), a representative body of the Luxembourg investment fund community, updated its AIFMD FAQ. It states that Luxembourg AIFMs managing a Luxembourg AIF are required to prepare their financial statements in accordance with the accounting standards of the home member state of the AIF (Luxembourg GAAP and E.U. IFRS). This may now be factor for U.S. managers in considering their partnership’s jurisdiction.
6.2 Umbrella structure
Managers familiar with the Irish Collective Asset-Management Vehicles (ICAV) product will appreciate that the ILP provides similar benefits and flexibility in presentation of the financial statements. ILPs are permitted to have multiple sub-funds, with their assets and liabilities legally ring-fenced, and separate sub-fund managers, thus creating a cost effective product.
7. ILP Authorized As A QIAIF
As noted earlier, the ILP is an AIF which can be authorised by the CBI as either a retail investor alternative investment fund (RIAIF) or a qualifying investor alternative investment fund (QIAIF).
An ILP is not well suited to be authorised as a RIAIF due to the investment and other restrictions attaching to that category of AIF.
On that basis, an ILP is typically authorised as a QIAIF. Owing to the flexibility on investment restrictions, borrowing and related features as well as the speed-to-market, the QIAIF ILP is among one of the more popular structures for PE/RE, private credit, and environmental, social and corporate governance (ESG) investment strategies.
There is huge investor appetite for the QIAIF product, being an internationally recognised brand, with nearly 3,000 QIAIFs (including sub-funds) in the market, accounting for over €750bn in net assets.
On that basis, the decision to be made on structuring a QIAIF in Ireland has been effectively beneficial.
What’s new is that the successful QIAIF can now be housed in a world-class partnership structure, the ILP, which is very familiar to international sponsors and potential LPs as it is a common law partnership based in the EU.
Conclusion
Common law partnerships are the most popular form of investment vehicles globally for PE/RE investment strategies and are very familiar to international sponsors and LPs. The first ILP under the revamped regime, sponsored by a U.S. manager, was authorised by the CBI during March 2021. We anticipate that the stellar success of the QIAIF product to date can be further strengthened by international sponsors housing new QIAIFs in the ILP, primarily to meet the huge investor demand for exposure to illiquid asset classes.
How EisnerAmper Ireland Can Help
At EisnerAmper Ireland, we design and deliver business & compliance solutions to make trade happen. This is what we do every day.
EisnerAmper Ireland is a Firm of specialist accountants, tax advisors and risk & regulatory experts playing a key role in bringing international trade to Ireland and advising Irish corporates. If we can help you or your business in any way, please do get in touch – we’d be delighted to help.
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Authors
The content above is provided for general information purposes only and is not intended to provide, nor does it constitute, professional advice on any particular matter. If you would like more information or would like to discuss any of the topics raised above, please contact the author(s).
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