219. Private fund limited partnerships.

In 2017 a new form of limited partnership was introduced as an alternative for partnerships which are constituted by a written agreement and are collective investment schemes1. These 'private fund limited partnerships' ('PFLPs') are subject to fewer regulatory controls. For example, limited partners in a PFLP are not required to make a capital contribution to the firm2, and their limited liability status is protected and they are not regarded as taking part in the management of the firm if they participate in a whitelist of specified actions3. A limited partner in a private fund limited partnership is not bound