Ireland’s recent push to reform its private funds framework is best evaluated against the vehicles offered by Luxembourg, Jersey and other competitive European countries. Although Ireland has made its private funds framework very appealing for certain fund types and asset classes, there are others for which continued innovation is still needed. Simmons & Simmons holistically evaluated the Irish private funds framework in a webinar moderated by partner James McKnight, which featured partner David Williams, as well as James O’Sullivan, Head of Funds Authorization at the Central Bank of Ireland; Eamon Lyons, client solutions director at Waystone; and Fiona De Vega, legal counsel at Centaur Fund Services. This second article in a two-part series describes the new license available for depositories for closed-end funds, as well as how the proposals in the recast Alternative Investment Fund Managers Directive regarding loan origination funds and reforms to the European long-term investment fund interact with and influence existing regimes in Ireland. The first article reviewed factors fund managers must weigh to change their funds’ domiciles; developments in Ireland’s private funds infrastructure; and key differences between the Irish investment limited partnership and vehicles in other jurisdictions. See “How Reforms of the Irish Investment Limited Partnership Vehicle Enhance Its Value for Sponsors” (Oct. 26, 2021); and “Domiciling Funds in Germany or Ireland to Access the E.U. Post-Brexit, the Possible Introduction of PRIIPs and the Rising Prominence of UCITS Structures (Part Two of Two)” (Nov. 17, 2016).