The Investment Limited Partnership (ILP) is regulated by the Central Bank of Ireland as a tax-transparent common law partnership structure that is tailored specifically for Irish investment funds. Despite its favorable tax treatment and flexibility for master-feeder fund structures to access E.U. investors, various features of the ILP have prevented it from gaining popularity among private equity (PE) sponsors. To remedy that, the Irish government is planning to adopt ILP reforms in 2019 to align with international standards for PE funds and promote widespread adoption of the vehicle. In a guest article, Pádraig Brosnan and Eva Hartnett, partner and consultant, respectively, at The Maples Group in the Cayman Islands, detail various features of the ILP and certain anticipated reforms in the proposed Investment Limited Partnerships (Amendment) Bill 2019 (the Bill). Specifically, this article explores the ILP features, tax treatment and global distribution structures, as well as the factors driving adoption of the Bill and the ways it is expected to improve the ILP structure to benefit the PE industry. See “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); and “Redomiciling Offshore Investment Funds to Ireland, the European Gateway” (Mar. 4, 2011).