Cayman Revises the Exempted Limited Partnership Law

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On 2 July 2014 the Cayman Islands government passed into law substantial revisions to its exempted limited partnership legislation in the form of the Exempted Limited Partnership Law, 2014 (the New ELP Law).

The exempted limited partnership (ELP) remains the favoured form of Cayman entity for the establishment of private equity, venture capital and real estate funds as well as continuing to be used for both hedge funds and joint venture transactions.

The revisions made in the New ELP Law represent the most significant changes to this law since 2009/10 and have been the subject of an extensive period of consultation between the Cayman government and industry representatives resulting in significant enhancements to the flexibility and practicality of the ELP.

Please see full alert below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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