Exempted Limited Partnership Law 2014

The Exempted Limited Partnership Law 2014 (‘the New ELP Law’) has replaced the Exempted Limited Partnership Law (2013 Revision) (‘the Previous Law’). The New ELP Law includes significant changes to the Cayman Islands’ statutory framework, regulating exempted limited partnerships (ELPs) that will increase the attractiveness of ELPs and will be appreciated by managers, investors and creditors alike. Private equity sponsors in particular will notice substantial improvements that are indicative of Cayman’s continuing commitment to balanced and commercially sensible legislation.

Important developments incorporated into the New ELP Law include the following:

The New ELP Law introduces increased flexibility for partners to determine a greater number of matters in the partnership agreement (LPA). For example, partners of an ELP can now agree in the LPA to amend the scope of the fiduciary obligations of the general partner (GP) or to incorporate remedies that might otherwise be considered penal in nature. These changes demonstrate an acceptance that the LPA is a commercial agreement negotiated by sophisticated parties…

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