Irish ILP or ICAV for a private capital fund?
Last reviewed: 1 September 2026
The Irish Investment Limited Partnership (ILP) is Ireland's dedicated closed-ended limited partnership vehicle for private equity, venture, private credit and real assets, reformed under the Investment Limited Partnerships (Amendment) Act 2020. The Irish Collective Asset-management Vehicle (ICAV) is a corporate fund vehicle, most commonly used for open-ended and umbrella fund structures. Both are supervised by the Central Bank of Ireland.
The ILP is Ireland's answer to Luxembourg SCSp and Cayman ELP for closed-ended private capital. The 2020 reforms fixed the earlier ILP's shortcomings (umbrella capability, limited partner safe harbours, migration in) and made it a credible European PE and VC vehicle. It sits inside the AIFMD framework and is authorised as an AIF by the Central Bank of Ireland.
The ICAV is a corporate fund vehicle introduced by the ICAV Act 2015. It can be structured as an umbrella with segregated sub-funds and is the dominant Irish vehicle for open-ended alternative and UCITS funds. For closed-ended PE and VC, ILP is typically the better structural fit; for hybrid or open-ended strategies, ICAV is often preferred.
Both are managed by an authorised AIFM (Irish or under the EU passport). Both benefit from Ireland's double-tax treaty network and English-language legal environment.
How Reuben AI compares
Irish ILP vs ICAV for a private capital fund.
| Attribute | Reuben AI | ICAV |
|---|---|---|
| Legal form | ILP: limited partnership | Corporate (open-ended possible) |
| Best fit strategy | Closed-ended PE / VC / credit | Open-ended, hybrid, umbrella |
| Umbrella + sub-funds | ILP: yes (post-2020) | Yes |
| Regulator | Central Bank of Ireland | Central Bank of Ireland |
| Requires AIFM | Yes | Yes (or UCITS ManCo) |
Frequently asked questions
Why did the ILP not take off before 2020?
The pre-2020 ILP had structural gaps (no umbrella, weak LP safe harbours, no migration) that made LPs and counsel prefer Luxembourg SCSp. The 2020 reforms closed those gaps.
Can an ICAV be closed-ended?
Yes, but a limited partnership form (ILP) is usually preferred for closed-ended PE, VC and credit for tax and LP familiarity reasons.
Does Reuben AI support ILP and ICAV?
Yes. Both structures, including umbrella and sub-funds, are stored natively with partner or shareholder registers, capital accounts, waterfalls and AIFMD audit trail.
Are Irish funds within scope of the EU AI Act?
The AI Act (Regulation (EU) 2024/1689) applies to the manager and its AI systems, not to the fund vehicle itself. The audit trail preserves the transparency and record-keeping evidence required.
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