Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Private equity definition

What does Private equity mean? Private equity describes investment by professional funds in unlisted (unquoted) companies to obtain minority or controlling stakes, financing growth, management buy-outs/ins, recapitalisations or turnarounds, often alongside acquisition debt. The shares acquired are not admitted to trading on a stock exchange, so are less marketable and less liquid than public (quoted) equity. The term is not defined in legislation or case law; it is a market description used consistently across England & Wales, Scotland, Northern Ireland and Ireland. Transactions are privately negotiated and typically documented through investment and shareholders’ agreements, amended articles, preference shares or loan notes, management incentive arrangements (such as...

English limited partnerships under the LPA 1907 (including PFLPs): key characteristics, formation, operation, liability, filings and ECCTA 2023 reforms

Published by a LexisNexis Corporate expert

Practice notes

This fundamentals note looks at several of the principal characteristics of limited partnerships formed in England under the Limited Partnerships Act 1907 (LPA 1907).

What is a limited partnership?

A limited partnership is a type of partnership vehicle established under the LPA 1907 which, among other purposes, has been used as the standard structure for Private equity Funds. As with a general partnership, a limited partnership is not a legal entity but a relationship between partners; ie, unlike a body corporate, an English limited partnership does not possess separate legal personality. The LPA 1907 describes a limited partnership as comprising:

one or more persons called ‘general partners’ who are jointly and severally liable for all debts and obligations of the partnership, and
one or more persons called ‘limited partners’

For further information see Practice Note: The nature of a limited partnership and its legal framework - What is a limited partnership?

What is a private fund limited partnership (PFLP)?

A private fund limited partnership (PFLP) is a form of limited partnership vehicle under the LPA 1907, introduced into UK law by the Legislative Reform (Private Fund Limited Partnerships) Order 2017, SI 2017/514 (LRO), to provide for a...

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Web page updated on 28/05/2026

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