Barry O’Brien, Head of Funds, Ireland at Apex Group company FundRock
: Slowly but surely we are seeing more and more reputable clients of scale considering and in a number cases actively in the authorisation process and or indeed having launched an Irish Investment Limited Partnership. Just as the migration initially occurred from the Channel Islands to Luxembourg there is a definite pivot towards Ireland in terms of the establishment of LP/GP structures especially for U.S. and UK managers considering parallel or flagship structures.
Providers who offer single source solutions will benefit greatly from this trend - especially those who are already leaders in servicing Private Equity/Debt/Credit structures.
Challenges with available resources in continental Europe and the servicing culture does provide Ireland with an edge in terms of a cultural fit. Ireland is - as the saying goes - “more Boston than Berlin”. Luxembourg has grown hugely in the private fund space but may well be a victim of its own success in terms of resourcing issues now leaving the door open for Ireland where we now have an LP/GP structure that is finally fit for purpose and is as up to date as any other option available globally such as Cayman, Delaware or Luxembourg.
The ecosystem is adapting and the mindset has changed for all key protagonists. No longer is Ireland purely a hedge and ETF focused jurisdiction but instead is embracing private funds in a big way. Testament to this is the number of additional providers who have been authorised in the jurisdiction over the past 12 months especially specialised depositaries.