ABSTRACT

The number of limited partnerships in the UK has grown rapidly since the 1980s, largely due to the use of the limited partnership vehicle by private equity. The political and economic influence of private equity has enabled it to exert considerable influence on the UK government amounting to legislative capture, and this in turn has driven reforms to limited partnership law, predominantly deregulation, for the sole benefit of private equity. This distortion of the partnership legislation disadvantages other users or potential users of the limited partnership vehicle, since the private equity-inspired reforms do not apply them, and other reforms which would be of benefit to them have been ignored. Furthermore, reduced regulation is in some respects harmful to private equity itself, and the overall result is harm to the wider economy.

摘要

自1980年代以来，英国的有限合伙企业数量迅速增长，这在很大程度上归因于私募股权公司使用有限合伙企业。私募股权的政治和经济影响使其能够对英国政府施加相当大的影响，包括立法上的控制，这反过来又推动了有限合伙法的改革，主要是放松管制，这是私募股权的唯一利益。合伙制立法的这种扭曲不利于有限合伙制工具的其他使用者或潜在使用者，因为私人股本激发的改革并未适用这些改革，而其他有益于他们的改革也被忽略了。此外，减少监管在某些方面对私募股权本身有害，并且总的结果是对整个经济的伤害。