Bell Rock glossary
Exempted Limited Partnership
A Cayman partnership with at least one general partner and one limited partner, widely used for closed-ended private equity and venture funds.
An exempted limited partnership has at least one general partner and one limited partner. It has no separate legal personality; the general partner conducts its business and holds partnership property on its behalf. Common applications include private equity, venture capital and private credit funds. The partnership agreement governs commitments, distributions and governance, subject to the Act. Limited-partner liability is subject to statutory rules, including safe-harbour activities, and is not determined simply by whether an investor participates in a discussion.
Related guidance
Limited Partnership Agreement · Limited Partner
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