There’s a change coming to private assets. Having been the preserve of either wealthy or institutional investors, access is broadening.That’s thanks in no small part to reforms that have helped to widen both what Ireland offers in terms of funds and the routes to access them.“Asset managers like the option of being able to do everything in one jurisdiction,” says Laura McKeown, international tax partner at PwC Ireland. “In particular, reform to the Investment Limited Partnership (ILP), the introduction of the ELTIF 2.0 [European Long-Term Investment Funds] regime and enhancements to the Irish holding company regime have improved Ireland’s appeal for private asset managers.”These reforms have helped Ireland move from being merely a centre for liquid funds into a much more comprehensive domicile for private assets.David Kubilus, chief commercial officer, Europe, US Bank Global Fund Services “The ecosystem, such as custodians, asset managers, law firms, have worked together to push out the message that Ireland is open for private markets business,” says David Kubilus, chief commercial officer, Europe, US Bank Global Fund Services“Ireland has evolved their legislative framework to be more flexible and investor friendly. It’s familiar to US private debt managers.”It’s not just a matter of change happening formally – the message that this change has come is being pushed far and wide, and companies in the space are taking action.“The Central Bank of Ireland has recently overhauled its AIF [Alternative Investment Fund] Rulebook with the most substantive update since it was first introduced in 2013,” says Nicholas Blake-Knox, partner at Walkers Ireland. “These wide-ranging reforms introduce greater flexibility for managers.”Nicholas Blake-Knox, partner, Walkers Ireland That overhaul has helped set a marker down for Ireland internationally, making it clear that improvements the industry wants have been made.“These changes have firmly placed Ireland in conversations around domicile choice that we otherwise wouldn’t have been part of,” says McKeown. “It’s still early in the life cycle of some of these products but the trajectory is positive.”“One headwind for Ireland is that private debt managers will typically launch their next vintage in the same place they launched the last one,” says Kubilus. “However, new managers, especially those based in the US and UK, are interested in Ireland now, when they weren’t in 2024.”Those new managers will almost certainly provide the best opportunities, at least in the short term, for the industry in Ireland, especially with moves made to entice them.“The introduction of a foreign dividend participation exemption as well as a dividend withholding exemption for investment limited partnerships is very welcome,” says Blake-Knox.McKeown says the reforms to tax policy have also strengthened Ireland’s case when it comes to private equity.Laura McKeown, international tax partner, PwC Ireland “Semi-liquid funds are certainly surging in popularity. For those with the right time horizon and risk appetite, [illiquidity] tends to be a feature rather than a flaw.”While the access story is broadly a good one, there’s still a matter of suitability. That’s also showing improvement.“We’re seeing funds moving minimum tickets from around $6 million to $10 million, to around $10,000-$25,000,” says Kubilus. “This is expanding access to a wider investor base.”Those lower minimums present the clearest sign of access broadening, with far more investor classes now having access.“The trend of establishing semi-liquid and evergreen private asset funds has enabled the distribution of these products to a broader range of investors,” says Blake-Knox.While access is wider, there are still some limits in terms of access, according to McKeown.“The market does not appear to have evolved to a point of true retail participation. When you combine higher fees and less liquidity, this often makes investing in these structures less appealing.”In a similar vein, the increase in access doesn’t mean private assets are now going to behave or be treated like ETFs.“The investment manager may need to utilise liquidity management tools, such as redemption gates,” says Blake-Knox. “These funds are long-term investments rather than demand deposit type accounts.”Understanding the difference is important when examining the opportunity for Ireland with private assets. It is one driven by international sources of capital seeking better structures rather than any retail demand.“Private credit is the clear engine of growth, spanning direct lending, CLOs [collateralised loan obligations], opportunistic credit, and fund finance, as non-bank lenders have moved to bridge the funding gap,” says McKeown.“Capital is overwhelmingly sourced globally, with minimal domestic participation by comparison.”This means that the best way for Ireland to take advantage of the broader market is by leaning in to what it needs.“Ireland continues to be a leader in the private credit space. The introduction of a dividend withholding exemption for investment limited partnerships in 2025 has also led to greater interest from fund sponsors in Irish private equity funds,” says Blake-Knox.This is an evolving market and one that won’t wait for Ireland to keep pace. “The biggest constraint is keeping pace with the speed of change,” says McKeown. “Agility, not any single pillar, will determine Ireland’s competitive position.”That means Ireland can’t rest on its laurels when it comes to the improvements that have already been made. It must continue to adapt to market needs. “Ireland should first continue progress in regulation. Sometimes choices are grounded in tax differentials but often it comes down to perception,” says Kubilus.