Industry GuidanceLegislation & RegulationU.S. Outbound Investment Program

U.S. Outbound Investment Program


On June 21, 2024, the U.S. Treasury Department released the latest stage of rulemaking process on U.S. Outbound Investments. The Notice of Proposed Rulemaking (NPRM) is a follow-up to the Executive Order and Advanced Notice of Proposed Rule Making (ANPRM) that was initially released on August 9, 2023, where U.S. President Biden issued an executive order providing for a new national security program meant to protect technologies that are “critical to the next generation of military innovation.” ILPA submitted a comment letter to Treasury in September 2023 on the ANPRM following conversations with ILPA member LPs, industry groups, and engagement with the U.S. Departments of Trade, Treasury and Commerce.

The way in which the proposed rule will be implemented directly involves ILPA members and has our full attention. We’ve begun a thorough review to understand the impact of the latest version of the proposed rule and plan a response that ensures the best possible outcome for ILPA members and the industry.

Key Resources and Initiative Updates

Below, find resources that may be helpful to your own understanding of this action. Please continue to stay tuned as ILPA makes additional materials available to members on this topic.