Yes. The same rules that apply to investing Traditional and Roth IRA assets applies to SEP IRA assets. Therefore, providing the limited partnership investment is permitted under the Internal Revenue Code, and it can be held in the SEP IRA. Of course, the investment would have to be done with a custodian that permits such transactions. Individuals should consult with a competent tax professional to determine whether the limited partnership investment satisfies the requirements of the Code.
This question was answered by Denise Appleby