Yes, if you are a U.S. citizen or resident alien and you have an interest in a non-U.S. (foreign) partnership, you are generally required to report this to the IRS. The U.S. tax system operates on a worldwide income basis, which means that U.S. persons are taxed on their global income.
If you have an interest in a foreign partnership, you may need to file Form 8865 (Return of U.S. Persons With Respect to Certain Foreign Partnerships). The filing requirements depend on the level of control and the percentage of ownership you have in the foreign partnership. Categories of filers include those who control the partnership, those who own a certain percentage of the partnership, and those who contribute property to the partnership in exchange for an interest in the partnership, among others.
Similar to the domestic partnership K-1, the Schedule K-1 (Form 8865) reports your share of the foreign partnership's income, deductions, and credits. You must include this information on your personal tax return.
Know more about Foreign Partnership here: What Are the US Tax Requirements for Foreign Partnerships?