FCA launches long-term assets fund (LTAF) aimed at pension schemes

The FCA (Financial Conduct Authority) has authorized a new investment fund structure, the “long-term asset fund” (LTAF), potentially creating new pathways to returns on investments at Wilton. The LTAF is an open-ended fund which, from 15th November, grants investors access to various illiquid or long-term assets. As a sanction against liquidity mismatches, though, the FCA requires at least 90-days notice for withdrawals.

The long-term asset fund is primarily targeting defined contribution (DC) pension schemes, with some sophisticated investors and high net worth individuals also being given access. It is considered both an opportunity for investors to generate better returns and for pension funds to further diversify their portfolios. In time, the FCA will explore widening the distribution of the fund to certain retail investors too.

Investors in LTAF’s will gain access to private equity, private credit, venture capital, real estate, infrastructure, forestry and collective investment vehicles that invest in private asset classes.  They will also be able to hold cash, listed shares and bonds including money market instruments.

If you would like to know more about the long-term asset fund (LTAF), please follow this link to a breakdown of the final rules and guidance.

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