There are now more than 25 Long-Term Asset Funds (LTAFs) on the market, indicating growing demand since Schroders launched the first vehicle back in March 2023.
The LTAF is a Financial Conduct Authority (FCA)-approved structure which was opened up to professional and retail investors in 2023 to encourage private investment into illiquid assets such as credit or real assets.
The funds have gained traction due to initiatives such as the Mansion House Compact and Accord which have pushed UK workplace pensions to invest in private markets.
According to Morningstar data, approved LTAFs have collectively hit £5m of assets under management, with the vehicles providing a regulated route for defined contribution (DC) pension schemes to access private markets, including private credit.
Below is an overview of those vehicles, with emphasis on private credit exposure.
Schroders Capital Wealth Solutions LTAFs
Schroders has been one of the most active players in the space, under the Schroders Capital Wealth Solutions LTAFs umbrella, several strategies have been launched. In February 2025, the Schroders Capital Global Energy Infrastructure LTAF was launched, which is energy transition infrastructure-focused and available to UK wealth market investors.
While it launched the Schroders Capital Global Private Equity LTAF in September 2024.
In addition, under the Schroders Capital LTAFs umbrella, there are five sub-funds: Schroders (Future Growth Capital) Global Private Assets LTAF, Schroders (Future Growth Capital) UK Private Assets LTAF, Schroders Capital Climate+ LTAF, Schroders Capital UK Innovation LTAF and Schroders Greencoat Global Renewables+ LTAF.
Among these, private credit exposure sits primarily within the Future Growth Capital Global and UK Private Assets LTAFs, while the other strategies focus on equity-led climate, innovation and renewables investments.
CG Aegon AM LTAF
Aegon has FCA approval for three LTAFs within its CG Aegon AM LTAF umbrella. In March 2025, the CG Aegon AM Private Credit LTAF was approved, offering a dedicated private credit strategy to UK DC pension schemes.
From the second half of 2025, members of Aegon UK’s UBC default fund were able to access this LTAF, which invests in corporate lending, fund financing, insured credit, renewables and asset-backed finance.
Bespoke strategies managed by BlackRock and JPMorgan under the same umbrella provide diversified alternative private market exposure, including private debt.
WS Fulcrum LTAFs
Fulcrum Asset Management has launched two LTAFs under the WS Fulcrum LTAF umbrella: the WS Fulcrum Diversified Private Markets (H) LTAF and the WS Fulcrum Diversified Private Markets LTAF. The latter, launched in November 2024 as an open-ended UK OEIC, targets a diversified mix of private assets, including infrastructure, real estate, private credit and private equity.
Aviva Investors LTAF ACS
Aviva Investors has launched multiple LTAFs under the Aviva Investors LTAF ACS umbrella. Key for private credit is the Aviva Investors Multi-Sector Private Debt LTAF, launched in November 2024, which invests across diversified private debt strategies. The LTAF received around £750m in initial backing from Aviva’s My Future Focus DC default solutions.
Other Aviva LTAFs include the Aviva Investors Venture & Growth Capital LTAF, Real Estate Active LTAF and Climate Transition Real Assets LTAF, although these do not primarily focus on private credit.
Legal & General Private Markets LTAF
In July 2024, Legal & General launched the L&G Private Markets Access Fund, offering UK DC pension schemes access to a diversified private markets portfolio that includes private credit, private equity, real estate and infrastructure.
CG Scottish Widows LTAF
In August 2025, Scottish Widows gained FCA approval for three LTAFs: the CG Scottish Widows LTAF umbrella, the CG Scottish Widows Growth LTAF Sub-Fund, and the CG Scottish Widows Diversified Credit LTAF Sub-Fund. All offer access to private market investments, with private credit a core exposure in the Diversified Credit sub-fund.
M&G Diversified Private Credit Feeder LTAF
Launched in March 2025, the M&G Diversified Private Credit Feeder LTAF is an evergreen vehicle investing in private credit, structured credit and asset-backed debt.
BlackRock Alternative Strategies I LTAF
The BlackRock Diversified Alternative Strategies LTAF, launched in May 2023, supports DC pension investment into long-term private market assets, including private credit alongside private equity, infrastructure and real estate. In November 2024, BlackRock launched the Pension Growth Alternative Strategies LTAF under the same umbrella, the BlackRock Alternative Strategies I LTAF.
Fidelity Diversified Private Assets LTAF
In November 2024, Fidelity International’s Fidelity Diversified Private Assets LTAF received investment from FutureWise, its default investment strategy for UK-based workplace pension schemes. The fund invests across private asset classes including private credit, private equity, infrastructure, real estate and natural resources.
CG Arcmont LTAF
Launched in June 2024, Arcmont Asset Management’s CG Arcmont Private Credit Europe LTAF focuses entirely on European direct lending and private debt. It is the first UK LTAF dedicated solely to private credit and sits under the CG Arcmont LTAF umbrella.
Partners Group Generations Private Credit LTAF
Partners Group received FCA approval in early 2025 for its Generations Private Credit LTAF, the company’s first private credit-focused LTAF.
CG WTW Private Assets LTAF
WTW and Carne Group launched the CG WTW Private Assets LTAF umbrella in October 2024, which includes the CG WTW Private Equity Access LTAF. It invests in private equity and co-investments but does incorporate private credit.
