UK Long-Term Asset FundsThe Complete List of Every LTAF as of February 2026

The UK Long-Term Asset Fund is one of the most significant structural innovations in British fund management in recent years. Created by the FCA as a new category of authorised open-ended fund, the LTAF is designed to hold illiquid assets — private equity, private credit, real estate, infrastructure — within a regulated wrapper that aligns redemption terms with the reality of what sits inside.

For individual investors and pension scheme members, LTAFs represent a potential gateway into asset classes that were, until recently, the preserve of institutional capital. For the industry, they represent a regulatory bet that open-ended structures can safely house long-duration holdings if the liquidity management rules are strict enough.

This article catalogues every LTAF we could identify and verify from publicly accessible sources as of February 2026. It is, to our knowledge, the first attempt to assemble such a list outside the FCA's own register. The limitations of that exercise — and there are several — are discussed openly below.

LTAFs sit within the FCA's existing framework for UK authorised funds. Every UK authorised fund must be established as an Authorised Contractual Scheme (ACS), Authorised Unit Trust (AUT) or Investment Company with Variable Capital (ICVC), and is then categorised by its marketing and investment strategy as a UCITS, NURS, QIS or LTAF.

The LTAF-specific rules are set out in COLL 15 of the FCA Handbook. The key structural features include:

• •Dealing frequency: no more than monthly. This is a hard constraint, not a default that managers can override.

• •Redemption notice: a minimum of 90 days. Investors must give written notice before any withdrawal, and the manager must honour this timeline regardless of market conditions.

• •Eligible assets: predominantly long-term, illiquid investments — the vehicle is explicitly designed for holdings that cannot be sold quickly at fair value.

• •Governance and valuation: enhanced requirements around independent valuation, liquidity stress testing, and disclosure to investors.

The FCA broadened distribution of LTAFs to retail and pension-scheme investors through Policy Statement PS23/7, which classified LTAFs as Restricted Mass Market Investments (RMMI). This means they can be distributed to individual investors, but only through channels that include appropriateness assessments and specific risk warnings.

The intended gold standard for a complete LTAF catalogue is the FCA's Financial Services Register, supplemented by each fund's prospectus, Key Investor Document and manager disclosures. The FCA positions the Register as the authoritative public record for all regulated entities and products.

In practice, automated access to the Register's fund-search pages proved unreliable during this research, with repeated blocking errors preventing systematic extraction of the full LTAF universe. To mitigate this, the catalogue below relies on:

• •FCA Register search-result records for a subset of named LTAFs (which expose status, effective date, operator and structure metadata in the search index)

• •Primary manager documents including press releases, annual reports, financial statements and prospectus excerpts

• •Legal Entity Identifier (LEI) records that reference FCA registration authority IDs and provide entity creation dates and umbrella/sub-fund relationships

• •Financial press reporting for specific distribution and liquidity details, used sparingly and clearly labelled

A further reconciliation issue: the FCA Register's fund-search for the query "LTAF" returned 36 matches, while the FCA's published scheme counts imply a different number when counted as umbrellas plus sub-funds. These differences may reflect counting definitions, timing, or search-string matching, and cannot be resolved conclusively without full Register access.

This catalogue is therefore best understood as a verified subset, not a guaranteed census.

Aviva Investors operates the largest verified LTAF structure: the Aviva Investors LTAF ACS, an umbrella Authorised Contractual Scheme authorised by the FCA on 16 March 2023. The umbrella houses four sub-funds, each targeting a distinct illiquid strategy:

• •Real Estate Active LTAF — focused on UK and European real estate, with an active management approach rather than passive index replication.

• •Climate Transition Real Assets LTAF — a thematic vehicle targeting real assets positioned to benefit from or facilitate the energy transition.

• •Multi-Sector Private Debt LTAF — a diversified private credit strategy spanning multiple sectors and lending structures.

• •Venture & Growth Capital LTAF — the most distinctive sub-fund, targeting earlier-stage equity investments. Aviva disclosed an initial commitment of approximately £150 million for this vehicle, making it one of the only LTAF sub-funds with a publicly confirmed size figure.

The ACS legal form is notable. Unlike an ICVC (which is a company), an ACS is a contractual arrangement — closer in structure to a unit trust — that can offer certain tax advantages for institutional investors, particularly pension schemes. Aviva's choice of ACS suggests its primary audience is the UK defined contribution market.

Schroders operates its LTAF programme through the Schroders Capital Long-Term Asset Funds umbrella, with at least three identified sub-funds:

• •Climate+ LTAF — identified in Schroders' distribution materials as an LTAF limited to eligible investors under COLL 15. The strategy focuses on climate-aligned investments.

• •Global Energy Infrastructure LTAF — authorised by the FCA on 8 March 2023 with Schroder Unit Trusts Limited as operator. This was among the earliest LTAFs to receive authorisation.

• •UK Private Assets and Global Private Assets — broader private markets strategies operating as sub-funds under the umbrella.

Schroders has been the most visible advocate for retail-adjacent LTAF distribution. Press reporting described a Schroders retail-aimed LTAF distributed through wealth managers with a minimum £10,000 investment and liquidity limits tied to notice periods and quarterly redemption caps. This represents one of the most accessible entry points in the LTAF universe, though "accessible" is relative — the 90-day notice period and quarterly dealing still impose meaningful constraints compared with daily-dealt funds.

A separate entry — Schroders (Future Growth Capital) — appears in the FCA Register but with insufficient accessible detail to confirm its precise relationship to the main umbrella.

Several of the UK's largest asset managers have established LTAFs, each with distinct positioning:

BlackRock operates the BlackRock Alternative Strategies I LTAF, which appears in the FCA Register as a stand-alone LTAF rather than an umbrella structure. BlackRock has framed its LTAF offering as a diversified alternatives solution for defined contribution pension outcomes, consistent with its broader institutional focus.

Fidelity received FCA authorisation for Fidelity Long-Term Asset Funds on 4 August 2024, structured as an umbrella with at least one sub-fund: the Fidelity Diversified Private Assets LTAF. Press reporting indicated the vehicle was developed specifically for DC pension scheme use, with a multi-asset class mix spanning private credit, equity and real assets.

M&G obtained authorisation for the M&G Long-Term Asset Funds OEIC on 4 March 2025, making it one of the most recent entrants. The umbrella uses the OEIC (ICVC) legal form rather than ACS, and houses the M&G Diversified Private Credit Feeder LTAF — a feeder structure that channels capital into M&G's broader private credit platform. M&G explicitly targeted DC schemes in its launch announcement.

Legal & General operates the Legal & General ACS LTAF umbrella with at least one sub-fund, the Legal & General Private Markets LTAF. Details beyond the FCA Register listing are limited in publicly accessible sources.

Partners Group received authorisation for Partners Group Long Term Asset Funds on 26 January 2025, with the Partners Group Generations Fund identified as a sub-fund. Partners Group brings its global private markets expertise to the UK LTAF wrapper.

A distinctive feature of the LTAF landscape is the role of Carne Global Fund Managers (UK) Limited as a platform operator hosting LTAFs on behalf of other institutions. The "CG" prefix in the FCA Register identifies these arrangements:

• •CG Scottish Widows LTAF and CG Scottish Widows Growth LTAF — two vehicles linked to Scottish Widows, the insurance and pensions arm of Lloyds Banking Group. The use of a third-party operator suggests Scottish Widows preferred to access LTAF capability without building its own authorised fund management infrastructure.

• •CG WTW Private Assets LTAF — authorised on 7 October 2024 with Carne Global as operator. WTW (Willis Towers Watson) is one of the world's largest investment consultancies and pension advisors, making its entry into the LTAF market a significant signal about institutional demand.

• •CG Aegon AM LTAF — associated with Aegon Asset Management, another major institutional player using the Carne Global platform.

• •Pension Growth Alternative Strategies LTAF — appears in the FCA Register as a sub-fund associated with the Carne Global platform, though with limited accessible detail about the underlying strategy or target investor base.

The hosted model is worth noting because it lowers the barrier to LTAF issuance. Rather than each institution obtaining its own authorised fund manager permissions, they can leverage Carne Global's existing regulatory infrastructure. This may accelerate the pace of new LTAF launches.

The diagram below maps the verified umbrella-to-sub-fund relationships across the four sponsors where this structure could be confirmed from FCA Register entries, LEI records and manager financial statements. Stand-alone LTAFs (BlackRock, Partners Group and the CG-hosted vehicles) are not shown as they do not use umbrella structures.

The dominance of the umbrella model is striking: it allows managers to launch additional strategies under the same authorised structure without requiring separate FCA approval for each fund. This suggests the LTAF universe is likely to expand through sub-fund additions rather than entirely new authorisations.

Classifying the identified sub-funds by primary strategy reveals a diversified but unevenly documented landscape. Where strategy could be determined from manager descriptions or fund names, the breakdown is:

• •Private credit / private debt: 2 sub-funds (Aviva Multi-Sector Private Debt, M&G Diversified Private Credit Feeder)
• •Real estate: 1 sub-fund (Aviva Real Estate Active)
• •Infrastructure / climate / real assets: 2 sub-funds (Aviva Climate Transition, Schroders Global Energy Infrastructure)
• •Venture / growth equity: 1 sub-fund (Aviva Venture & Growth Capital)
• •Diversified private markets / alternatives: 2 sub-funds (BlackRock Alternative Strategies, Fidelity Diversified Private Assets)
• •Unspecified: 3 sub-funds where publicly accessible information was insufficient to classify strategy

Fund-level AUM is rarely disclosed. The only confirmed figure in accessible primary sources is Aviva's approximately £150 million initial commitment for its Venture & Growth Capital LTAF. Most managers disclose strategy descriptions and authorisation status but not current assets under management, which limits any meaningful assessment of the LTAF market's total size.

For individual investors considering LTAFs, several practical points deserve emphasis:

Eligibility is not universal. LTAFs are classified as Restricted Mass Market Investments. Distribution to retail investors requires appropriateness assessments, and not all platforms or advisers will offer them. The most common access route remains through workplace DC pension schemes, where the scheme trustee or governance committee makes the allocation decision.

Liquidity is structural, not discretionary. The 90-day notice period and monthly dealing frequency are regulatory requirements, not manager preferences. Investors accustomed to daily-dealt funds need to understand that capital committed to an LTAF cannot be retrieved quickly, even in a market downturn. This is by design: the illiquidity budget is what allows the fund to hold long-duration assets.

Fee transparency remains limited. Ongoing charges figures, annual management charges and performance fees are frequently not disclosed in publicly accessible documents for most LTAFs. This may improve as the market matures and distribution broadens, but currently represents a significant information gap for investors attempting to compare vehicles.

The catalogue is incomplete. The FCA Register's fund-search returned 36 matches for the query "LTAF," while this catalogue verifies approximately 25 distinct fund entities. The gap reflects access limitations rather than non-existence. Investors and advisers should consult the FCA Register directly and request prospectuses from managers for a complete picture.

The DC pensions market is the primary audience. The recurring positioning of LTAFs as solutions for defined contribution pension schemes — by BlackRock, Fidelity, M&G and others — suggests that most individual exposure will come through pension allocations rather than direct investment. This has implications for control, transparency and the ability to time entry and exit.