UK Long Term Asset Funds - An Essential Guide

Introduction

The long-term asset fund (‘LTAF’) is an FCA authorised UK fund structure designed to facilitate long-term investment into illiquid assets including real estate, loans and infrastructure.

The first LTAFs were authorised in the spring of 2023, and they can take a number of different legal forms.

Initially the LTAFs were restricted to professional investors, including defined contribution (‘DC’) pension schemes, certified sophisticated investors and certified high net worth investors.

These are now known as ‘limited protection LTAF investors’.

However, reforms to the LTAF have extended distribution to mass market retail, self-select DC pension schemes and self-invested personal pensions (‘SIPPs’).

The UK’s LTAF is broadly equivalent to the EU Long-Term Investment Fund (‘ELTIF’) in its aims, but significantly different in its operation.

This webinar will consider the practicalities of launching an LTAF and equip viewers with an understanding of the legal framework and issues involved.

The webinar is suitable for lawyers, FCA regulated persons and other professionals working in the financial services industry.

What You Will Learn

This short webinar will cover the following:

• LTAF overview:
  • Purpose of regime - why did we need a new UK fund structure?
  • Key features of an LTAF, including:
  • Governance
  • Reporting
  • Investment and Borrowing Powers
  • Redemptions and subscriptions and dealing models
  • Role of the depositary and custody of assets
  • Permitted links
  • Eligible investors
  • Legal structures
• ‘Retailisation’ - the new retail LTAF:
• Broader distribution
• Retail consumer process and the Consumer Duty
• Additional investor protection rules
• FCA application and launching an LTAF, including timings
• Further consultations and future of the LTAF

This pre-recorded webinar will be available to view from Thursday 8th May 2025

Alternatively, you can gain access to this webinar and 1,700+ others via the MBL Webinar Subscription. Please email webinarsubscription@mblseminars.com for more details.