Long-term Asset Fund (LTAF) regime
The LTAF is a new category of open-ended authorised funds designed to route retail money into long-term, illiquid assets such as private equity, private debt, and infrastructure.
The LTAF rules were finalised in November 2021. This concluded a policy process over several years that involved Macfarlanes throughout. We acted as legal adviser to the Investment Association, the trade body for the UK’s investment industry, that proposed the design of the LTAF from its earliest iterations. Macfarlanes’ advice spanned all aspects of the LTAF’s design from its legal structure and tax treatment through to the rules governing its distribution.
Given our extensive work on the LTAF regime, we are now represented by Lora Froud as a member of the Pensions and Private Capital Expert Panel which comprises a mix of industry experts tasked with reporting back to the Government on how to further unlock the flow of capital between Defined Contribution pension scheme and private fund managers.
