Top 10 UK LTAFs: 2026 Guide to Long-Term Asset Funds

Data sourced from Dakota Marketplace, the global LP and GP intelligence platform trusted by thousands of investment professionals. Learn More | Book a Demo

The largest UK long-term asset funds in 2026 are the Aviva Investors Real Estate Active LTAF (£1.72 billion, USD 2.28 billion), the Aviva Investors Multi-Sector Private Debt LTAF (£1.11 billion, USD 1.46 billion) and the Aviva Investors Climate Transition Real Assets LTAF (£0.70 billion, USD 0.93 billion), then six Schroders-operated funds and M&G’s new private credit feeder. The 10 together hold about £5.3 billion (USD 7.0 billion), most of the £7.3 billion that industry estimates put in LTAFs as of April 2026.

Key Takeaways

• The FCA register lists 35 LTAF sub-funds under 19 umbrellas as of October 2026, up from 22 sub-funds in early 2025. Twelve of the 35 publish a fund size, and those 12 total about £5.3 billion (USD 7.0 billion).
• Two managers dominate the money: Aviva Investors runs the three largest LTAFs (£3.65 billion, USD 4.8 billion, together) and Schroders operates six more, so two groups hold roughly 95% of the assets that are publicly disclosed.
• The LTAF is a defined contribution (DC) pension product first. Of the 31 LTAF records in Dakota Marketplace, 24 were built for or seeded by DC schemes, insurers’ own balance sheets or master trusts; the two retail feeders held under £3 million (USD 4 million) between them at March 2026.
• Nine of the 35 funds use a host authorised corporate director, Carne or Waystone, which is how Apollo, Arcmont, Aegon, Aon, Hamilton Lane, SEI, WTW, Fulcrum and Scottish Widows launched without a UK fund management company of their own.
• Eleven of the 35 publish performance in report and accounts or on a fund page, including one-year returns of 17.2% for Schroders Capital UK Innovation and 6.0% for the Schroders (Future Growth Capital) UK Private Assets LTAF to March 2026.

What is a long-term asset fund?

A long-term asset fund is an FCA-authorised open-ended fund built to hold illiquid assets: private equity, private credit, infrastructure, real estate and venture capital. The rules sit in chapter 15 of the FCA’s Collective Investment Schemes sourcebook. Redemptions can be no more frequent than monthly and require at least 90 days’ notice, which lets the fund hold assets that cannot be sold in a day. In practice most LTAFs deal quarterly.

The structure was created in 2021 so that DC pension schemes, which hold members’ money in daily-priced default funds, could allocate to private markets through a regulated UK vehicle. In 2023 the FCA reclassified LTAF units as a restricted mass market investment, which opened them to self-select pension members and, with risk warnings and a 10% exposure cap, to retail investors. From April 2026 LTAFs became eligible for stocks and shares ISAs.

Industry estimates put the market at about £7.3 billion (USD 9.6 billion) in April 2026, up from £5 billion in June 2025, with a further £3.1 billion committed but not yet called. Dakota Marketplace holds 31 LTAF fund records, each linked to its manager’s account. All figures in this guide are converted at £1 = USD 1.32, the rate Dakota Marketplace displays.

Who are the 10 largest LTAFs by published fund size?

The ranking uses each fund’s most recent report and accounts or launch statement. Sizes are fund net assets, not commitments. Twenty-three of the 35 registered LTAFs publish no size, so this ranks what is disclosed.

Sources: fund report and accounts (Aviva Investors LTAF ACS interim report to 30 June 2026; Schroders Capital Long-Term Asset Funds annual report to 31 March 2026); M&G launch statement, October 2026; Dakota Marketplace.

Three funds that are almost certainly large enough for this table do not publish a size: the BlackRock Diversified Alternative Strategies LTAF, seeded by two UK DC schemes in May 2026; the Legal & General Private Markets LTAF, the illiquid sleeve of L&G’s Private Markets Access Fund; and the WS Fulcrum Diversified Private Markets (H) LTAF, built for the HSBC Bank (UK) Pension Scheme’s DC section and described at launch as the largest LTAF for a single trust scheme. Any of the three could sit in the top five once a report is public.

1. Aviva Investors Real Estate Active LTAF

Published AUM: £1,722m (USD 2,279m) at 30 June 2026 | Manager: Aviva Investors | Asset class: UK real estate | Authorised: 17 March 2023

The first LTAF to be authorised and still the largest. It targets a 6% a year net return over rolling five-year periods from a UK property portfolio that was 48% direct property, 36% indirect and 15% cash at June 2026. Net assets fell from £1.85 billion (USD 2.44 billion) at December 2025 after redemptions from Aviva’s own corporate class. Published returns were 9.22% for 2025 and 3.47% for the first half of 2026.

Who it is for: Aviva Group balance-sheet money seeded the fund with about £1.6 billion; insured pension and institutional unit classes were added later.

Why it matters for fund managers: It proves an LTAF can hold direct property at scale, and its redemption pattern shows that even a captive seed investor moves money out when it needs to.

2. Aviva Investors Multi-Sector Private Debt LTAF

Published AUM: £1,106m (USD 1,464m) at 30 June 2026 | Manager: Aviva Investors | Asset class: Private credit | Authorised: 28 November 2024

The largest private credit LTAF and the fastest grower. It targets gross income of SONIA plus 4.5% at origination across real estate debt, infrastructure debt, private corporate debt and structured finance, with £921 million committed across 66 investments by the first quarter of 2026. Investor commitments reached £1.48 billion in January 2026. The six-month return to June 2026 was 6.81%.

Who it is for: DC schemes through Aviva’s insured funds, seeded from the My Future Focus default. A fund-of-funds class and an Irish corporate euro class have since been added.

Why it matters for fund managers: This is what a DC default’s private credit allocation looks like in practice: multi-sector, investment-grade-adjacent and run in-house by the scheme’s own provider.

3. Aviva Investors Climate Transition Real Assets LTAF

Published AUM: £702m (USD 930m) at 30 June 2026 | Manager: Aviva Investors | Asset class: Real assets (real estate, infrastructure, forestry) | Authorised: 20 December 2023

A multi real-asset fund with a climate transition objective, targeting 8% a year net over rolling five years and held largely through Aviva’s own real estate and infrastructure sub-funds. It launched in March 2024 and had drawn £719.5 million from investors by mid-2026. Returns were 7.5% in 2025 and 1.9% for the first half of 2026.

Who it is for: DC schemes via Aviva insured pension funds, plus Aviva corporate money.

Why it matters for fund managers: The fund shows how a provider packages its in-house real assets for its own defaults, which is the competition an external manager faces when pitching the same scheme.

4. Schroders (Future Growth Capital) UK Private Assets LTAF

Published AUM: £445m (USD 590m) at 31 March 2026 | Manager: Schroders, advised by Future Growth Capital | Asset class: Multi private assets, UK | Authorised: 17 October 2024

Future Growth Capital is the Schroders and Phoenix (now Standard Life) joint venture set up after the 2023 Mansion House Compact. This fund targets a 12% a year gross return with at least 85% in UK private equity, real assets and private credit. The one-year return to March 2026 was 6.0%. Schroders’ accounts say both Future Growth Capital sub-funds were due to move into a new Future Growth Capital umbrella in August 2026, which the FCA authorised on 13 March 2026; Dakota carries them under their Schroders names until the transfer is confirmed.

Who it is for: DC schemes and other institutions, seeded by Phoenix and Standard Life.

Why it matters for fund managers: It is the clearest example of a UK-focused private markets default sleeve, and its 85% UK floor tells managers what kind of assets the Mansion House money is looking for.

5. Schroders Capital Climate+ LTAF

Published AUM: £374m (USD 495m) at 31 March 2026 | Manager: Schroders Capital, with BlueOrchard as adviser | Asset class: Multi private assets, climate and impact | Authorised: 9 March 2023

Authorised in the same month as Aviva’s first fund, Climate+ invests mainly through Schroders Capital’s own private markets funds with climate mitigation and adaptation objectives, plus a 5% to 30% social impact sleeve. It targets 8% to 10% a year net over five to seven years and returned 4.5% in the year to March 2026. Its lock-up ended in April 2026. Minimum subscriptions range from £5 million to £100 million by class.

Who it is for: DC schemes and institutions.

Why it matters for fund managers: It is one of the few LTAFs with an explicit impact sleeve, and its largest purchase in the year was units in a sister LTAF, which shows how fund-of-fund LTAFs recycle capital inside one group.

Want to see who is allocating to UK long-term asset funds? Dakota Marketplace holds 31 LTAF fund records across 18 manager accounts, plus about 50 offshore evergreen funds marketed in the UK, each with asset class, structure and published size where it exists. Book a demo to filter them by asset class, manager country and fund size.

6. Schroders Greencoat Global Renewables+ LTAF

Published AUM: £370m (USD 490m) at 31 March 2026 | Manager: Schroders Greencoat | Asset class: Renewables and energy transition infrastructure | Authorised: 4 December 2023

A global portfolio of solar, wind, bioenergy and other energy-transition assets, at least 80% held directly or through Schroders Greencoat funds, with a listed sleeve for liquidity. It targets 7% to 9% a year net and returned 2.3% in the year to March 2026. The ramp-up period runs to December 2026.

Who it is for: DC schemes and institutions, with a £1 million minimum.

Why it matters for fund managers: Infrastructure is the asset class DC schemes find easiest to explain to members, and this fund is the largest single-strategy infrastructure LTAF with a public size.

7. Schroders (Future Growth Capital) Global Private Assets LTAF

Published AUM: £267m (USD 354m) at 31 March 2026 | Manager: Schroders, advised by Future Growth Capital | Asset class: Multi private assets, global ex-UK | Authorised: 17 October 2024

The international twin of the UK fund, with the same 12% gross target spread across private equity (20% to 40%), real assets (15% to 40%) and private credit (35% to 60%), mainly in the US and continental Europe. The one-year return to March 2026 was 3.5%. It is subject to the same planned move into the Future Growth Capital umbrella.

Who it is for: DC schemes and institutions, seeded by Phoenix and Standard Life.

Why it matters for fund managers: The allocation bands are a published template for how a DC private markets sleeve splits between asset classes, with private credit the largest component.

8. Schroders Capital UK Innovation LTAF

Published AUM: £140m (USD 186m) at 31 March 2026 | Manager: Schroders Capital | Asset class: UK venture and growth equity | Authorised: 14 November 2024

The only pure venture LTAF in the top 10. At least 80% of net assets go to venture investments, at least 80% of those in UK technology and life-science companies, mostly through direct deals and co-investments. It returned 17.2% in its first full year to March 2026, the highest published LTAF return. Ramp-up ends in November 2028 and the lock-up in November 2029, with a 2.5% quarterly redemption gate.

Who it is for: DC schemes and institutions, with a £1 million minimum.

Why it matters for fund managers: It shows that UK DC money will fund venture when the vehicle gives it a long enough lock-up, and it sets the performance bar for any competing UK growth LTAF.

9. Aviva Investors Venture & Growth Capital LTAF

Published AUM: £117m (USD 155m) at 30 June 2026 | Manager: Aviva Investors | Asset class: Venture and growth capital | Authorised: 31 January 2025

A mix of direct unlisted equities (53%) and funds (45%) targeting at least 15% a year gross, with about 90% of investments classed as sustainable. Total commitments were about £280 million against a £500 million target in the first quarter of 2026. It returned 14.58% from launch to December 2025 and 3.67% in the first half of 2026.

Who it is for: Aviva Group money so far, through a single internal unit class.

Why it matters for fund managers: Nearly half the portfolio is in third-party funds, which makes this one of the few LTAFs that is itself a fund investor.

10. M&G Diversified Private Credit Feeder LTAF

Published AUM: £74m (USD 98m) at launch, 12 October 2026 | Manager: M&G Investments | Asset class: Private and structured credit | Authorised: 5 March 2025

Authorised in March 2025 and launched in October 2026 with £74 million, this is a feeder that places at least 90% of its assets in M&G’s Luxembourg diversified private credit fund. The strategy covers corporate lending, infrastructure, real estate and other asset-backed debt in the UK and Europe, with an objective of SONIA plus 5% a year after fees over five years.

Who it is for: DC schemes and other professional investors.

Why it matters for fund managers: The feeder structure, a UK LTAF wrapped around an existing Luxembourg fund, is the route most non-UK managers will use, and M&G’s launch size is a realistic first-close benchmark.

Which other LTAFs are on the FCA register?

The 10 above are the funds that publish a size. The table lists every LTAF in Dakota Marketplace by umbrella, with the operator named on the FCA register. The 2026 authorisations are the newest additions to the register; none has yet published a report.

Sources: FCA Financial Services Register, October 2026; Dakota Marketplace, 22 October 2026.

Two further register entries, the Legal & General Private Markets LTAF (authorised May 2024) and the L&G WTW Private Credit Access LTAF (August 2026), are coming soon to Dakota Marketplace. The Future Growth Capital umbrella authorised in March 2026 will carry the two Schroders (Future Growth Capital) funds once their transfer is confirmed.

The pattern in the table is the point. Carne operates seven of the 35 sub-funds and Waystone five, and between them the two host authorised corporate directors brought nine managers to market. Six sub-funds were authorised in the first eight months of 2026 alone.

Who buys LTAFs, and why does that matter for fund managers?

LTAFs are a DC pension product with a retail wrapper attached. Of the 31 LTAF records in Dakota Marketplace, 24 were built for or seeded by a DC default, a master trust, an insurer’s own balance sheet or a single pension scheme. The named buyers in the funds’ own documents include Aviva’s My Future Focus default, Aegon UK’s Universal Balanced Collection, Scottish Widows’ Lifetime Investment defaults, Fidelity’s FutureWise default, the Mercer Master Trust, WTW’s LifeSight, the Aon MasterTrust and the HSBC Bank (UK) Pension Scheme.

The two funds designed for wealth and retail investors tell the other half of the story. The Schroders Capital Global Private Equity LTAF and Global Energy Infrastructure LTAF, both feeders into Luxembourg semi-liquid funds and both listed on a UK retail platform, held £1.7 million and £0.8 million respectively at March 2026. Retail access exists; retail demand, so far, does not.

The policy push is behind the DC side. In May 2025, 17 of the largest UK workplace pension providers signed the Mansion House Accord, an expression of intent to put at least 10% of their DC default funds into private markets by 2030, with 5% of the total in UK assets, subject to fiduciary duty. Industry estimates put the assets in scope at about £252 billion. Every signatory needs vehicles to do that through, and the LTAF is the regulated UK one.

For a fund manager raising capital, three things follow.

First, the buyer is the provider, not the member. The decision sits with the DC provider’s or master trust’s investment team and its consultant, and the LTAF is often built around one scheme before anyone else can invest.

Second, you do not need a UK management company. Carne and Waystone act as authorised corporate director and alternative investment fund manager, and a Luxembourg or Irish fund can sit underneath as the master. M&G, Hamilton Lane, Arcmont and Schroders’ wealth range all use the feeder route.

Third, performance is becoming visible. Eleven of the 35 funds publish returns, and the first annual reports for the 2025 authorisations are due within 12 months. Published returns on each LTAF record are coming soon to Dakota Marketplace, alongside the evergreen flag, fund size and manager link that are live today.

How do LTAFs compare with offshore evergreen funds sold in the UK?

The LTAF is not the only evergreen route into UK private markets money. Dakota’s research for this guide identified 88 offshore evergreen private markets funds, mostly Luxembourg Part II SICAVs and ELTIFs, that are sold or marketed to UK investors, and about 50 of them are now fund records in Dakota Marketplace. They are larger: the biggest single offshore fund in the set holds about USD 8.8 billion, more than every LTAF combined.

The split by buyer is clean. Offshore evergreen funds reach UK wealth managers, private banks and high-net-worth clients through private placement. LTAFs reach DC pension defaults, which offshore funds cannot. A manager with a Luxembourg evergreen fund and a UK LTAF feeder on top covers both channels with one portfolio, as M&G, Hamilton Lane and Schroders have done. A companion guide compares the two routes in detail.

Frequently Asked Questions

What is an LTAF?

A long-term asset fund is an FCA-authorised open-ended UK fund designed to hold illiquid private markets assets. It must offer redemptions no more often than monthly with at least 90 days’ notice, and most deal quarterly. The rules sit in chapter 15 of the FCA’s Collective Investment Schemes sourcebook.

How many LTAFs are there?

The FCA register listed 35 LTAF sub-funds under 19 umbrellas in October 2026, up from 22 sub-funds in early 2025. Six were authorised between February and August 2026. Dakota Marketplace holds 31 of them as fund records, with the two Legal & General funds coming soon.

What is the largest LTAF?

The Aviva Investors Real Estate Active LTAF, with £1.72 billion (USD 2.28 billion) of net assets at 30 June 2026. The three Aviva LTAFs with published sizes hold £3.65 billion (USD 4.8 billion) between them, about half of all LTAF assets on industry estimates.

How much money is in LTAFs?

Industry estimates put LTAF assets at about £7.3 billion (USD 9.6 billion) in April 2026, up from £5 billion in June 2025, with a further £3.1 billion committed but not yet drawn. Only 12 of the 35 funds publish a size, and those 12 total about £5.3 billion.

Can retail investors buy LTAFs?

Yes, since 2023, when the FCA classified LTAF units as a restricted mass market investment. Retail investors must receive risk warnings and are limited to 10% of their investable assets, and from April 2026 LTAFs can be held in a stocks and shares ISA. In practice only the two Schroders Capital Wealth Solutions LTAFs are listed on a retail platform, and both remain small.

How do LTAF redemptions work?

The FCA minimum is monthly dealing with 90 days’ notice. Most funds are stricter: the Schroders LTAFs deal quarterly with 95 days’ notice and a 5% quarterly cap at the master fund, and the Schroders Capital UK Innovation LTAF has a 2.5% quarterly gate and a lock-up to November 2029. Terms are set per fund in the prospectus.

Do you need a UK authorised corporate director to launch an LTAF?

Every LTAF needs an FCA-authorised operator, but it does not have to be your own. Carne Global Fund Managers (UK) operates seven of the 35 sub-funds and Waystone Management (UK) five, acting as authorised corporate director and alternative investment fund manager for Apollo, Arcmont, Aegon, Aon, Hamilton Lane, SEI, WTW, Fulcrum and Scottish Widows. A Luxembourg or Irish fund can sit underneath as the master.

Which LTAFs publish performance?

Eleven of the 35: the four Aviva funds and seven Schroders-operated funds. The highest published one-year return to March 2026 was 17.2% for the Schroders Capital UK Innovation LTAF. Thirteen funds are too new to have reported, six publish only behind an investor sign-in, and five single-scheme funds do not post reports publicly.

Ready to see every LTAF and the managers behind them?

Dakota Marketplace holds 31 UK long-term asset fund records across 18 manager accounts, each with asset class, fund structure, evergreen flag and published size where it exists, plus about 50 offshore evergreen funds marketed in the UK. Published returns on the LTAF records are coming soon. You can filter by:

• Product structure (interval or gated, open-end) and the evergreen flag
• Asset class and sub-asset class, from direct lending to late-stage venture
• Manager country, to separate UK-headquartered operators from the US and European managers using a host ACD
• Fund size and vintage

If you are deciding whether a UK LTAF feeder belongs on top of your evergreen fund, this is the list of who has already done it and what they raised. A trial shows the same records alongside the DC schemes, master trusts and consultants that buy them.

Book a Demo to see Dakota's UK evergreen fund coverage.

Related reading: Top Evergreen Fund Databases for 2026 · The Six LGPS Pools: A 2026 Guide for Fund Managers · Top 10 Most Active Institutional Investors in the UK