Macfarlanes advises Legal & General Investment Management on its diversified private markets LTAF

01 July 2024

Macfarlanes has advised longstanding client Legal & General Investment Management (LGIM) on the launch of its diversified private markets Long-Term Asset Fund (LTAF), the Legal & General Private Markets LTAF.

The LTAF is a component of a broader strategy, the L&G Private Markets Access Fund, designed to provide over five million defined contribution pension scheme members with the opportunity to access a broad range of private market investment opportunities, including venture capital, infrastructure, real estate and private credit, while supporting the delivery of better long-term retirement outcomes.

The overall offering launched on 1 July 2024, while the LTAF received regulatory approval from the Financial Conduct Authority in May.

LGIM is the global asset management business of Legal & General Group, a UK-based institutional asset management and a global investor company.

The Macfarlanes team was led by investment management partner Lora Froud, with assistance from senior counsel Alexandra Cochrane, senior associate Tiffany Cox, and associate Harry Middleton. Senior associate Sandeesh Shah was supporting this project from the LGIM side whilst on secondment to its in-house legal team.

Sarah Aitken, Chief Client Officer of the Asset Management division at Legal & General, said “Today’s launch marks an important milestone in the democratisation of private markets for DC schemes. We have created an innovative ‘Fund of Funds’ structure, including our new Private Markets LTAF. This provides clients with exposure to the potential performance and diversification benefits that private markets can offer, while also meeting the operational, liquidity and governance requirements of DC schemes. We are grateful to Macfarlanes for their expert guidance and support in helping to deliver this Fund to market and ensure the launch is a success.”