WTW and Carne Group have received regulatory approval to launch a private equity-focused Long Term Asset Fund (LTAF), which will aim to offer institutional and professional investors dedicated exposure to private equity primarily through co-investments, allowing them to invest in a range of opportunities.

The duo initially announced the intention to launch the LTAF, named CG WTW Private Equity Access LTAF last April, at the time the LTAF had £450m (€540m) in initial commitments.

Macfarlanes provided legal advice to Carne and WTW. Carne Group’s UK authorised fund manager will act as the fund’s authorised corporate director.

It is the first private capital evergreen, semi-liquid LTAF launched by WTW, which said it has further plans for other solutions to follow for savers across the UK, Europe and internationally.

The fund across Europe has approximately $850m of client interest to date. LifeSight, WTW’s defined contribution (DC) pensions master trust with 420,000 individual members, has agreed to allocate up to 5% of its LifeSight Equity default fund into private equity.

The launch of the new private equity LTAF supports broader industry initiatives to better align the long-term investment needs of many end investors, including DC pension savers, and invest in private equity assets that have historically been difficult for DC and private investors to access.

Ben Leach, head of private market solutions in WTW’s Investments business, said: “Seeing this dedicated private equity fund launch come into fruition is a proud moment for WTW as a business.

“We look forward to seeing the benefits this will bring to end savers looking to grow their wealth through allocations to the asset class.”

Mark Stockley, chief business development officer at Carne, added that the new LTAF represents a “significant milestone” in the opening up of private equity to UK pension savers.

He said: “We’re delighted that Carne continues to be the partner of choice for bringing these innovative products to market.”

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Pamela is IPE's UK correspondent. Before joining IPE in May 2023, she spent five years writing about the insurance industry. During her career so far she won awards for Most Promising Newcomer in 2020 and Best Investigative Article in 2022 from the British Insurance Brokers Association, and was also highly commended at the WTW Media Awards for Insurance Features Journalist of The Year.View full Profile

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