Arcmont and Carne receive approval for a long-term asset fund (LTAF)

19 June 2024

The LTAF is the first in the market focussed on Private Debt

Arcmont Asset Management (“Arcmont”), a leading European Private Debt asset management firm, has today announced that regulatory approval has been received from the UK’s Financial Conduct Authority to launch a Long-Term Asset Fund (‘LTAF’), with Carne Global Fund Managers (UK) Ltd, as the LTAF’s Authorised Corporate Director.

The LTAF is open-ended, providing an element of liquidity to investors and exposure to European direct lending opportunities via a Luxembourg fund. Through the LTAF, a wide range of investors, including UK Defined Contribution schemes, will be offered an alternative to traditional fixed income investments and an opportunity to enhance portfolio diversification via exposure to Private Debt, thereby tapping into the illiquidity premium available in private markets. Access to the LTAF is approved for professional investors only.

The LTAF, the first offered by a specialist Private Debt asset manager, will leverage the firm’s dedicated direct lending expertise and 13 years’ track record of providing direct lending solutions to European upper mid-market businesses.  The approval exemplifies Arcmont’s focus on designing and delivering innovative solutions to make Private Debt accessible to a wider investor base.

Anthony Fobel, Chief Executive Officer, said: We are delighted to be the first dedicated European Private Debt manager to receive approval to launch an LTAF. This new structure, authorised by the UK’s Financial Conduct Authority, presents a solution for UK Defined Contribution pension scheme investors, who were previously restricted in their ability to access direct lending strategies. The strong support for our Direct Lending Fund IV is evidence of the fact that global investors now recognise the attractiveness of Private Debt as a reliable and flexible source of capital for many companies. We believe that our size, scale and Pan-European network, backed by Nuveen’s global platform, means that we are well positioned to continue to deploy capital as a partner of choice. We are therefore excited to continue to act as a pioneer within our industry and to enable access to Private Debt to this broader group of investors for the first time.”

Ben van den Tol, Director, Business Development, at Carne Group, said“We are delighted to be working with Arcmont to bring this product, the first of its kind, to market. As Defined Contribution pension fund managers increasingly turn to private markets to drive enhanced risk adjusted returns for members, we are seeing growing interest in the LTAF structure, with investors recognizing the compelling benefits the structure can bring in providing investor exposure to the private markets opportunity.”

For more information, please contact your local Carne relationship manager or a member of the team below.

Ben van den Tol
Director, Business Development

Jeremy Soutter
Managing Director