LTAFs under the FCA's COLL 15: UK authorised long-term asset funds: investment powers, eligibility, distribution, redemptions, governance, valuation, FSCS and authorisation

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Practice notes

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This Practice Note examines an FCA-authorised vehicle, the long-term asset fund (LTAF), created to invest in long-dated, less liquid holdings. It sets out the principal characteristics of the LTAF, covering its investment approach and authorities, who may invest, how redemptions operate, and other central matters such as governance, valuation, disclosure and reporting obligations. For further detail on UK collective investment schemes (CIS), see: Collective investment schemes (CIS)—overview. For broader material on investment funds and asset management, including authorised fund vehicles, see: Funds and asset management—general—overview. For the latest and forthcoming changes, see Recent and upcoming developments and key dates below.

Background

The LTAF framework emerged from a wider, continuing UK policy discussion on promoting long-term investment and addressing the FCA’s view, expressed in Policy Statement (PS) 21/14: A new authorised fund regime for investing in long-term assets, that some investors with long-run horizons were deterred from allocating to long-term assets by real or perceived obstacles. For more on PS21/14, see News Analysis: FCA policy statement on long term assets funds (LTAFs). The FCA worked with the Bank of...

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Web page updated on 21/05/2026

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