Aegon UK has received regulatory approval from the Financial Conduct Authority for the final two of three long-term asset funds.
The trio of LTAFs will enable the 700,000 savers in its largest default fund, the Universal Balanced Collection, to gain exposure to private markets.
The retirement solutions provider said achieving the milestone is part of its commitment as a founding signatory of the 2023 Mansion House Compact, and paves the way to enhancing value and outcomes for members invested in UBC through new investment opportunities which had previously been out of reach for most workplace pension members.
Lorna Blyth, managing director of investment proposition at Aegon UK, said: “The success in receiving authorisation for all three LTAFs marks real progress in offering our workplace pension members access to the best available asset classes, that are in line with our objective to provide better outcomes and value.
“This tangible action is in line with government objectives and will allow members to share in the successes of growth companies, as well as the higher returns expected from other alternative investments.”
LTAFs are a new type of regulated fund that invest in long-term, illiquid assets such as private equity, private credit, real estate or infrastructure.
Since October 2024, BlackRock has managed a bespoke, diversified alternative private markets strategy for Aegon UK and from the second half of 2025, Aegon Asset Management’s private credit LTAF will provide diversified exposure to a range of AMM’s private credit strategies.
In the second half of the year, J.P. Morgan Asset Management’s bespoke strategy, which leverages the firm’s alternatives platform, will also offer exposure to private markets.
Blyth added: “Our journey doesn’t end here; next up is our cornerstone investment into the British Growth Partnership, subject to regulatory approval, which will tap into the full commercial potential of world-class breakthrough technology companies based here in the UK.
“We are committed to maintaining our position as leaders in investment innovation, using our scale to access new asset classes and drive better member outcomes.”
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