UK-based specialist fund services provider Waystone has secured approval from the UK’s Financial Conduct Authority (FCA) for its private market, long-term assets fund (LTAF).
The move makes Waystone the first independent authorised corporate director (ACD) to have an LTAF approved, according to Waystone.
It has teamed up with Fulcrum Asset Management for the planned fund launch of the WS Fulcrum LTAF.
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The fund will invest in a blend of private market asset classes, including private equity, private credit, infrastructure and real estate, for a single defined contribution pension scheme.
“This is a big moment for Waystone and our UK business, and we continue to focus on bringing more of these to market in the not-too-distant future,” said Rachel Wheeler, global product head for regulated fund solutions at Waystone.
“This announcement is another step toward unlocking the substantial capital within pension funds, stimulating economic growth, and creating new investment opportunities”.
