Macfarlanes has advised Fulcrum Asset Management LLP, and its independent authorised corporate director Waystone Management (UK) Limited, on the launch of its second open-ended private market focused fund under the Long-Term Asset Fund (LTAF) regime.

Fulcrum launched its first LTAF earlier this year to provide a defined contribution default pension scheme’s investors with access, through Fulcrum’s bespoke fund of funds strategy, to a diversified portfolio of illiquid private market investments comprising real estate, infrastructure, natural resources, alternative credit and private equity. Fulcrum’s second LTAF, which replicates the existing fund of fund’s strategy but is offered to a commingled pool of investors (including defined contribution and defined benefit pension schemes, endowments, foundations and wealth managers), has received regulatory approval from the FCA and will launch in the coming months.

Fulcrum is a leading independent asset manager investing across all major private market asset classes and geographies.

Waystone is a leading provider of institutional governance, administration, risk and compliance services to the global asset management industry including independent authorised corporate director services.

The Macfarlanes team was led by investment management partner Lora Froud with assistance from senior associate Emma Garnham and associate Katie Bartlett.