L&G’s private markets access fund hits £1.3bn in first year
Legal & General’s Private Markets Access Fund has reached £1.3bn in assets under management, one year on from its launch in July 2024, it announced today.
The fund enables L&G’s 5.6m defined contribution (DC) pension scheme members to access exposure to L&G’s £57bn private markets platform, as well as real estate and private credit strategies.
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It comes as L&G recently signed the Mansion House Accord, pledging to allocate at least 10 per cent of its DC default funds into private markets by 2030, with at least 5 per cent allocated to UK private markets.
Following the positive momentum for the fund in the DC market, L&G has now made the fund available to defined benefit (DB) clients, it said.
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“We are pleased to have been an early adopter in designing a solution that enables default schemes with flexible liquidity requirements to access private markets opportunities,” said Eric Adler, chief executive, asset management at L&G.
“As private markets continue to open up to new DC and DB members, we expect a continued focus on private markets strategies that can offer income and growth together with positive societal benefits.”
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