M&G launches £74m private credit LTAF for DC savers
M&G has launched a private credit long-term asset fund (LTAF) with £74m of initial commitments.
The fund, which is aimed at UK defined contribution (DC) pension schemes looking to increase their exposure to private markets following the Mansion House Accord, will “channel capital” into businesses and projects across the UK and Europe, the manager said.
The initial £74m includes capital from M&G’s £138bn with-profits fund, the firm said.
The LTAF will give investors access to a range of private credit, including corporate lending and the financing of infrastructure, real estate and other assets.
Read more: BlackRock launches private markets LTAF for DC pensions
“Our first LTAF brings to DC pension schemes a private credit capability that M&G has delivered to defined benefit pension schemes and other institutional investors for more than 25 years,” said Neil Godfrey, global head of client group at M&G Investments.
“M&G’s Diversified Private Credit Feeder LTAF is designed to support savers throughout their investment journey, helping to grow savings during their working lives while providing a reliable source of income in retirement.”
Read more: Will LTAFs boost DC scheme investment in private markets?
While LTAFs have broadened access to private markets for UK DC pension schemes over the past few years, allocations have remained relatively low. According to Morningstar data published in 2025, approved LTAFs collectively hit £5m of assets under management.
The launch follows that of the M&G Corporate Credit Opportunities European long-term investment fund (ELTIF), which has more than €1bn in assets.
The new fund sits within M&G’s £28bn private and structured credit platform, part of its wider £83bn private markets business.
