Hargreaves Lansdown (HL) has become the first UK investment platform to allow retail investors to access Long-Term Asset Funds (LTAFs) through a Self-Invested Personal Pension (SIPP), following a new partnership with Schroders Capital.
From the week commencing 15 September, two Schroders Capital managed private markets funds will be added to the platform, giving eligible investors exposure to global private equity and energy transition infrastructure.
This marks an important step in making private markets more widely available. Until now they have largely been reserved for institutions or very wealthy investors. LTAFs were created by the Financial Conduct Authority as a structure designed to hold long-term, illiquid assets such as private equity, infrastructure, venture capital and real estate. Unlike traditional mutual funds or ETFs, LTAFs can only be traded at set intervals such as monthly or quarterly, and investors usually need to give 90 days’ notice to withdraw money.
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Emma Wall, head of platform investments at Hargreaves Lansdown, described the launch as a milestone for the accessibility of private markets for individual investors in the UK. She said:
“Our business has been built upon the mission to democratise investing and we see this as a milestone for the accessibility of private markets. For retail investors with a long-term investment horizon, the appropriate knowledge and resources, and as part of a well-diversified portfolio, private markets can play an important role in delivering unique growth opportunities beyond what is typically available in public markets.”
The two funds initially available will be the Schroders Capital Global Private Equity LTAF, which gives exposure to over 270 private companies worldwide with a focus on technology and healthcare, and the Schroders Capital Global Energy Infrastructure LTAF, which invests across 180 assets supporting the energy transition, including wind farms, solar parks, green hydrogen and battery storage projects.
James Lowe, director of private markets at Schroders Capital, commented:
“This marks a watershed moment for the accessibility of private markets for eligible retail investors in the UK. Our partnership with Hargreaves Lansdown combines the best of Schroders Capital’s global private markets expertise with HL’s innovative, digital led approach.”
HL clients will also benefit from discounted ongoing charges through new Q1 share classes that are exclusive to its platform. The minimum investment is £10,000, and access will be limited to investors who qualify as high net worth or sophisticated.
LTAFs are already eligible for SIPPs and Innovative Finance ISAs. From April 2026 they are expected to also be permitted within Stocks and Shares ISAs which could expand access even further.
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