According to the regulator’s Financial Services Register, the authorisation became effective on 11 June, with the LTAF being named CG Arcmont LTAF, while its sub-fund has been called CG Arcmont Private Credit Europe LTAF.
Carne Group and Arcmont Asset Management have received regulatory approval from the Financial Conduct Authority (FCA) to launch a private credit long-term asset fund (LTAF).
According to the regulator's Financial Services Register, the authorisation became effective on 11 June, with the LTAF named CG Arcmont LTAF, while its sub-fund has been called CG Arcmont Private Credit Europe LTAF.
Arcmont Asset Management is a private debt asset manager, which was acquired by Nuveen in 2023. It has offices in London, New York, Paris Munich, Madrid, Milan, Stockholm and Luxembourg.
The LTAF is open-ended product, set to provide an element of liquidity to investors and exposure to European direct lending opportunities via the Luxembourg portfolio.
Arcmont said that through the LTAF, a wide range of investors, including UK defined contribution schemes, will be offered an alternative to traditional fixed income investments "and an opportunity to enhance portfolio diversification via exposure to private debt, thereby tapping into the illiquidity premium available in private markets".
Arcmont AM chief executive Anthony Fobel said he was "delighted" to be launching the fund, adding that the LTAF presents an "opportunity" for investors to access more illiquid areas of the market in ways they have no been able to before.
"The strong support for our direct lending fund, is evidence of the fact that global investors now recognise the attractiveness of private debt as a reliable and flexible source of capital for many companies," he said.
"We believe that our size, scale and Pan-European network, backed by Nuveen's global platform, means that we are well positioned to continue to deploy capital as a partner of choice.
"We are therefore excited to continue to act as a pioneer within our industry and to enable access to -private debt to this broader group of investors for the first time."
Carne Group is the second ACD to team up with an asset manager to launch an LTAF, after Waystone and Fulcrum Asset Management did the same in March 2024.
A range of LTAFs have now been announced, launched or authorised – including the CG WTW Private Equity Access LTAF, which was announced by WTW in April; the WS Fulcrum Diversified Private Markets Long Term Asset Fund (LTAF), which was approved by the FCA in March; and Aviva's Climate Transition Real Asset Fund, which the firm announced had been converted into an LTAF in March.
In addition, the Schroders Greencoat Global Renewables+ LTAF was launched in February; the Schroders Capital Climate+ LTAF was launched at the end of March 2023; the Aviva Investors Real Estate Active LTAF launched on 2 May 2023; and the BlackRock Diversified Alternative Strategies LTAF gained Financial Conduct Authority approval on 16 May 2023.
