Decoding the LTAF Landscape: Same Label, Different Outcomes
Decoding the LTAF Landscape: Same Label, Different Outcomes
15 Sep 2026
Not all Long-Term Asset Funds (LTAFs) are created equal. As DC schemes increase their allocations to private markets, the choice of LTAF could have a material impact on member outcomes.
Our review of 22 LTAFs found significant differences, from expected returns and asset allocations to liquidity structures and fees.
Key findings include:
- Expected returns differ by up to 5% p.a. between the highest and lowest-returning LTAFs using XPS assumptions.
- Asset allocations vary significantly, ranging from specialist private equity and venture capital funds to private credit strategies, with many different approaches in between.
- Liquidity sleeves range from 0% - 30% of assets and are structured using everything from cash to listed equities and liquid proxy assets.
- Estimated total expense ratios range from 0.6% to 3.3% p.a., with widely differing fee and performance fee arrangements.
Read our report, where we explore what these differences mean for DC schemes and the key questions investors should ask when evaluating LTAFs.
- Register for events
- Join our mailing list
Register for events
We enjoy hosting a wide range of events for pension scheme trustees, corporate sponsors, independent trustees, and pensions professionals.
Join our mailing list
Keep up to date with our latest news and views including pension briefings, XPS insights, reports and event invitations.