Eversheds Sutherland has advised Aviva Investors, the global asset management business of Aviva plc, on the launch of its third sub-fund under the Long Term Asset Fund (‘LTAF’) regime – the Aviva Investors Multi-Sector Private Debt LTAF (‘MSPD LTAF’, ‘the Fund’).
The Fund has received an initial £750m of investment capital from Aviva’s flagship My Future Focus default pensions solution, which invests in a broad range of asset classes on behalf of the firm’s range of auto-enrolment Defined Contribution (DC) default strategies.
Also open for allocations from external investors, Aviva Investors expects MSPD LTAF to be particularly appealing to DC pension funds looking to diversify returns from traditional asset classes such as public equity and fixed income, as well as wider Private Markets allocations and single private debt strategies. The launch furthers Aviva Investors’ ambition to be the go-to LTAF provider for the DC pension fund and wealth markets in the UK.
Led by Eversheds Sutherland’s Michaela Walker, European Head of Financial Services Sector, and Giulia Del Bianco, Senior Associate, the core team also comprised Camilla Spielman, Legal Director, advising on tax.
Eversheds Sutherland advised on all aspects of Fund launch – from the initial structure and design of the product, the eligibility of underlying Luxembourg SPVs, the objective, policy and strategy of the Fund, including ESG considerations, to liaising with the FCA and securing final approval.
Eversheds Sutherland has partnered with Aviva Investors on its LTAF range since the launch of Aviva’s first LTAF, the Aviva Investors Real Estate Active LTAF (REALTAF), in May 2023.
Michaela Walker, European Head of Financial Services Sector, Eversheds Sutherland, commented:
“We were delighted to draw on our in-depth knowledge and technical legal capabilities to ensure another successful delivery for Aviva Investors. This latest LTAF reinforces Aviva’s position in a highly competitive market and the broader industry. It was a pleasure to have been part of this journey and we look forward to supporting the team on future successes.”
Giulia Del Bianco, Senior Associate, Eversheds Sutherland, commented:
“This exciting and complex project marks yet another significant milestone for Aviva Investors. I thoroughly enjoyed being Aviva's main point of contact for this launch and working closely with the Aviva stakeholders. I am thrilled to have supported this achievement and look forward to future collaborations and continued success.”