Apollo Global Management has received FCA approval for its Long-Term Asset Fund (LTAF), offering UK defined contribution pension schemes access to private credit investments, marking a significant move towards alternative asset inclusion in retirement savings.
Apollo Global Management has secured Financial Conduct Authority authorisation for a Long-Term Asset Fund (LTAF) designed to give UK defined contribution (DC) pension schemes access to diversified private credit exposures, the firm said in an announcement. The CG Apollo Global Diversified Credit LTAF will concentrate on private investment-grade lending, large-cap corporate loans and asset-backed finance, offered in a semi-liquid vehicle aimed at DC investors.
“This is an important milestone in a much larger journey we are on at Apollo to support DC plans that are increasingly seeking to enhance member outcomes and integrate private markets solutions,” Jesal Mistry, Managing Director and UK Defined Contribution Lead at Apollo, said in the company statement. Stephen Ulian, Managing Director and Apollo’s lead for Defined Contribution, added: “Retirees around the world face a savings shortfall that we believe private market strategies can help to address, particularly as public markets have become smaller and more concentrated.”
Apollo framed the launch as an extension of its efforts to adapt institutional private-market tools for retirement savers, building on strategies it already runs in the US and Europe. According to Apollo’s corporate materials, the firm views private credit as a transformative opportunity , describing the market as a roughly $40 trillion opportunity and emphasising an investment mix that includes corporate direct lending, asset-backed lending and opportunistic credit to support yield and retirement income objectives.
The LTAF will sit as the inaugural sub‑fund beneath Apollo’s Private Markets LTAF umbrella, with Carne Global Fund Managers (UK) Limited appointed as the authorised corporate director and alternative investment fund manager for the umbrella and the fund. Robin Cotterill, CEO of Carne Global Fund Managers (UK) Limited, said the partnership underlines Carne’s focus on fund governance and operational delivery as it helps bring LTAF structures to market.
Apollo’s move arrives amid a broader industry push to channel DC savings into less liquid private assets. Legal & General, for example, recently won FCA approval for its own private‑markets LTAF intended for DC schemes, and has highlighted the potential to extend illiquid investment access to millions of members, according to TrustNet. The competition reflects growing momentum among asset managers and pension providers to build vehicles that aim to boost diversification and income for retirement savers.
The new LTAF also follows a string of Apollo credit initiatives that the firm points to as pedigree for the product. According to ABL Advisor, Apollo closed its second‑vintage large‑cap direct lending vehicle with about $4.8 billion of investable assets, bringing its large‑cap direct lending totals to roughly $13.3 billion in just over a year. Independent reporting on Apollo’s diversified credit strategies shows funds such as the Apollo Diversified Credit Fund held significant private credit allocations and relatively conservative leverage metrics as of December 2024, underlining the firm’s operational experience in private credit deployment.
Apollo noted the LTAF complements recent distribution and retirement partnerships: the firm was named among managers selected to allocate capital for Aviva’s My Future Vision default strategy in September 2025, and in February 2026 announced a strategic collaboration with Schroders that included planning a Collective Investment Trust for US DC plans targeted for a second‑quarter 2026 launch. According to Apollo, these arrangements form part of its broader push to deliver compliant, turnkey private‑market solutions tailored to modern DC schemes.
While Apollo presents the fund as a route to institutional‑quality private market access for DC members, the shift by pension providers into less liquid strategies raises long‑term governance and suitability questions for scheme trustees and regulators. Industry data and prior fund structures point to trade‑offs between higher income potential and reduced liquidity, considerations trustees will need to weigh as LTAFs become an increasingly prominent option for UK DC pensions.
- https://www.marketsmedia.com/apollo-to-offer-first-long-term-asset-fund-in-the-uk/ – Please view link – unable to able to access data
- https://www.apollo.com/wealth/insights-news/pressreleases/2026/03/apollo-to-launch-first-long-term-asset-fund-in-the-uk-3252476 – Apollo Global Management has announced the launch of the CG Apollo Global Diversified Credit Long-Term Asset Fund (LTAF), a multi-sector private credit solution authorised by the Financial Conduct Authority (FCA). This fund aims to provide UK Defined Contribution (DC) pension schemes with access to a diversified global credit portfolio, focusing on private investment-grade assets, large-cap corporate lending, and asset-backed finance. The LTAF is designed to enhance member outcomes by integrating private market solutions into DC plans, offering strong income generation potential and improved diversification. Carne Global Fund Managers (UK) Limited serves as the Authorised Corporate Director and Alternative Investment Fund Manager for the fund. This initiative builds upon Apollo’s previous efforts to bring private market retirement solutions to DC plans in the US and Europe, addressing the global savings shortfall by providing access to institutional-quality investment tools. The fund is the first sub-fund in Apollo’s broader Private Markets LTAF umbrella, reflecting the company’s commitment to delivering compliant, institutional-quality private market solutions tailored to modern DC schemes.
- https://www.trustnet.com/news/13414767/lgs-first-private-markets-ltaf-receives-fca-approval – Legal & General’s first private markets Long-Term Asset Fund (LTAF) has received approval from the Financial Conduct Authority (FCA). This multi-asset fund, set to launch this summer, will be accessible to defined-contribution (DC) pension funds and will invest in both public and private markets, including infrastructure, real estate, and private credit. Jesal Mistry, head of DC investments at Legal & General, highlighted the significance of this milestone, stating that it will provide over 5 million DC members with the opportunity to access illiquid investment opportunities. As the largest DC pension provider in the UK market, Legal & General aims to leverage its scale and expertise to facilitate increased member access to private markets.
- https://www.apollo.com/strategies/asset-management/credit/investment-grade-private-credit – Apollo Global Management offers a comprehensive private credit platform, viewing the market as a $40 trillion opportunity, predominantly investment-grade. Their private credit strategies include corporate direct lending, asset-backed finance, and opportunistic credit, aiming to provide high-quality yield and retirement income. Apollo’s approach focuses on diverse sources of credit to promote financial stability and offers investors access to a wide array of both private and public credit strategies, including corporate direct lending, asset-backed lending, performing credit, and dislocated credit. This platform is designed to support business growth, household prosperity, and the real economy, addressing the global savings shortfall by providing access to institutional-quality investment tools.
- https://www.abladvisor.com/press-releases/1711/news/39543/apollo-closes-second-vintage-large-cap-direct-lending-fund-with-4-8b-of-assets – Apollo Global Management has closed its second vintage large-cap direct lending fund, Apollo Origination Partnership Fund II (AOP II), with approximately $4.8 billion of investable assets. This brings the total assets raised for Apollo’s Large Cap Direct Lending business to approximately $13.3 billion in just over 12 months. AOP II is designed to capitalise on the growing demand for corporate and sponsor-backed large-cap lending, focusing on senior corporate debt of issuers located predominantly in the United States and Western Europe that generate over $100 million of annual EBITDA. This fund aims to provide investors with access to high-quality, large-scale corporate lending opportunities.
- https://www.sandrowealth.com/article/adcf-a-leader-in-private-credit – The Apollo Diversified Credit Fund (ADCF) manages $1.3 billion in assets as of December 2024, with a leverage ratio of 12.9%. The portfolio is characterised by a conservative leverage ratio and significant private credit exposure, with 78% allocated to private credit assets, including 68% in corporate direct lending and 10% in asset-backed lending. The remaining 21% is invested in performing public credit, with a small allocation to structured credit and dislocated credit opportunities. This diversified approach aims to generate stable income and returns for investors, leveraging Apollo’s expertise in private credit markets.
- https://www.sandrowealth.com/article/adcf-a-leader-in-private-credit – The Apollo Diversified Credit Fund (ADCF) manages $1.3 billion in assets as of December 2024, with a leverage ratio of 12.9%. The portfolio is characterised by a conservative leverage ratio and significant private credit exposure, with 78% allocated to private credit assets, including 68% in corporate direct lending and 10% in asset-backed lending. The remaining 21% is invested in performing public credit, with a small allocation to structured credit and dislocated credit opportunities. This diversified approach aims to generate stable income and returns for investors, leveraging Apollo’s expertise in private credit markets.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The article reports on Apollo Global Management’s recent announcement regarding the launch of the CG Apollo Global Diversified Credit LTAF, which received FCA authorisation on March 10, 2026. This is corroborated by Apollo’s official press release dated the same day. ([apollo.com](https://www.apollo.com/insights-news/pressreleases/2026/03/apollo-to-launch-first-long-term-asset-fund-in-the-uk-3252476?utm_source=openai)) The Markets Media article was published on March 11, 2026, indicating timely reporting. However, the Markets Media article appears to be a direct summary of Apollo’s press release, raising concerns about originality and potential lack of independent sourcing. ([marketsmedia.com](https://www.marketsmedia.com/apollo-to-offer-first-long-term-asset-fund-in-the-uk/?utm_source=openai))
Quotes check
Score:
7
Notes:
The Markets Media article includes direct quotes from Apollo’s press release, such as statements from Jesal Mistry and Stephen Ulian. ([apollo.com](https://www.apollo.com/insights-news/pressreleases/2026/03/apollo-to-launch-first-long-term-asset-fund-in-the-uk-3252476?utm_source=openai)) These quotes are also present in the original press release, suggesting potential reuse of content. The absence of additional independent sources or verification of these quotes raises concerns about the originality and independence of the reporting.
Source reliability
Score:
6
Notes:
Markets Media is a niche publication focusing on financial markets. While it provides industry-specific news, its reach and reputation are limited compared to major news organisations. The reliance on a single source (Apollo’s press release) without independent verification diminishes the reliability of the reporting. ([marketsmedia.com](https://www.marketsmedia.com/apollo-to-offer-first-long-term-asset-fund-in-the-uk/?utm_source=openai))
Plausibility check
Score:
8
Notes:
The claims about Apollo’s launch of the LTAF and its focus on providing UK Defined Contribution pension schemes with access to diversified private credit exposures are plausible and align with industry trends. However, the lack of independent verification and reliance on a single source raises questions about the accuracy and completeness of the information presented.
Overall assessment
Verdict (FAIL, OPEN, PASS): FAIL
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The article reports on Apollo’s announcement of the CG Apollo Global Diversified Credit LTAF, with details matching Apollo’s official press release. However, the reliance on a single source without independent verification, the use of direct quotes from the press release, and the derivative nature of the content raise significant concerns about the originality, independence, and reliability of the reporting. These issues prevent the content from meeting our verification standards.