The so-called new long-term asset fund (LTAF), already mooted earlier this year, would provide a fund structure through which investors can invest with appropriate confidence in less liquid assets because the fund structure is specifically designed to accommodate relatively illiquid assets, the FCA announced in a consultation paper today (7 May). We think our proposals would enable the establishment of authorised funds that are appropriate for both professional investors and sophisticated retail investors that want this type of investment risk and opportunity." These funds would be open-ended and able to invest in assets such as venture capital, private equity, private debt, real estate and infrastructure, it said.