Fulcrum Asset Management has received regulatory approval to launch its first commingled Long Term Asset Fund, which it expects to do so on 29 November.

The WS Fulcrum diversified private markets LTAF will target professional investors such as DC and DB pension schemes, charities, endowments and wealth managers.

Earlier this year Fulcrum launched its first LTAF on behalf of a single-employer UK DC pension scheme. Waystone will act as the authorised corporate director for both funds.

The new fund is an open-ended UK OEIC and will target long-term capital growth through exposure to a mix of private assets including value-add real estate, value-add infrastructure, natural resources, alternative credit and private equity, including venture capital.

The company said the new LTAF is an “open architecture solution”, with the underlying managers drawn from Fulcrum’s panel of illiquid specialists, a group which the firm has assembled over a number of years. The specialists are responsible for sourcing and implementing high quality illiquid investment opportunities.

The firm said the product will offer a simple, transparent, flat-fee structure.

Matthew Roberts, head of Fulcrum alternative solutions said: “We’ve taken time to ensure that we are offering investors a carefully-designed entry point to private markets. Ever since we started the Fulcrum alternative solutions team, our goal has been to solve the challenges that investors have faced when it comes to accessing alternatives and this fund launch represents a milestone in that journey.”

Fulcrum Asset Management specialises in managing a range of macro-oriented investment products, with the objective of delivering positive returns irrespective of market conditions. Founded in 2004, the firm manages £5.6bn on behalf of a global client base including institutions and wealth managers.