L&G private credit deployment reaches £2bn in 2022

As part of its broader private markets build-out, Legal & General launched its Private Markets Access Fund on 1 July 2024, drawing on a £48bn private markets platform for defined contribution members. The fund offers exposure to areas including clean energy, affordable homes through social housing and infrastructure, with development work on the strategy underway since 2022.

By the time of the 2025 impact announcement, Legal & General said the Private Markets Access Fund already totalled over £2bn, channelling pension capital into UK growth opportunities including infrastructure. This sits alongside the separate £2bn impact commitment, which targets similar real economy themes but is framed as a dedicated regional growth initiative.

In credit, Blackstone entered a partnership with Legal & General, with one example cited as a $2bn capital solution in a private credit transaction. Legal & General has also expanded its clean energy footprint through its NTR partnership, which was strategically expanded in 2022 to promote a third fund focused on infrastructure-related clean power assets.

No specific timing has been disclosed that would align any single £2bn figure solely to Legal & General’s private credit deployment in 2022.