And there’s even a way to use VST3 plug-ins
In theory, Live allows one custom VST plug-in folder – and you’ll see people on the web grumbling about this limitation. But if you’re like me, you probably have several folders for VST plug-ins where plug-ins have been installed over the years.
No problem: create shortcuts or aliases for your custom VST folders, and then drop the shortcuts into Ableton’s VST plug-in folder. You can have as many shortcuts as you want, as well as nest folders within the VST folders.
Also note that with DDMF’s Metaplugin, you can run VST3 effects and instruments inside of Metaplugin, which can load into Live as a VST 2.4 plug-in. There’s a demo to make sure it works with your plug-ins. Problem solved!