A broad range of private market investment solutions to help investors reach their goals
As one of Europe’s largest investment managers in private assets, with over £40 billion in assets under management1 and 140 professionals across four locations, we have the scale to access the full depth and breadth of private market investment opportunities across real estate, infrastructure, private debt, private markets multi-asset, natural capital, and venture and strategic capital.
Our diverse capabilities enable us to offer investors solutions aligned to various client outcomes and sustainability preferences, from capital growth through active equity investments, cash-flow matching via debt solutions and bespoke requirements spanning different assets, including access to our natural capital capabilities for sustainably-minded investors. We offer a range of pooled and bespoke solutions, as well as co-investment opportunities, enabling a broad range of global investors access to the benefits that private markets can offer.
Active equity solutions
Investors with a long-term time horizon and high risk tolerance could consider private market investments that offer high return potential and diversification, including infrastructure equity and real estate equity.
Cash-flow matching solutions
Asset classes such as infrastructure debt, real estate debt and real estate long income may be attractive to investors with a medium-term time horizon and decreasing risk tolerance, and a greater focus on balanced risk and reward.
Multi-private market solutions
Investors with a focus more on income and liability matching may prefer defensive assets offering attractive and more predictable cashflows, such as private debt solutions. Those with bespoke requirements can also benefit from multi-private market capabilities to reach their specific risk and return objectives.
Venture and strategic capital solutions
Investors with patient capital may be interested in our in-house capabilities in venture and strategic capital with a focus on early-stage venture and growth-oriented companies. Investing here can help drive innovation, bringing scope for financial, social and environmental returns.
1. Aviva Investors, as at 30 June 2024.
Private market solutions
Aviva Investors has the scale to access the full depth and breadth of private markets.
Infrastructure
Our deep market access allows us to source high-quality projects, delivered through a range of senior debt opportunities or via the acquisition of assets. We focus on stable, long-term income generation and efficient execution.
Real estate
Outcome-oriented solutions in real estate, through strategies that span the risk spectrum, from lower-risk options generating long-term income to more opportunistic investments.
Venture and strategic capital
Our specialist in-house venture capital team is working to support the aims of the UK government to boost investment into high growth companies, ultimately benefitting savers and the UK economy.
Private debt
We finance bespoke structured finance, private corporate debt, real estate debt and infrastructure debt transactions, providing our investors with outcomes that meet their investment objectives.
Private markets multi-asset
Our integrated private assets platform allows us to collaborate with our clients to design bespoke multi-asset portfolios that meet a wide variety of long-term investment and return objectives.
Natural capital
Offering investors innovative low carbon investment opportunities through nature restoration and afforestation. Specialist nature-based capabilities can support net zero commitments and help enhance biodiversity and social value generation.
Real estate equity
Real-estate acquisition and management across traditional and alternative sectors in Europe that span the risk spectrum, from long-income to cyclical income and growth, development, and opportunistic investment.
Real estate long income
Long-lease property acquisitions to generate stable, long-term, inflation-linked cash flows to de-risk real estate exposures or match long-dated liabilities. They provide an alternative to or complement fixed-income allocations.
Real estate debt
We source senior secured and whole loan debt of varying maturities, fixed or floating rate, on commercial property such as offices, retail, or logistics. Clients benefit from regular cashflows and the added security of high-quality collateral.
Infrastructure equity
Direct investment in private infrastructure projects with potential for high and predictable income over the long term, focusing on the construction and acquisition of low-carbon and social infrastructure assets.
Infrastructure debt
Senior debt invested in long-term, stable infrastructure assets across a wide range of sectors. Ideal for investors looking for stable cashflows with an attractive risk/return profile, and to capture the illiquidity premium.
Structured finance
Bespoke deals including collateralised loan obligation, aviation, trade finance, swap repacks and other structured assets with strong risk controls. These can help investors source cashflows for needs such as matching-adjustment eligibility.
Private corporate debt
Private placements and bilateral loans, with strong covenants across a variety of profiles and maturities to help improve risk-adjusted returns.
Climate Transition Real Assets
A real assets strategy that seeks to deliver capital growth and income and make a positive contribution to the transition to a net-zero economy.
Carbon removal fund
A private markets strategy that invests patient capital directly in assets that seek to generate carbon removal credits and provides alternative green and low-carbon investments beyond renewables.
Investment philosophy
Our multi-asset mindset and ability to invest with conviction and at scale supports our ambition to be a global leader in sustainable private assets and a trusted partner for our clients.
Conviction at scale
We invest directly with conviction and scale in locations, sectors and themes we believe will drive value creation and capital preservation. We have a relentless focus on delivering superior risk-adjusted returns as a direct asset owner.
Collaborate to innovate
We collaborate and think as one private markets business, with an ambition to grow a differentiated, innovative and outcome focussed platform. We leverage skills and insights across capabilities to enhance investment decision making.
Sustainability considerations
ESG integration is fully embedded into our investment process and decision making, influencing every aspect of the investment lifecycle*. Our investment approach aims to enhance long-term value creation and drive positive change.
*ESG integration means the integration of ESG factors and consideration of sustainability risk as part of the investment decision making process. This process is applied beyond any specific binding constraints (in the objective or strategy of the fund as detailed in the prospectus or investment management agreement and in accordance with our Baseline Exclusions Policy). The investment manager retains discretion on decision making taking all risks into account, beyond any binding criteria.
Investment insights
Investment thinking that brings together the collective insight of Aviva Investors’ teams from across the globe on the key themes influencing markets.
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Relative value in private markets: Positive but selective
29 Jan 2025
Using proprietary data, our private markets research team compares risk and return across sectors.
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Illiquidity premia in private debt: Q4 2024
27 Jan 2025
In our latest private markets deep dive, our research team crunches the data to see how evolving macroeconomic conditions are reflected in private debt returns.
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Infrastructure debt in 2025: Investor research and discipline are key to unlocking value in the sector
23 Jan 2025
European infrastructure debt issuance should pick up as governments look to stimulate their economies and support the energy transition. But with banks keen to fund some of the best opportunities, investors need to maintain their discipline.
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40 years of lending lessons: How four decades in real estate debt has shaped Aviva Investors’ approach
12 Dec 2024
From navigating market crashes to embracing ESG and technology, Adrian Poole and Gregor Bamert reveal how 40 years of real estate debt investing have moulded Aviva Investors’ strategy – and what it takes to stay ahead in a rapidly changing market.
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What’s next for nature? Key takeaways from Biodiversity COP16
11 Dec 2024
Following our participation at COP16, the 16th meeting of the Conference of the Parties to the UN Convention on Biological Diversity, we reflect on the key themes that emerged, outstanding challenges, and what this all means for investors.
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Illiquidity premia in private debt: Q3 2024
30 Oct 2024
In our latest private markets deep dive, our research team crunches the data to see how evolving macro conditions are reflected in private debt returns.
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Five things you need to know about LTAFs: Lessons for investors in UK private markets
4 Oct 2024
In November 2021, regulatory changes were introduced in the UK to help facilitate investment into private asset classes. This article on Long-Term Asset Funds (LTAFs) captures five things defined contribution pension schemes should know about progress so far.
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Seizing the moment: The outlook for real estate debt
24 Sep 2024
Gregor Bamert, Sima Kotecha and Nick Solomon discuss the recovery in real estate debt markets in 2024 and the opportunities emerging.
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Get networking: Will the next decade be a golden age for UK infrastructure?
3 Sep 2024
While there are obstacles to overcome, the coming years could see new opportunities for the UK government and the private sector to work together on infrastructure projects, says Darryl Murphy.
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Real asset stories: Curtain House
8 Aug 2024
In the first instalment of a new series of case studies on our real asset investments, we look at Curtain House, a Victorian warehouse Aviva Investors is converting into a modern, environmentally friendly office building.
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Illiquidity premia in private debt: Q2 2024
6 Aug 2024
In our latest real assets deep dive, our research team explains how our data on illiquidity premia indicates the benefits of a multi-asset approach to private debt investing.
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Relative value in real assets: A spectrum of opportunities
2 Aug 2024
Our real assets research team drills into proprietary data to compare risk and return across sectors.
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A new chapter: Time to prepare for the next phase of the real estate cycle
17 Jul 2024
David Hedalen and Jonathan Bayfield from our real assets research team highlight data that shows real estate markets in the UK and Europe may be on the brink of an important shift.
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The future of green premia in real estate, part two: Searching for value and resilience
8 Jul 2024
Do energy-efficient buildings have more pricing power, and what could that mean for those investing in the built environment? We bring together the views of leading capital markets researchers, a valuer and an asset manager for the second part of our deep dive into green premia, analysing the investment implications.
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Avoid, reduce, remove, align: Finding climate transition investment opportunities in real assets
3 Jul 2024
In this article, Luke Layfield and Zoe Austin explain four key pillars that can help real asset investors align their strategies with the climate transition and uncover opportunities to deliver attractive returns.
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The future of green premia in real estate, part one: The view from the ground
27 Jun 2024
Do greener buildings have more pricing power, and if so, how much? We bring together the views of leading capital markets researchers, a valuer and an asset manager for a two-part deep dive on the latest market dynamics.
Building better: Opportunities for DC schemes to invest in the climate transition through real assets
By investing in climate-aligned real assets, defined-contribution pension schemes can help propel the transition to a more sustainable future while also benefiting from portfolio diversification and attractive risk-adjusted returns, says Mark Meiklejon.
House View
No one can predict the future. But our quarterly House View sets out the collective wisdom of our investment teams on the current state of global markets – and where they might be heading.
Private Markets Study 2025
In the seventh edition of the study, we collected the views of 500 institutional investors around the world. We delved into some of the key questions facing private market investors today: Why do they invest in private markets? How do they expect the asset classes to perform over the next few years? What are the biggest barriers to investing today? And how do they incorporate sustainability?
Key risks
For further information on the risks and risk profiles of our funds, please refer to the relevant KIID and Prospectus.
Investment risk and currency risk
The value of an investment and any income from it can go down as well as up and can fluctuate in response to changes in currency and exchange rates. Investors may not get back the original amount invested.
Real estate / infrastructure risks
Investments can be made in real estate, infrastructure and illiquid assets. Investors may not be able to switch or cash in an investment when they want because real estate may not always be readily saleable. If this is the case, we may defer a request to switch or cash in shares or units. Investors should also bear in mind that the valuation of real estate is generally a matter of valuersʼ opinion rather than fact.
Valuation risk
Investors should bear in mind that the valuation of real estate / infrastructure is generally a matter of valuers’ opinion rather than fact.
Private markets expertise
Meet our private markets investment team.
Daniel McHugh
Chief Investment Officer
Ben Sanderson
Managing Director, Real Estate
Darryl Murphy
Managing Director, Infrastructure
Melanie Collett
Head of Investment Implementation
Munawer Shafi
Managing Director, Multi-Asset (Private Markets) and Head of Structured & Private Corporate Debt
Ben Luckett
Managing Director - Venture & Strategic Capital and Chair - Aviva Capital Partners
Mark Meiklejon
Head of Private Markets Investment Specialists
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Capabilities
With a global presence, far-reaching expertise, and extensive capabilities across major asset classes, we are well placed to help achieve the outcomes our clients demand.