A tailored approach to private debt investing

We design strategies that align closely with investors’ goals – spanning infrastructure, real estate, bespoke private asset-based finance, blended finance and private corporate debt – through bilateral or club deals.

Our focus on risk management is unwavering. We employ strong controls through collateralised assets, robust financial covenants, and, where appropriate, seniority within the capital structure. Our independent credit research team ensures robust governance and we follow a disciplined and rigorous investment process.

Why invest?

Private debt solutions can offer stable, recurring cash flows to support income and liability matching objectives, while enhancing portfolio diversification and resilience. By capturing the illiquidity premium and providing tailored structures, they can deliver attractive risk-adjusted returns aligned with investors’ long-term goals.

Conviction in scale

Our $40 billion platform gives us access to a broad range of transactions and the ability to source bespoke deals across investment-grade and sub-investment-grade investments, delivering solutions aligned with diverse client objectives.

A nimble relative value approach

We operate as one integrated private markets platform, combining cross‑asset insights to capture relative value through market cycles and design bespoke client solutions.

Responsibility built-in

Our ESG framework and in-house team are fully embedded into the investment process, helping us manage risk and identify exciting opportunities, providing access to sustainable assets such as renewables, and both sustainable and green real estate loans.* 

*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.

Find out more about our private markets capabilities

Our private debt capabilities

Asset-Based Finance

Bespoke asset‑based opportunities spanning hard assets (aviation, auto loans), financial assets (consumer loans, NAV facilities) and specialty assets — backed by contractual cashflows and robust risk controls, tailored from short‑duration investment‑grade allocations to higher‑yielding exposures.

Find out more "Read more about Asset-Based Finance"

Private Corporate Debt

Private placements and bilateral loans, with strong covenants across a variety of profiles and maturities to help improve risk-adjusted returns.

Find out more "Read more about Private Corporate Debt"

Key risks of private debt

Investment 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 Risk

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 to 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 valuers’ opinion rather than fact.

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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Articles in focus

From niche to core: Asset-based finance emerges as a driving force as private debt markets continue to evolve

Asset-based finance is capturing the attention of institutional investors – from pension schemes to insurers – thanks to its diverse risk-return drivers and its growing role as a strategic building block in investors’ portfolios.

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Building advantage: Finding a competitive edge in European high yield real estate debt

While opportunities in European high yield real estate debt remain, growing competition underscores the need for deep market expertise, a robust underwriting framework, and disciplined deal selection to identify and capture resilient value.

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Private Markets Study

Private Markets Study 2026

In the eighth edition of the study, we tap into the views of 500 institutional investors managing $6.5 trillion in assets across Asia, Europe and North America. Uncovering the key trends, opportunities and barriers investors are navigating in the pursuit of long-term outperformance. Explore how private markets will continue to drive institutional investor allocations in 2026 and beyond. 

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House View

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.

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Private debt team

Meet our Private debt investment team.

  • Munawer Shafi

    Managing Director, Head of Alternative Credit Solutions

  • Darryl Murphy

    Managing Director, Infrastructure

  • Gregor Bamert

    Head of Real Estate Debt

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    Private markets

    As one of Europe’s largest private markets investment managers, we have the scale to access the full depth and breadth of private markets.

    Learn more "Read more about Private markets"