Private corporate debt | Private debt

Seeking attractive risk-adjusted returns with private corporate debt

We offer pan-European and North American investments in corporate debt. We focus primarily on mid-market issuers, or those that prefer club/syndicated deals with a few institutional investors.

We source opportunities across a diverse investment universe, typically for buy-and-hold investments. We invest in investment-grade or crossover small and mid-market firms from a variety of sectors, with maturities ranging between five and ten years.

The strength and depth of our credit research team provides robust governance, and our disciplined investment process incorporates environmental, social and governance criteria throughout the life of the assets.

Why invest?

Senior private corporate debt can help investors diversify exposures while delivering attractive risk-adjusted returns. Given the asymmetric risk profile of debt investing, our investment philosophy centres on managing downside risk, so we lend against core assets with asset security. Strong financial covenants are integral to our approach, and we avoid highly subordinated debt positions.

Risk-adjusted return potential

Carefully sourced and structured senior debt has the potential to generate higher yields without unduly increasing risk, helping investors improve their overall risk-adjusted returns.

Diversification

Because it is not listed, private corporate debt offers differentiation from public market instruments. Portfolio values also remain more stable over time, allowing investors to focus on the long term.

Illiquidity premium

The illiquid nature of the assets typically commands a premium over comparable listed credit.

Find out more about our private markets capabilities

Key risks of private corporate debt

Investment risk

The value of an investment and any income from it can go down as well as up. Investors may not get back the original amount invested.

Illiquidity risk

Certain assets could, by nature, be hard to value or to sell at a desired time or at a price considered to be fair (especially in large quantities), and as a result their prices could be very volatile.

Complexity risk

Assessing risk implications of multi-layered transactions is challenging.

Investment insights

Investment thinking that brings together the collective insight of Aviva Investors’ teams from across the globe on the key themes influencing markets.

Views

Cities of the future: What will cities look like in 2050?

8 Jan. 2026

Today’s private market investments will shape 2050 cities. We explore what this could look like, and the related challenges and opportunities.
From niche to core: Asset-based finance emerges as a driving force as private debt markets continue to evolve

7 Oct. 2025

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.
Illiquidity premia in private debt: Q2 2025

14 Aug. 2025

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

14 Jul. 2025

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.
MegaTRENDs: Why TRENDs matter for investing in private markets

27 Jun. 2025

A set of megatrends is reshaping the world, creating new opportunities and risks for investments in private markets.
Illiquidity premia in private debt: Q1 2025

16 May 2025

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.
Private debt for DC pensions: The multi-sector opportunity

11 Feb. 2025

As the search for better retirement outcomes for the 28 million members of the UK’s defined contribution (DC) pension schemes continues, where are the opportunities for DC investors in private debt and how can they be harnessed?
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.
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.

Private Markets Study

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?

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.