Multi-asset private markets

Our approach

We leverage our integrated private markets platform to design debt and equity multi-asset solutions that meet a wide variety of client objectives. Our capabilities include a flagship strategy focusing on the climate transition investing in real estate, infrastructure and forestry, and a private debt strategy, targeting attractive risk-adjusted returns through a diversified multi-sector portfolio. Drawing on the expertise of our specialist teams, we focus on sourcing unique opportunities and deploying capital efficiently. 

Our scale provides deep market access and strong visibility of off-market transactions across both mainstream and niche sectors. With extensive experience navigating the complexity and risks of private markets, our teams aim to deliver robust risk-adjusted returns for clients.

Environmental, social and governance (ESG) considerations are fully embedded throughout our investment process, from origination through to development, ongoing asset management and reporting.* 

Why invest?

Investors can capture the benefits of a variety of private-market asset classes through a bespoke portfolio design tailored to their specific risk-return requirements and long-term objectives. We also offer multi-asset private market co-mingled funds at scale, giving investors the advantages of diversification and access to a wider range of opportunities within one strategy.

Opportunity‑set driven

Our scale and expertise allow us to source unique investment opportunities across a broad range of private markets, through debt and equity. This helps us build portfolios designed to meet specific client investment objectives.

Efficient deployment

A strong pipeline enables disciplined selectivity and efficient execution on opportunities that meet our underwriting standards.

Investing with purpose

ESG considerations are fully integrated throughout our investment process as we seek to directly invest and partner in best-in-class private markets opportunities and encourage long-term, responsible investment.*

*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

Key risks of private markets multi-asset

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.

Valuation risk

Where funds are invested in real estate / infrastructure, investors may not be able to switch or cash in an investment when they want because real estate / infrastructure 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.

Views

Continued momentum: The outlook for European Infrastructure debt

14 Jan. 2026

European infrastructure debt enters 2026 in a healthy position, with no shortage of demand for its diverse range of opportunities. Nonetheless, investors need to be alert to various risks and conduct thorough due diligence, argues Darryl Murphy.
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 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.

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.