Innovative income and diversification opportunities
As bank disintermediation continues to reshape private debt markets, we provide clients with access to a broad range of asset-based finance opportunities. These span hard assets, financial assets, fund finance and selected esoteric sectors, across multiple tenors, risk profiles and currencies.
We tailor portfolios to meet specific risk mitigation and matching-adjustment requirements.
The strength and depth of our research team is leveraged to provide robust governance and we follow a disciplined investment process that incorporates environmental, social and governance criteria. Many trades enable us to use underlying assets as collateral (e.g. aircraft or real estate) for greater security against transaction risks. Our experience includes actuarial and derivatives pricing with strong risk controls for pension schemes and insurance clients.
Why invest?
Our philosophy centres on downside mitigation. We invest in well-structured transactions secured against assets and predictable cashflows, supported by robust covenants and strong structural protections.
Within a disciplined risk framework, we selectively target complexity and sourcing premia where we believe investors are appropriately compensated for risk.
Bespoke structuring
Bespoke structures align investments to defined cash‑flow needs and eligibility parameters. Through detailed asset‑level credit and operational diligence, we structure for robust security and resilient risk‑adjusted returns.
Risk mitigation
With decades of experience investing through multiple market cycles, we focus on capital preservation through conservative underwriting, robust collateral packages and bespoke structuring and lender protections.
Disciplined, multi-layered risk management
Asset and portfolio‑level monitoring (covenants, watchlists, stress‑tests, regular reviews) with liquidity tailored to client needs.
Diversification
Asset‑based finance delivers diversified, contract‑backed cash flows across multiple sectors, broadening private debt exposure beyond unsecured loans. Our relative-value approach seeks opportunities across sectors and structures, helping investors diversify sources of return while balancing yield, resilience and capital preservation.
Illiquidity premium
Asset-based finance can provide access to illiquidity premia and, in more bespoke transactions, complexity premia, reflecting limited tradability and specialised structuring experience.
Pricing responds to market conditions, and the asset class supports efficient execution, including for time‑sensitive capital needs.
Key risks of asset-based finance
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.
Market risk
Changing market dynamics may undermine the relative attractiveness of structured transactions.
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
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Natural capital comes of age: Part three: How nature markets will mature
2 Nov 2026
In the third of four articles, we explore the catalysts that can accelerate the process by which nature markets mature, drawing on examples from renewable energy, water rights, carbon markets and forestry.
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The new realities of investing
30 Oct 2026
Geopolitics, technology and the energy transition are influencing where capital flows, and how investors think about risk, resilience and long-term returns.
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Are we there yet? How road transport is evolving
8 Oct 2026
Electric and self-driving cars, batteries and robotics are progressing in leaps and bounds. Our experts discuss the investment implications.
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Natural capital comes of age: Part two: Why not all natural capital revenue streams are created equal
1 Oct 2026
In the second of four articles, we explain how environmental importance does not automatically translate into investment readiness. Investor confidence in future revenues depends on market evidence, contractual certainty and a track record of delivery.
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Revitalising Glen Dye Moor: Real asset stories
28 Sept 2026
In our latest case study, we look at Glen Dye Moor, a 6,300-hectare site in Aberdeenshire, Scotland. We intend to rejuvenate the land, simultaneously removing carbon from the atmosphere, and delivering financial outcomes for investors and social benefits for local communities.
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Building the future
16 Sept 2026
Sustainability-related regulation is becoming an increasingly material driver of real estate investment decision-making, rather than just a compliance requirement. Jeremy Ho analyses the implications.
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UK and EU sustainability regulations: Could a narrow focus be missing the bigger picture?
27 Aug 2026
Regulation must recognise that sustainable investing incorporates more than the provision of sustainable funds alone.
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Natural capital comes of age: Part one: From environmental value to investment opportunity
25 Aug 2026
In the first of four insights, we explain why natural capital is a foundational input into economic activity. Forests, soils, rivers, wetlands, oceans and biodiversity are productive assets that generate products such as timber or food and are natural regulators of water flows.
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Illiquidity premia in private debt: Q2 2026
24 Aug 2026
In this latest edition of our series on the illiquidity premia, we assess the key themes driving private-debt pricing and market opportunities in Q2.
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Driving stewardship together
29 Jul 2026
Aviva’s Investments, Wealth and Retirement business and Aviva Investors are working together to deliver financial and sustainable outcomes, connecting clients to their capital.
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Confidence in a changing climate
15 Jun 2026
How can institutions forge impactful climate strategies that are right for them and their end beneficiaries? Our “Confidence in a changing climate” guide showcases some of the solutions we have developed to help.
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Sustainability review 2025
2 Jun 2026
We believe understanding sustainability factors and trends is fundamental to effective asset management. This report sets out our approach and includes an overview of our holistic stewardship activities over the past year
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Illiquidity premia in private debt: Q1 2026
1 Jun 2026
In our Q1 2026 deep dive, our research team crunched the data to explore how evolving macro conditions are reflected in private debt returns.
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Payment on delivery: Execution is key to returns in European infrastructure
27 May 2026
In 2026, a lot of capital is chasing few genuinely deliverable infrastructure assets, while geopolitical turmoil is reshaping energy markets. Darryl Murphy, head of infrastructure, delves into what this means for investors.
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Private market allocations set to rise: Debt’s staying power meets equity’s revival
18 Feb 2026
In 2026, investors are targeting increases to their private market allocations. Debt is here to stay, but equity is set to regain ground.
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Illiquidity premia in private debt: Q4 2025
17 Feb 2026
Our private markets research team have crunched the Q4 2025 data. They explain how evolving macro conditions are reflected in private debt returns.
Article 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.
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
House View
Market insights, economic analysis and investment perspectives to help investors understand the trends, risks and opportunities shaping global markets.
Asset-based finance team
Meet our asset-based finance investment team.
Munawer Shafi
Managing Director, Multi-Assets, Private Markets
Explore
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.
Private debt
We finance bespoke structured finance and senior private corporate debt transactions, seeking to meet a range of client outcomes.