Innovative income and diversification opportunities
As bank disintermediation continues to dominate private debt, we offer clients access to a diverse range of innovative solutions in guaranteed and secured lending. Deals may include trade finance, fund finance, aviation loans, swap repackagings, CLOs , SRT transactions and other specialty assets with a range of tenors and risk profiles, denominated in GBP, EUR, and USD. We can tailor portfolios to meet clients' specific risk mitigation and matching-adjustment requirements.
The strength and depth of our credit research team is leveraged to provide robust governance and we follow a disciplined investment process that incorporates, but is not bound by, 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 expertise includes actuarial and derivatives pricing with strong risk controls for pension schemes and insurance clients.
Why invest?
Clarity for investors seeking long-dated cash flows. Our investment philosophy is focused on managing the downside, given the asymmetric risk profile of debt investing. As such, we lend against well-structured assets with security over the underlying assets and/or cashflows. We place high value on financial covenants, and avoid highly subordinated debt positions. We also embrace newer sectors and structures that may offer ‘complexity’ or ‘novelty’ premia.
Bespoke structuring
Specially-adapted structures can help investments meet defined cash-flow and eligibility criteria.
Risk mitigation
With strong risk controls in place for pension schemes and insurance clients, we frequently use underlying assets as collateral, helping improve recovery rates in the event of default.
Diversification
Historic performance shows diversification benefits versus liquid market opportunities.
Illiquidity premium
The illiquid nature of the assets typically commands a premium over comparable listed credit.
Key risks of structured 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.
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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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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.
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Cyclical, structural, vintage: The outlook for real estate equity
10 May 2024
High inflation and rising rates hit activity in real estate markets over the past year. But cautious optimism is now returning to the investment landscape in the UK and Europe, say Imogen Ebbs and George Fraser-Harding.
Seizing the moment: The outlook for real estate debt
Gregor Bamert, Sima Kotecha and Nick Solomon discuss the recovery in real estate debt markets in 2024 and the opportunities emerging.

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.

Structured finance team
Meet our structured finance investment team.

Munawer Shafi
Managing Director, Multi-Asset (Private Markets) and Head of Structured & Private Corporate Debt
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.