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 experience 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 experience 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.
Key risks of private markets funds
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.
Strategies in focus
Climate Transition Real Assets
A private markets strategy that seeks to deliver capital growth and income and make a positive contribution to the transition to a low-carbon economy.
Multi-Sector Private Debt
A private debt fund that aims to deliver attractive risk-adjusted returns from a well-diversified private debt portfolio.
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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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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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.
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UK low-carbon policy: What to look out for in 2026
27 Jan 2026
Aviva’s Nick Molho looks at this year’s policy priorities and likely developments for the UK’s low-carbon agenda, and reflects on what it means for investors.
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Navigating nature: Opportunities for the investor of tomorrow
10 Dec 2025
Our society, economies and financial systems are embedded in nature, not external to it. This paper sets out the actions we are taking to understand nature-related risks and opportunities to deliver outcomes that meet our clients’ needs, and to support nature-related global goals.
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Illiquidity premia in private debt: Q3 2025
12 Nov 2025
Having crunched the data, our private markets research team looks at how evolving macro conditions are impacting private debt returns.
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Seizing the moment: The outlook for real estate debt
24 Sept 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 Sept 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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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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Rents, rates and the refinancing gap: The outlook for real estate debt
19 Mar 2024
After a challenging 12 months for real estate debt investors, Gregor Bamert discusses what lies ahead for the market in 2024.
Article in focus
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
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.
Private markets team
Meet our multi-asset private markets 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.