Seeking robust, long-term cash flows in infrastructure debt
Our breadth of lending, origination capabilities and deep market relationships allow us to offer a range of senior debt investments. These are investment-grade and sub-investment-grade infrastructure projects across the UK, EEA and Canada in fixed-rate, floating-rate and inflation-linked formats. Our market positioning as the largest non-bank loan provider and bondholder in Europe and established reputation for delivery means we have sight of most of the opportunities in the European market and we can source transactions that the broader market does not always see.
Environmental, social and governance considerations – though non-binding – are integrated into our investment decisions and project monitoring.
Why invest?
Infrastructure debt investments have a low correlation to market cycles, matching long-dated assets and providing predictable income streams. Our investment philosophy is focused on managing the downside, given the asymmetric risk profile of debt investing. As such, we lend against core, essential assets with asset security. 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.
Robust cash flow profiles
Long-term debt is ideal to match long-dated liabilities and can provide predictable income from project cash flows.
Low default risk
Senior debt is prioritised in carefully structured transactions. Since we began investing in infrastructure debt we have not had a single payment default or any realised loss across the portfolio originated by Aviva Investors, which includes more than 270 transactions since inception of the activity in 1999 (as of September 2024).
Diversification
Private infrastructure debt has a low correlation to listed corporate bonds and is more resilient to market and credit cycles. This allows investors to access different sectors and types of revenue.
Illiquidity premium
Infrastructure debt typically delivers an illiquidity premium over listed credit.
Favourable solvency capital treatment
For insurers, the asset class receives favourable treatment under Solvency II, and other regulators are considering similar measures.
Key risks of infrastructure debt
Investment risk
The value of an investment and any income from it can go down as well as up and can fluctuate in response to changes in currency and exchange rates. Investors may not get back the original amount invested.
Illiquidity risk
Where funds are invested in infrastructure, investors may not be able to redeem when they want because infrastructure assets may not always be readily saleable. If this is the case, we may defer a redemption request.
Valuation 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.
Regulatory shifts
The frameworks for managing essential infrastructure services can change.
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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Beyond buyout: Why DB schemes are reconsidering their endgame
10 Dec 2025
Significant shifts in the defined benefit (DB) pension schemes landscape mean that as schemes mature, trustees and sponsors now face a broader spectrum of strategic choices. We explain why the choice between buyout and run-on is no longer binary.
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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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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.
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Solid foundations: The case is building for infrastructure equity
3 Oct 2025
In this article Viktor Dietrich, Research Director for infrastructure, venture capital and natural capital, revisits the case for investing in European infrastructure equity. He suggests reasons why small-to-mid-sized opportunities should feature prominently on investors’ radar.
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Energy-intensive industries: Unlocking low-carbon investment
16 Sep 2025
Vital industries for UK growth like steel or cement are also energy intensive, and their decarbonisation is essential. We convened a roundtable of experts to discuss barriers and solutions to unlocking low-carbon investment opportunities.
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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.
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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.
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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.
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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.
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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?
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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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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.
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.
Infrastructure debt team
Meet our infrastructure debt investment team.
Darryl Murphy
Managing Director, Infrastructure
Florent del Picchia
Head of Euro Infrastructure 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.
Infrastructure
Our deep market access allows us to source high-quality projects, delivered through a range of debt and equity opportunities. We focus on stable, long-term income generation and efficient execution.