Our approach as private debt investors
A tailored approach allows us to closely match investors’ objectives – from infrastructure and real estate, to bespoke structured finance deals and bilateral or club deals for corporate debt.
We have a clear focus on risk management, with strong controls through the use of assets as collateral, financial covenants and, where appropriate, seniority within the capital structure. Our independent credit research team ensures robust governance and our investment process is disciplined and rigorous.
Benefits
Conviction in scale
Our scale gives us a commercially competitive advantage and access to a wide range of transactions. The ability to source bespoke deals across investment-grade and sub-investment-grade investments allows us to deliver against a range of client investment objectives.
Multi-asset mindset
We collaborate and think as one real assets business, allowing us to capture optimal relative value for our clients throughout market cycles. We believe the ability to leverage skills and insights across capabilities drives superior investment decisions.
Sustainability as a bedrock
Our market-leading ESG framework and in-house team are fully embedded into the investment process, helping us manage risk and identify exciting opportunities, providing access to sustainable assets such as renewables and sustainable real estate loans.
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Illiquidity premia in real assets: Q3 2023
Our real assets research team crunch the data to see how evolving macro conditions are reflected in private market returns.
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Rates, repricing and relative value: The outlook for multi-asset real assets
James Tarry and Luke Layfield from our multi-asset real assets portfolio management team discuss the outlook for real estate and infrastructure and how shifts in UK climate policy may affect the push for net zero.
Key risks of private debt
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.
Real Estate Risk
Where funds are invested in real estate/infrastructure, investors may not be able to switch or cash in an investment when they want to 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
Need more information?
For further information, please contact our investment sales team.
Private debt team
Munawer Shafi
Head of Structured Finance & Private Debt
Darryl Murphy
Managing Director, Infrastructure
Gregor Bamert
Head of Real Estate Debt
James Tarry
Head of Multi-Asset Portfolio Management
Real Assets Study 2024
Demand remains strong, but the investment drivers are changing. At a time of macroeconomic uncertainty, real assets continue to play a significant role in the investment strategies of global institutions. The sixth edition of the Aviva Investors Real Assets Study is our biggest yet and seeks to answer some key questions.
Explore our real assets range
Real assets views
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Real Assets
Building better: Opportunities for DC schemes to invest in the climate transition through real assets
22 Mar 2024
By investing in climate-aligned real assets, defined-contribution pension schemes can help propel the transition to a more sustainable future while also benefiting from portfolio diversification and attractive risk-adjusted returns, says Mark Meiklejon.
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Real Assets
Resilience and recovery: The outlook for real estate long income
21 Mar 2024
Renos Booth, Isabel Gossling and Kris McPhail from our real estate long income team consider the outlook for long-lease assets after a challenging period for investors.
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Real Assets
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.
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Real Assets
Illiquidity premia in private debt: Q4 2023
12 Mar 2024
In our latest real assets deep dive, our research team crunches the data to see how evolving macro conditions are reflected in private debt returns.
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Real Assets
Des res: Opportunities in rental housing for institutional investors
25 Jan 2024
Jonathan Bayfield examines the fundamentals of this asset class, as well as the opportunities and risks for real-estate investors.
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Responsible Investing
Common ground: Earning a social licence to operate in real asset investing
18 Jan 2024
Successful real asset investing requires acceptance of asset managers’ practices and procedures from a variety of stakeholders. We explore what this means for managers, their clients and investment outcomes.
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Pensions
Plus ça change…The outlook for infrastructure debt in 2024
11 Jan 2024
Infrastructure demonstrated characteristic resilience in 2023 in the face of significant macroeconomic headwinds. Darryl Murphy from our infrastructure team explains why he expects current themes to persist in 2024.
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Real Assets
Tech, trees and tailwinds: The outlook for climate transition real assets
9 Jan 2024
In this Q&A, James Tarry and Luke Layfield explore the themes shaping the landscape for real asset investors with a climate transition focus.
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Responsible Investing
Changing course: Creating a stable investment framework for offshore wind
30 Nov 2023
Better market mechanisms and grid connection arrangements are essential to restore a stable investment environment in the offshore wind sector, as Nick Molho explains.
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Real Assets
Illiquidity premia in real assets: Q3 2023
17 Nov 2023
Our real assets research team crunch the data to see how evolving macro conditions are reflected in private market returns.
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Real Assets
It’s time to think about nature: Biodiversity and real estate funding
1 Nov 2023
Although the consideration of biodiversity risks remains limited for most assets so far, their longer-term impact is undeniable and needs to be considered when funding real estate.
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Real Assets
Against the current: Seeking resilience in real estate equity
19 Oct 2023
A broad-based recovery in UK and European real estate looks unlikely in 2023, but discerning investors can still find value, say Imogen Ebbs and George Fraser-Harding.
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Real Assets
Rates, repricing and relative value: The outlook for multi-asset real assets
11 Oct 2023
James Tarry and Luke Layfield from our multi-asset real assets portfolio management team discuss the outlook for real estate and infrastructure and how shifts in UK climate policy may affect the push for net zero.
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Real Assets
As one door closes… How changes in long income are creating value opportunities
3 Oct 2023
Renos Booth, Isabel Gossling and Kris McPhail from our real estate long income team discuss the importance of selectivity to uncover opportunities and how new buyers can fill the void left by DB pension schemes.
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Real Assets
Relative value in real assets: Q2 2023
14 Sep 2023
Our real assets research team drill into proprietary data to compare risk and return across sectors, drawing out those showing most relative value.
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Responsible Investing
Deals delayed and crowded trades…But investors can still find value in infrastructure debt
4 Sep 2023
Private infrastructure debt still offers a broad spectrum of opportunities, but investors face complex challenges. In this Q&A, our infrastructure debt team contemplate the current state of the market and where it goes from here.