What is multi-sector private debt?
A robust multi-sector approach across a wide investment universe, targeting the crossover and sub-investment grade segments of infrastructure debt, real state debt, private corporate debt and structured finance. The strategy aims to capture relative value between the private debt sectors through the market cycle, delivering illiquidity premia and enhanced diversification.
Why invest in multi-sector private debt?
The Multi-Sector Private Debt strategy aims to provide investors with access to consistent and diversified investment opportunities in a comprehensive private debt solution, utilising our proprietary research framework and expanded opportunity set.
Aiming to deliver a gross spread of SONIA + 4.5%, the strategy is guided by our disciplined and conservative investment approach and deep expertise tested in the market for 40 years across the private debt universe.1
Multi-asset expertise
Our expertise across the private debt universe and research-led investment process enables us to identify and capture relative value and opportunities through the market cycle.
Enhanced diversification
The portfolio construction aims to provide diversification from publicly‑traded asset classes, and additional risk reduction from individual private debt strategies while increasing the expected return at an overall portfolio level.
Deep origination capability
The scale and breadth of our private debt platform and origination capabilities provide us with deep market insights across the capital stack, and extensive deal access guided by our conservative and disciplined investment approach.
1. Real Estate Debt capability established in 1984.
Explore fund performance and key data
Find the latest prices and performance data in our fund centre via the links below. If you have any questions, please contact our distribution team.
Aviva Investors Multi-Sector Private Debt Fund
The fund employs a robust multi-sector approach across a wide investment universe, strategically investing in infrastructure debt, real estate debt, private corporate debt, and structured finance. MSPD aims to deliver a gross spread of SONIA + 4.5%, providing attractive risk-adjusted returns from a diversified multi-sector private debt portfolio. By leveraging the extensive £25bn private debt platform of Aviva Investors and our proprietary research-led investment process, we ensure consistent and diversified investment opportunities, and efficient capital deployment over the long term.
Our approach to multi-sector private debt investment
Our aim is to deliver superior risk‑adjusted returns in a conservative and disciplined manner. As a direct investor, we place high value on asset security and financial covenants to ensure control and ultimately drive better recovery rates and capital preservation for our clients
The scale and breadth of our integrated platform allows us to offer a diversified multi-sector private debt solution leveraging our established track record, market reputation, and extensive experience managing loans through adverse credit cycles.
Infrastructure debt
Financing that supports the physical assets and systems that provide essential public services – transport, utilities, and energy (including renewables).
Real estate debt
Loans to commercial borrowers that support the acquisition or development of commercial properties – offices, retail, industrial, leisure, healthcare and the living sector.
Private corporate debt
Loans made directly to a variety of corporate and quasi‑sovereign borrowers including large and mid‑cap companies in the investment grade and sub-investment grade space.
Structured finance
Bespoke financing solutions across diverse asset classes such as public and private securitisation, and asset-related financing.
Show Me the Value: Implementing Private Debt for UK Pensions
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?
Join Aviva Investors’ Nick Fisher (Private Debt Research Director) and Luke Layfield (Head of Multi-Asset Portfolio Management, Private Markets) as we discuss the opportunities within the private debt universe, the benefits of adopting a multi-sector approach and how we leverage our market-leading private markets research capabilities.
Transcript for video Show Me the Value: Implementing Private Debt for UK Pensions
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Broader investment thinking
Private debt for DC pensions
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?
Illiquidity premia in private debt – Q2 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.
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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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.
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?
Key risks
Investment risk: The value of investments and income can fluctuate due to interest, inflation, currency rates, supply and demand, government policies, and political/economic events. Past performance is not indicative of future returns.
Counterparty risk: A party in a transaction may default, lack legal capacity, or face unenforceable contracts due to legislation. Debt investing carries the risk of non-payment by borrowers or lenders.
Credit risk: The strategy faces credit risk from trading parties. Debt instruments depend on issuers’ performance and debt service capabilities. Defaults can impact the strategy’s value.
Security risk: Secured loans – in case of default, recourse may be limited to secured assets, potentially resulting in losses.
Junior Secured Loans: Subordinate to senior debt, carrying higher credit and liquidity risk.
Unsecured Loans: High credit risk with potential for significant losses in default.
Illiquidity risk: Private assets are generally illiquid and not suitable for short-term investors. Limited redemption arrangements apply.
Valuation risk: Valuing illiquid, private assets is difficult and uncertain, with no assurance that valuations reflect actual sales prices.
Availability risk: Identifying and structuring debt transactions is competitive and uncertain, affecting investment completion.
Real Estate risk: Real estate debt depends on property performance and is subject to market, economic, and environmental factors.
Infrastructure risk: Infrastructure debt faces risks from planning laws, tenant credit, and regulatory changes, impacting loan performance.
Structured Finance risk: Structured financial instruments involve varying investment characteristics and higher volatility due to leverage.
Dealing Arrangement risk: Investors must commit to subscribe amounts to the strategy , with specific terms and conditions.
Suspension risk: Redemption and deferral provisions may not match the time needed to sell assets. In exceptional cases, with Depositary approval, the strategy can suspend all dealings until conditions normalize.
This summary highlights key risks but is not exhaustive. Investors should read the prospectus for a complete description of risks and conduct appropriate due diligence before making any investment decisions.
Private markets expertise
Meet our multi-sector private debt investment team.
Luke Layfield
Head of Portfolio Management, Private Markets
Craig Mackenzie
Portfolio Manager – Alternative Income
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. Find out more about our other private markets capabilities.