A tailored approach to private debt investing
A tailored approach allows us to closely match investors’ objectives – from infrastructure and real estate, to bespoke private asset-based lending and specialty finance, structured credit, and corporate lending in the form of bilateral or club financings.
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.
Why invest?
Private debt solutions can offer attractive, recurring cash flows to meet a variety of income and liability matching objectives.
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 opportunistic mindset
We collaborate and think as one private markets 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.
Responsibility built-in
Our 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.*
*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.
Private debt strategies

Structured Finance
Bespoke deals including private asset-based lending such as aviation, trade finance, swap repacks, collateralised loan obligations, other specialty assets with strong risk controls. These can help investors source cashflows for needs such as matching-adjustment eligibility.

Private Corporate Debt
Private placements and bilateral loans, with strong covenants across a variety of profiles and maturities to help improve risk-adjusted returns.
Key risks of private 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.
Real Estate Risk
Investments can be made in real estate, infrastructure and illiquid assets. Investors may not be able to switch or cash in an investment when they want to because real estate 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.
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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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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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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Five things you need to know about LTAFs: Lessons for investors in UK private markets
4 Oct 2024
In November 2021, regulatory changes were introduced in the UK to help facilitate investment into private asset classes. This article on Long-Term Asset Funds (LTAFs) captures five things defined contribution pension schemes should know about progress so far.
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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.
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.

Private debt team
Meet our Private debt investment team.

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

Darryl Murphy
Managing Director, Infrastructure

Gregor Bamert
Head of Real Estate Debt
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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.