A leading provider of European infrastructure investments for long-term income generation

As the largest non-bank lender in Europe in 2023 and 2024,1 we provide trusted access to a wide range of infrastructure opportunities (Source: Infralogic/Inframation League Tables, January 1 to December 31, 2024). Our dedicated and experienced origination team sources high-quality projects across debt and equity, with a focus on stable, long-term income generation. We combine proprietary research with sector and industry experience to originate and structure transactions.

Financially material environmental, social and governance (ESG) considerations are fully integrated into our investment process. Where strategies or client mandates have specific sustainability objectives, additional ESG factors may be binding.2

 

 

Scale and reach

We are direct investors in infrastructure, leveraging our extensive network and in-house capabilities to source investment opportunities and build long-term pipeline and scale.

Diversification and inflation hedging

We focus on delivering risk-adjusted returns across market cycles, supported by rigorous relative value analysis and exposure to sectors with favourable supply-demand dynamics.

Supporting the climate transition

As a leader in sustainable real assets, our investment capabilities include solutions that support the climate transition, investing in critical infrastructure to accelerate the transition to a low carbon economy.

* Source: Aviva Investors as at 30 September 2025.

1. Source: Aviva Investors as at 30 September 2025.

2. 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.

Find out more about our private markets capabilities

Infrastructure strategies

Infrastructure underpins Europe’s economic development and can offer stable, attractive returns across debt and equity strategies. Private capital plays a critical role in funding essential projects in energy, transport, and digital sectors – driving connectivity, innovation, and sustainability. These investments modernise transport networks, expand digital infrastructure, enhance energy systems, and create resilient, future-ready assets that support long-term economic growth.

Infrastructure debt

Infrastructure debt investments at Aviva Investors  primarily involve senior debt tranches invested in long-term, stable infrastructure assets across a wide range of sectors. This strategy will suit patient investors seeking predictable cashflows, attractive risk-adjusted returns, and the opportunity to benefit from an illiquidity premium. 

Find out more "Read more about Infrastructure debt"

Infrastructure equity

Our direct investments in lower to middle-market infrastructure opportunities in Europe aim to deliver stable, long-term returns to our clients. They are ideal for investors who seek exposure to diversification benefits, opportunities for value creation and capital appreciation, and essential assets that drive growth and innovation. We invest in energy, mobility, digital and social infrastructure – sectors that accelerate and benefit from the transition to a low-carbon economy.

Find out more "Read more about Infrastructure equity"

Key risks of infrastructure investing

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 or mandates are invested in real assets such as infrastructure, investments may not be able to be sold, realised or liquidated when you want because the infrastructure assets may not always be readily saleable. If this is the case, we may defer your request or instruction regarding your investment. Investors should also bear in mind that the valuation of real assets such as infrastructure 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.

Views

Subscribe to our insights

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.

Read more

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. 

Read more
Internal buidling structure in brand colours

House View

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.

Read more

Infrastructure team

Meet our Infrastructure investment team.

  • Angenika Kunne

    Managing Director, Head of Infrastructure Equity

  • Darryl Murphy

    Managing Director, Infrastructure

  • Florent del Picchia

    Head of Euro Infrastructure Debt

  • Melissa Bockelmann

    Head of Private Debt Investment Specialists

    • Contact us

    Our distribution team is here to help with any questions you may have.

    See all contacts

    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.

    Learn more "Read more about Private markets"