A leading provider of European infrastructure investments for long-term income generation
As one of the largest non-bank lenders in Europe, our reputation as a trusted counterparty in European infrastructure provides access to a wide range of opportunities. Our dedicated and experienced origination team source high-quality infrastructure projects spanning debt and equity, with a focus on stable, long-term income generation. We combine proprietary research with sector and industry expertise to originate and structure transactions.
Environmental, social and governance (ESG) considerations are integrated into our origination process and ongoing management of projects. Where relevant, ESG factors are binding objectives of certain strategies and client mandates.*
Scale and reach
We are direct investors in infrastructure, utilising our extensive network to source opportunities. We utilise our in-house expertise together with specialist platforms to create long-term pipeline and scale.
Diversification and inflation hedging
We focus on delivering appropriate risk-adjusted returns from infrastructure where favourable supply and demand dynamics support the role of private investment. Rigorous relative value analysis is an essential part of our portfolio construction process.
Supporting the climate transition
As a leader in sustainable real assets, our investment capabilities include solutions that support the climate transition. We actively measure and manage carbon emissions that are avoided, reduced or removed, as an integral part of our investment process.
*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.
Infrastructure strategies

Infrastructure debt
Senior debt invested in long-term, stable infrastructure assets across a wide range of sectors. Ideal for investors looking for stable cashflows with an attractive risk/return profile, and to capture the illiquidity premium.

Infrastructure equity
Direct investment in lower to middle market infrastructure opportunities in Europe with the aim to deliver stable, long-term returns to our clients. We invest in the energy, mobility, digital and social infrastructure sectors which accelerate and benefit from the transition to a low-carbon economy.
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
The future of green premia in real estate, part one: The view from the ground
27 Jun 2024
Do greener buildings have more pricing power, and if so, how much? We bring together the views of leading capital markets researchers, a valuer and an asset manager for a two-part deep dive on the latest market dynamics.
-
Cyclical, structural, vintage: The outlook for real estate equity
10 May 2024
High inflation and rising rates hit activity in real estate markets over the past year. But cautious optimism is now returning to the investment landscape in the UK and Europe, say Imogen Ebbs and George Fraser-Harding.
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 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
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.