Our approach
We leverage our integrated private markets platform to design multi-asset solutions across debt and equity to meet a wide variety of client objectives. Our solutions include our flagship Climate Transition Real Assets strategy, which invests in real estate, infrastructure and forestry and has a 2040 net zero ambition. By drawing on the expertise of our private markets teams, we seek to source unique deal opportunities and deploy capital in an efficient way.
Through our scale, we have deep, direct market access and high visibility of off-market deals in mainstream and niche sectors. Our highly skilled team has the experience to manage the complexity of private markets – and their risks – with the aim of delivering robust risk-adjusted returns.
Environmental, social and governance (ESG) considerations are fully embedded throughout our investment process, from origination through to development, ongoing asset management and reporting.*
Why invest?
Investors can access the benefits delivered by each private markets component in their portfolio, with a bespoke design and construction to meet their requirements.
Multi-asset mindset
Our scale and expertise allow us to source unique deal opportunities across a broad range of private markets, through debt, equity and direct ownership. This helps us build portfolios seeking to meet specific client investment objectives.
Efficient deployment
We target rapid deal execution and have a robust and sustainable pipeline, with a high success rate of deals.
Investing with purpose
ESG considerations are fully integrated throughout our investment process as we seek to directly invest and partner in best-in-class private markets opportunities and encourage long-term, responsible investment.*
*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.
Key risks of private markets funds
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 are invested in real estate / infrastructure, investors may not be able to switch or cash in an investment when they want 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
Climate Transition Real Assets
A real assets strategy that seeks to deliver capital growth and income and make a positive contribution to the transition to a net-zero economy.
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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Beyond buyout: Why DB schemes are reconsidering their endgame
10 Dec 2025
Significant shifts in the defined benefit (DB) pension schemes landscape mean that as schemes mature, trustees and sponsors now face a broader spectrum of strategic choices. We explain why the choice between buyout and run-on is no longer binary.
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Illiquidity premia in private debt: Q3 2025
12 Nov 2025
Having crunched the data, our private markets research team looks at how evolving macro conditions are impacting private debt returns.
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From niche to core: Asset-based finance emerges as a driving force as private debt markets continue to evolve
7 Oct 2025
Asset-based finance is capturing the attention of institutional investors – from pension schemes to insurers – thanks to its diverse risk-return drivers and its growing role as a strategic building block in investors’ portfolios.
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Solid foundations: The case is building for infrastructure equity
3 Oct 2025
In this article Viktor Dietrich, Research Director for infrastructure, venture capital and natural capital, revisits the case for investing in European infrastructure equity. He suggests reasons why small-to-mid-sized opportunities should feature prominently on investors’ radar.
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Energy-intensive industries: Unlocking low-carbon investment
16 Sep 2025
Vital industries for UK growth like steel or cement are also energy intensive, and their decarbonisation is essential. We convened a roundtable of experts to discuss barriers and solutions to unlocking low-carbon investment opportunities.
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Illiquidity premia in private debt: Q2 2025
14 Aug 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.
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Building advantage: Finding a competitive edge in European high yield real estate debt
14 Jul 2025
While opportunities in European high yield real estate debt remain, growing competition underscores the need for deep market expertise, a robust underwriting framework, and disciplined deal selection to identify and capture resilient value.
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Show me the value: Investing in carbon removal, part three
11 Jul 2025
In this article, we explore the potential benefits of carbon removal strategies for institutional investors.
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MegaTRENDs: Why TRENDs matter for investing in private markets
27 Jun 2025
A set of megatrends is reshaping the world, creating new opportunities and risks for investments in private markets.
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Show me the value: Investing in carbon removal, part two
2 Jun 2025
In this article, we explore the different types of carbon credits, the development of the markets on which they are bought and sold, and how institutions can use them to achieve their investment and sustainability goals.
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Show me the value: Investing in carbon removal, part one
28 May 2025
New markets are emerging to enable institutions to invest in nature and potentially achieve sustainability-related objectives alongside key financial outcomes.
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Illiquidity premia in private debt: Q1 2025
16 May 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.
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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.
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 markets team
Meet our real assets multi-asset investment team.
Munawer Shafi
Managing Director, Multi-Asset (Private Markets) and Head of Structured & Private Corporate Debt
Melissa Bockelmann
Head of Private Debt Investment Specialists
Darryl Murphy
Managing Director, Infrastructure
Melanie Collett
Head of Investment Implementation
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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.