With capabilities in Western Europe including the UK, we focus on senior debt from issuers that may be too small to access capital markets or those that prefer club deals with a few institutional investors. Opportunities are sourced across a diverse investment universe including investment-grade or crossover small and mid-cap firms from a variety of sectors, with maturities ranging between five and 10 years, typically for buy-and-hold investments.
We mitigate risk by avoiding subordination and structural leverage as well as through strong covenants, coupled with regular monitoring and reporting. The strength and depth of our independent credit research team provides robust governance and our disciplined investment process incorporates, but is not bound by, environmental, social and governance (ESG) criteria throughout the life of the asset.
Senior private corporate debt can help investors diversify exposures while delivering attractive risk-adjusted returns.
Real assets in focus
The case for private debt
8 Oct 2020
Private debt proved its worth to institutional investors during a sustained period of benign market conditions. But what does the outlook look like in an altogether more challenging environment?
Fibre broadband: The need for speed
9 Sep 2020
Lockdown measures imposed during the COVID-19 pandemic have highlighted the importance of digital connectivity. Tim Perry looks at the investment opportunities and challenges associated with European economies transitioning from copper to faster fibre broadband networks.
Defined Benefit pensions de-risking: A covenant and investment view
23 Jun 2020
In the midst of the COVID-19 shock, Felix Mantz from Lincoln Pensions and Joachim Sudre from Aviva Investors explore how defined benefit pension schemes should plan their journey towards an end game and adopt a more holistic approach to risk.
'Mastering the real estate cycle'
17 Apr 2020
The cyclicality of real estate creates opportunities for well-informed investors. However, determining where a market is in the cycle can be difficult, so we have developed a tool that can help investors overcome this challenge.
Think like an insurer, invest like a pension scheme
10 Feb 2021
Cashflow-driven investing (CDI) is about meeting the outcome that matters most to pension schemes – being able to pay out liabilities as they fall due.
Urban regeneration: How a secure income strategy can help revive city centres
6 Jan 2020
Like other major cities, London scores highly across a range of economic metrics. But while London’s continued capacity for renewal and attracting investment is undeniably impressive, it is often in stark contrast to other UK cities. Chris Urwin, Luke Layfield and Stanley Kwong explain what can be done to make those cities more attractive, and the respective roles investors and the public sector should play in that process.
Explore our real assets range
Outcome-oriented solutions in real estate, through strategies that span the risk spectrum, from lower-risk options generating long-term income to more opportunistic investments.
Our deep market access allows us to source high-quality projects, delivered through a range of senior debt opportunities or via the acquisition of assets. We focus on stable, long-term income generation and efficient execution.
We finance bespoke structured finance and senior private corporate debt transactions, providing our investors with outcomes that meet their investment objectives.
Real assets and net zero: Ambition vs action
Nearly half of global institutional investors expect to increase investments in real assets over the next 12 months. Our Real Assets Study 2021 delves into the reasons why infrastructure, real estate and private debt asset classes remain in favour and pressing issues like the accelerating race to net zero and advancements within ESG.
Real assets views
Our progress towards net zero in real assets: A Q&A with Ed Dixon
30 May 2022
One year on from publishing our 2040 net-zero pathway for real assets, Ed Dixon talks through some of the key highlights, challenges and priorities for 2022.
Off balance and out of step
16 Mar 2022
Daniel McHugh explains why real estate strategies need to change with the times.
Real assets: An alternative way to hedge inflation risk
3 Feb 2022
As inflation soars to levels not seen in years, the costs of hedging against it via traditional liquid market securities are becoming prohibitively expensive. Real assets might offer institutional investors a better option, argues Luke Layfield.
The time for action is now: Incorporating carbon into private markets
13 Jan 2022
Our real assets research analysts explore the whys and wherefores of understanding and managing the carbon footprint of their portfolios.
That déjà vu feeling: The outlook for UK infrastructure
6 Jan 2022
Darryl Murphy assesses the current state of the UK infrastructure market and the likely drivers of activity in 2022.
European long-income real estate: Seeking resilience in an uncertain world
20 Dec 2021
As the trajectory of COVID-19 continues to evolve, Isabel Gossling looks at the implications for European real estate and long-lease strategies.
The long decline: Why trend economic growth is set to go on falling
12 Nov 2021
Trend rates of economic growth, which have been on the decline for decades in the world’s leading economies, look set to fall further. That will have big implications for governments, companies, households and investors, argues Stewart Robertson.
An investor’s perspective on the UK’s Net Zero Strategy
28 Oct 2021
Darryl Murphy assesses the implications and opportunities for infrastructure investors.
Disclosures, trade-offs and green premia: The future of sustainability in real assets
7 Oct 2021
The path to a sustainable future for private markets is full of opportunity but also complexity, as Laurence Monnier and Ed Dixon explain.
How to build an office: Post-pandemic
13 Aug 2021
Watch our video to find out how offices can provide a powerful tool in boosting productivity, and attracting and retaining the best talent.
COVID and beyond: Why the greenfield data infrastructure boom is set to continue
28 Jul 2021
The global pandemic may have accelerated demand for data infrastructure, but the underlying drivers behind the growth of data centre markets go far beyond short-term factors, explains Laurence Monnier.
Measuring the mythical: Quantifying the green premium in real estate
21 Jul 2021
The green premium is an elusive concept. Laurence Monnier reviews the academic literature and crunches some numbers to try and quantify the extra pricing power afforded by more sustainable commercial properties.
How to assess social value: Guidance from Hatch
29 Jun 2021
Asset managers of many different hues claim they are thinking harder about their social role: the ‘S’ in ESG. But evaluating social value generated from investment decisions is not straightforward, as consultant Dr Kelly Watson from Hatch explains.
From social wash to social value
29 Jun 2021
The inequalities highlighted by COVID-19 have led to much soul searching, including among investors on whether they are doing enough to address the issues of the day. Ed Dixon, Aviva Investors’ head of ESG - real assets, contemplates how investors in tangible assets can put capital to work to drive change.
The Blitz, agglomeration economies, and a giant supply-side real estate experiment
21 Jun 2021
The tragedy and destruction caused by the Blitz created an unintended natural experiment in urban redevelopment. Chris Urwin reflects on what this can teach us anything about agglomeration economies and the resilience of cities.
Rating game: Getting the measure of infrastructure equity risk
17 Jun 2021
Unlike liquid markets and real estate, a lack of publicly available data has made assessing risk more challenging for infrastructure equity assets. Laurence Monnier considers the options for investors looking to complement qualitative assessments with quantitative rigour.