A broad spectrum of Private Markets capabilities to help your investment goals
With over three centuries of risk-management insurance heritage and over fifty years (source: Aviva Investors as at 30 September 2025) of private markets experience, we have navigated multiple market cycles and built deep expertise across the asset class. Our capabilities span active equity, private debt, multi-asset strategies and venture and natural capital, delivered through pooled and customised solutions.
The scale and insight to access opportunities
In a world shaped by geopolitical and economic uncertainty, investor demand in private markets continues to grow. Our 2025 Private Markets study shows planned allocation increases of 50 to 60 per cent across regions from 2022 to 2024, underscoring confidence in private markets and the long-term return potential of illiquidity premia.
With a team of more than 100 investment professionals across Europe managing over $61 billion in private-market assets, we offer the scale and insight to access opportunities across real estate, infrastructure, private debt, multi-asset solutions, natural capital and venture capital.
Active equity solutions
Our active equity capabilities, including infrastructure equity and real estate equity, provide investors with suitable solutions for varying risk and return profiles.
Cash-flow matching solutions
Asset classes such as infrastructure debt, real estate debt and real estate long income may be attractive to investors with a medium-term time horizon, and a greater focus on balanced risk and reward.
Multi-asset private market solutions
Investors focused on income or liability matching may favour more defensive assets that aim to offer attractive, predictable cash-flows, such as private debt. Those with bespoke requirements can also benefit from multi-asset private market solutions designed to target specific risk and return objectives.
Venture and strategic capital solutions
For investors with patient capital, our in-house capabilities in venture and strategic capital focus on early-stage venture and growth-oriented companies. We believe these investments can help drive innovation, bringing scope for financial, social and environmental returns.
Private market solutions
Aviva Investors has the scale to access the full depth and breadth of private markets.
Capabilities
Infrastructure
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.
Real estate
We offer outcome-oriented solutions in real estate, through strategies that span the risk spectrum, from lower-risk options seeking to generate long-term income to more opportunistic investments.
Venture and strategic capital
Our in-house venture capital team invests in high-growth, early-stage companies with strong long-term potential. By supporting innovative businesses across key sectors, we aim to generate attractive returns for investors while contributing to broader economic growth.
Private debt
We finance bespoke asset-based finance, private corporate debt, real estate debt and infrastructure debt transactions, aiming to provide outcomes to meet an array of investment objectives.
Multi-asset private markets
Our award-winning integrated private assets platform allows us to collaborate with our clients to design bespoke multi-asset portfolios that aim to meet a wide variety of long-term investment and return objectives.
Natural capital
We offer investors pioneering low-carbon investment opportunities through nature restoration and afforestation. Specialist nature-based capabilities aim to support net-zero commitments and help enhance biodiversity and social value generation.
Strategies
Real estate equity
Real-estate acquisition and management across traditional and alternative sectors in Europe that span the risk spectrum, from long income to cyclical income and growth, development, and opportunistic investment. Designed for investors seeking diversification beyond public markets.
Real estate long income
Acquisition of long-lease properties designed to deliver stable, long-term, inflation-linked cash-flows that help de-risk real estate exposure or match long-dated liabilities. An effective alternative or complement to fixed-income allocations.
Real estate debt
Origination of senior secured and whole-loan debt of varying maturities, fixed or floating rate, on commercial property such as offices, retail, or logistics. Designed for investors seeking regular cash-flows underpinned by high-quality collateral.
Infrastructure equity
Direct investment in private infrastructure projects focusing on the construction and acquisition of low-carbon and social infrastructure assets. These can deliver long-term, stable and predictable income.
Infrastructure debt
Senior lending to long-term, stable infrastructure assets across a wide range of sectors. Designed for investors seeking predictable cash-flows, an attractive risk-return profile and access to the illiquidity premium.
Asset-based finance
Bespoke deals including collateralised loan obligation, aviation, trade finance, swap repacks and other structured 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.
Investment philosophy
Our multi-asset mindset and ability to invest with conviction and at scale supports our ambition to be a global leader in sustainable private assets and a trusted partner for our clients.
Conviction at scale
We invest directly with conviction and scale in locations, sectors and themes we believe will drive value creation and capital preservation. We have a relentless focus on delivering superior risk-adjusted returns as a direct asset owner.
Collaborate to innovate
We collaborate and think as one private markets business, with an ambition to grow a differentiated, innovative and outcome focussed platform. We leverage skills and insights across capabilities to enhance investment decision making.
Sustainability considerations
ESG integration is fully embedded into our investment process and decision making, influencing every aspect of the investment lifecycle*. Our investment approach aims to enhance long-term value creation and drive positive change.
*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.
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
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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.
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.
Private Markets Study
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?
Views
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UK low-carbon policy: What to look out for in 2026
27 Jan 2026
Aviva’s Nick Molho looks at this year’s policy priorities and likely developments for the UK’s low-carbon agenda, and reflects on what it means for investors.
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Continued momentum: The outlook for European Infrastructure debt
14 Jan 2026
European infrastructure debt enters 2026 in a healthy position, with no shortage of demand for its diverse range of opportunities. Nonetheless, investors need to be alert to various risks and conduct thorough due diligence, argues Darryl Murphy.
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Cities of the future: What will cities look like in 2050?
8 Jan 2026
Today’s private market investments will shape 2050 cities. We explore what this could look like, and the related challenges and opportunities.
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Boosting low-carbon investment in the UK: 2025 Roadmap Update
11 Dec 2025
In 2024, we outlined our view on the most important public-policy interventions to unlock private investment in the low-carbon economy. In this update, we take stock of policy developments since, and look ahead to 2026 and beyond.
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Navigating nature: Opportunities for the investor of tomorrow
10 Dec 2025
Our society, economies and financial systems are embedded in nature, not external to it. This paper sets out the actions we are taking to understand nature-related risks and opportunities to deliver outcomes that meet our clients’ needs, and to support nature-related global goals.
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Purposeful run-on: A credible alternative to buyout
5 Dec 2025
Discover why purposeful run-on is emerging as a credible alternative to buyout for well-funded defined benefit (DB) pension schemes – and how it can unlock long-term value while keeping clients' needs at the centre.
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Beyond buyout: Why DB schemes are reconsidering their endgame
4 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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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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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?
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.
Private Markets Study
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?
Key risks
For further information on the risks and risk profiles of our funds, please refer to the relevant KIID, Prospectus or memorandum document.
Investment risk and currency 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 / infrastructure risks
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 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 valuersʼ opinion rather than fact.
Valuation risk
Investors should bear in mind that the valuation of real estate / infrastructure is generally a matter of valuers’ opinion rather than fact.
Private markets expertise
Meet our private markets investment team.
Daniel McHugh
Chief Investment Officer
Darryl Murphy
Managing Director, Cashflow Matching and Head of Infrastructure Debt
Melanie Collett
Head of Investment Implementation
Munawer Shafi
Managing Director, Head of Alternative Credit Solutions
Ben Luckett
Managing Director - Venture & Strategic Capital and Chair - Aviva Capital Partners
Explore
Capabilities
With a global presence, far-reaching expertise, and extensive capabilities across major asset classes, we are well placed to help achieve the outcomes our clients demand.