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.
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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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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Building better: Opportunities for DC schemes to invest in the climate transition through real assets
22 Mar 2024
By investing in climate-aligned real assets, defined-contribution pension schemes can help propel the transition while also benefiting from portfolio diversification and attractive risk-adjusted returns, says Mark Meiklejon.
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

Tom Graham
Head of Private Markets Equity Specialists

Melissa Bockelmann
Head of Private Debt Investment Specialists

Ben Sanderson
Managing Director, Real Estate

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.