Seeking robust, long-term cash flows in infrastructure debt
We have broad lending and origination capabilities, and deep market relationships built over two decades. This allows us to offer a range of senior debt investments in pan-European and Canadian investment-grade and sub-investment-grade infrastructure projects in a variety of formats that aim to provide strong, stable returns and downside protection.
Our size and established reputation for delivery means we see most European financing opportunities. That allows us to source off-market transactions which can provide a diversified and stable source of returns.
We incorporate environmental, social and governance considerations in our investment decisions and project monitoring.
Why invest?
Infrastructure debt investments have a low correlation to market cycles, matching long-dated assets and providing predictable income streams. Given the asymmetric risk profile of debt investing, our investment philosophy centres on managing downside risk, so we lend against core assets with asset security. Strong financial covenants are integral to our approach, and we avoid highly subordinated debt positions. At the same time, we selectively embrace emerging sectors and structures that may offer attractive complexity or novelty premia within a disciplined risk framework.
Inflation Protection
Many infrastructure debt structures offer robust cash-flow profiles with inflation-linked escalators, to hedge inflation risk in their liabilities.
Long-term debt is ideal to match long-dated liabilities and can provide predictable income from project cash flows.
Low default risk
We prioritise senior debt in carefully structured transactions. Since we began investing in infrastructure debt, we have not had a single payment default or realised loss in the portfolio we originated. This includes more than 270 transactions since inception of the activity in 1999 (as of September 2025).
Diversification
Private infrastructure debt has a low correlation to listed corporate bonds and is more resilient to market and credit cycles. This allows investors to access emerging technologies across the energy transition and digital infrastructure, with strong income generation.
Illiquidity premium
For investors looking for stability and long-term opportunities, infrastructure debt rewards patient capital with an attractive illiquidity premium, typically offering higher yields than listed credit.
Favourable solvency capital treatment
For insurers, as well as the ability to match liabilities with long-term, reliable cash flows, the asset class receives favourable capital treatment under Solvency II. Other regulators are considering similar measures.
We can also incorporate relevant local regulatory frameworks, such as the Solvency II Matching Adjustment requirements and Risk-Based Capital standards.
Key risks of infrastructure debt
Investment 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.
Illiquidity risk
Where funds are invested in infrastructure, investors may not be able to redeem when they want because infrastructure assets may not always be readily saleable. If this is the case, we may defer a redemption request.
Valuation risk
Certain assets could, by nature, be hard to value or to sell at a desired time or at a price considered to be fair (especially in large quantities), and as a result their prices could be very volatile.
Regulatory shifts
The frameworks for managing essential infrastructure services can change.
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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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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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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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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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?
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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.
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?
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.
Infrastructure debt team
Meet our infrastructure debt investment team.
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.
Infrastructure
Our deep market access allows us to source high-quality projects, delivered through a range of debt and equity opportunities. We focus on stable, long-term income generation and efficient execution.
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