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Demand for private markets investment - Driven by the prolonged low in government yields, institutional asset owners have explored outside their traditional comfort zones into the private markets sector in search of strong risk adjusted returns.

The annual Investing in Private Markets, Europe report brings together investment decision-makers at UK and continental European based asset owner groups (predominantly pension plans), to examine case study experiences of allocating into private markets.

Key asset classes and investment strategies in this report include: private debt and loans, equity markets and real asset areas – if this is your speciality, then get in touch to discuss your contribution to the report.

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SECTION 1

AN ASSESSMENT OF PRIVATE MARKETS – WHAT IS THE STATE OF PLAY?

1.1 INTERVIEW

Private markets and Brexit: What regulatory requirements could change that will impact approaches to investment?

Interviewer:

Ben McNamara, Content Producer, Clear Path Analysis

Interviewee:

Ludovic Phalippou, Associate Professor of Finance, Saïd Business School University of Oxford

1.2 WHITEPAPER

Mapping opportunities in private markets – picking suitable assets and investment approaches

Niren Patel, Investment Strategist, Global Investment Solutions, Aviva Investors

SECTION 2

WHAT INVESTMENT CHALLENGES LAY AHEAD INTHE PRIVATE MARKETS?

2.1 ROUNDTABLE DEBATE

Investor viewpoint – how has the UK’s economic landscape impactedvarious opportunities in private markets?

Moderator:

Noel Hillman, Managing Director, Clear Path Analysis

Panelists:

Rachel Kelly, Senior Policy Officer (Finance), British Property Federation

Andrew Harrison, Director, LawDeb Pension Trustees

Richard Soper, Chairman, First UK Bus Pension Scheme

Adam Schallamach, Vice-Chairman, Swindon and Wiltshire Local Enterprise Partnership

2.2 INTERVIEW

How can investors understand the major drivers of illiquidity premia?

Interviewer:

Ben McNamara, Content Producer, Clear Path Analysis

Interviewee:

Nikhil Chandra, Investment Strategist, Global Investment Solutions, Aviva Investors

SECTION 3

PRIVATE MARKET OVERSIGHT AND DUE DILIGENCE IN EUROPE

3.1 INTERVIEW

Taking advantage of highly illiquid opportunities in private markets: how do you create greater certainty for investment executives?

Interviewer:

Ben McNamara, Content Producer, Clear Path Analysis

Interviewee:

Skip McMullan, Chairman, Bank of America UK Pension Plan; Shareholder, NED Local Pensions Partnership

3.2 WHITEPAPER

Seeing through opaque charging structures: probing more deeply when integrating private market investment into the portfolio

Caroline Escott, Investment and DB Policy Lead, Pensions and Lifetime Savings Association

SECTION 4

EMERGING OPPORTUNITIES

4.1 WHITEPAPER

Examining the portfolio differences between public and private equity and avoiding correlation neglect

Mark Hedges, Chief Investment Officer, Nationwide Pension Fund

4.2 INTERVIEW

Emerging Markets in Europe and potential misconceptions – where are investors taking a leap of faith or stepping into familiar, higher growth territories?

Interviewer:

Ben McNamara, Content Producer, Clear Path Analysis

Interviewee:

Antony Barker, Chief Investment Officer, Santander

Mark Hedges

Chief Investment Officer, Nationwide Pension Fund

Antony Barker

Chief Investment Officer, Santander

Skip Mcmullan

Chairman & Independent Board Advisor, Bank of America Trustees, Lancashire & London Pensions Partnership

Ludovic Phalippou

Associate Professor of Finance, Saïd Business School University of Oxford

Martin Källstrom

Head of Alternative Investments, AP Fonden 1 (AP1)

Andrew Harrison

Director, LawDeb Pension Trustees

Rachel Kelly

Senior Policy Officer (Finance), British Property Federation

Alan Pickering

Chair, Bestrustees

Caroline Escott

Investment and DB Policy Lead, Pensions and Lifetime Savings Association

Richard Soper

Chairman, First UK Bus Pension Scheme 

Adam Schallamach

Vice-Chairman, Swindon and Wiltshire Local Enterprise Partnership

Niren Patel

Investment Strategist, Aviva Investor

Aviva Investors is a global asset management business dedicated to delivering focused investment solutions for clients. We currently invest £352billion1 on behalf of our clients, giving us the size and scale to successfully seek out opportunities that will deliver specific investor outcomes. We start by listening closely to our clients and understanding their investment aspirations and concerns. We believe that by knowing what’s important to our clients enables us to provide strategies and funds that aim to cater to their real needs and build relationships for the long term.


Alternative income assets are becoming an increasingly important part of the lexicon for institutional investors. These assets can provide enhanced returns for similar (or better) credit risk when compared to traditional fixed income investments, while many can also be utilised within cash flow-matching strategies. Historically, insurance companies have been major investors in such assets. The balance sheet strength and resource of Aviva plc has afforded Aviva Investors a 30-year track record and a wealth of experience in managing alternative assets. Today we manage in excess of £22billion2 of alternative income assets.


Today’s institutional investor needs new, resilient cash flows to meet future liabilities and our Alternative Income Solutions (AIS) platform – spanning infrastructure debt and equity, real estate finance and long income, structured finance and private corporate debt – enables us to create bespoke portfolios targeting specific client needs including:

– predictable cash flows

– downside protection

– portfolio diversification

– illiquidity premia

– capital preservation


The Aviva Investors AIS platform provides clients with a multi-asset capability that harnesses our existing expertise across this range of asset classes. It combines our strength in each asset class and draws on well-established origination platforms and deal pipelines. These capabilities enable us to build solutions that are individually tailored to deliver the outcomes that are most important to our clients. To do this, we work closely with them to understand their unique objectives. We then create an appropriate solution that can either be entirely bespoke or which makes use of our extensive range of specialist funds.

1 and 2 Source Aviva Investors as at 30 September 2017

By listening to those in the industry, we create a shortlist of individuals who most influence and inspire those around them and invite them to contribute to our reports and events by:

  • Contributing a thought piece on an issue raised in the market research
  • Participating in or moderating a roundtable with other industry leaders
  • Participating as an interviewer or interviewee
  • Producing a case study white paper written with a client or supplier
  • Taking part in a head to head debate with another respected industry professional.

We are always open to suggestions of suitable contributors for future topics. Get in touch to discuss.

Call +44 (0) 207 1931 487 or send a message

To become a media partner for the Investing in Private Markets, Europe 2017 report, or other Clear Path Analysis reports, contact Julie Knowler - julieknowler@clearpathanalysis.com or send us a message.