The boundaries between infrastructure, real estate, and private debt are becoming increasingly blurred, according to Aviva Investors.

The manager has said that more investors are looking for multi-asset portfolios with an “outcome-oriented” focus, whether that be growth, long income, or predictable, inflation-matching cashflows.

For its 2020 Real Assets Survey, Aviva Investors has surveyed more than 500 European insurance and pension fund investment decision-makers, representing €690 billion in global assets under management. It has found that investors prefer to engage multiple strategies within real assets allocations. Direct real estate (53 percent), infrastructure equity (53 percent) and structured finance (52 percent) are pension funds’ most sought after strategies, while over half of insurers expect to increase investments in real estate finance (54 percent), infrastructure equity (52 percent) and structured finance (51 percent).

Over half