Aviva Investors

Both. The firm makes direct co-investments into companies, often as part of syndicates led by external VC managers, and also commits capital as a limited partner to third-party venture funds. Direct co-investment activity tends toward late-stage companies where capital requirements and risk profiles align with the insurance parent's liability-matching needs.

The firm does not publicly segment its venture portfolio by sector mandate, but observable deal activity points toward financial technology and enterprise software companies. It tilts toward late-stage and growth rounds, avoiding early-stage exposure where capital-at-risk and illiquidity profiles conflict with insurance accounting constraints.

Under Solvency II, equity holdings—particularly unlisted venture positions—carry higher capital charges than sovereign or high-grade fixed-income assets. This regulatory framework effectively limits the size of the venture book and biases allocation toward late-stage, lower-volatility companies that demand less regulatory capital per unit of exposure, making the firm structurally conservative relative to independent VC firms.