Aviva Investors on Canada's Next Structural Infrastructure Cycle

Aviva Investors' Head of Infrastructure Debt, Darryl Murphy, brings nearly three decades of European institutional capital experience to a frank assessment of Canada's Indigenous infrastructure investment market. In a conversation recorded shortly after the Canadian Indigenous Investment Summit 2026 at the London Stock Exchange, Darryl explains why he believes capital is not the constraint on this opportunity set, and what the European debt market needs to see before deploying at scale.

In this episode, recorded with hosts Mark Magnacca and Rob Brant, Darryl covers:

• Why Aviva treats Canada as a core geography alongside the United Kingdom and Ireland, and how that shapes infrastructure debt appetite
• Why investment-grade construction-phase debt, including greenfield exposure, sits well within Aviva Investors' mandate, and the conditions required to deliver it
• How the First Nations Major Projects Coalition, the First Nations Finance Authority, the Canada Infrastructure Bank and Longhouse Capital, alongside Canadian banks and specialist advisors, are building a credible institutional ecosystem for packaging Indigenous infrastructure opportunities
• The structural parallel between Indigenous infrastructure investment and earlier institutional cycles such as P3 and renewables, and why this opportunity should not be treated as a minority sport

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