Norway oil fund appoints private equity real estate pro as new RE head

Norway’s $300 billion government pension fund, formerly known as the Petroleum Fund, has opted for Norwegian Karsten Kallevig to head its real estate team. Kallevig has been heading the Japan business of private equity real estate firm Grove International Partners and will take up his new position on September 1

Norway’s $300 billion government pension fund has appointed a Norwegian private equity real estate professional as its new head of real estate investing.

Karsten Kallevig will join Norges Bank Investment Management (NBIM), which manages the fund, on 1 September. 

In a statement, NBIM said Kallevig had extensive experience in international real estate investment. He has headed Grove International Partners' Japanese office since 2006 and worked for the company's London office before that. Prior to joining Grove he worked at Goldman Sachs’ Whitehall funds.

A spokeswoman said being Norwegian was not a prerequisite for the post.

The NBIM is set to put aside a proportion of the fund’s new allocation to real estate in unlisted property funds and vehicles.

The real estate leader and the property team will decide how best to invest via funds, joint ventures and separate accounts that are established in OECD countries or in countries with which Norway has a tax treaty with or other countries with which Norway has other types of tax agreements with.

It will typically choose to make $50 million to $250 million investments in the real estate vehicles it selects.

According to NBIM, the real estate team is primarily considering fund managers and property companies with assets valued at more than $250 million that operate in the UK, Sweden, France and Germany in the first instance.