Karsten Kallevig, Norges Bank Investment Management
Heading the real estate arm of one of the world’s largest sovereign wealth funds, Karsten Kallevig has completed the first of a planned $26bn global investment drive for Norges Bank Investment Management, acquiring a quarter of London’s Regent Street for £452m ($715m).
The 36-year-old was relatively unknown until he was appointed in September to lead the real estate group, formed to diversify the assets held by the $524bn Norwegian pension fund that invests state oil revenues. He has a mandate to invest up to 5 per cent of the fund into property. Although it aims to become fully diversified over time, the initial focus is on the UK and France, followed by the rest of Europe, the US and Asia.
Mr Kallevig said that investments would ideally be in conservatively leveraged joint venture structures of at least $500m with local partners. This week’s deal fits that strategy. He says: “We are here to invest the people of Norway’s money. We are not chasing deals. We need structure and focus.”
After graduating from MIT in 1998, Mr Kallevig started as an intern at Goldman Sachs’ real estate principal investment business. He joined Soros Real Estate Partners in London in 1999 and moved to Grove International Partners, where he was posted to Japan in 2006.
He is married with two daughters, and enjoys cross country and downhill skiing.