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Karsten Kallevig Snags #3 on Public Investor 100-2015

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Karsten Kallevig

Karsten Kallevig

SWFI Staff has released the Public Investor 100. He ranks 3 out of 100 for the SWFI Public Investor 100 – 2015.

To see the full rankings

Norway has a lot of dough to spend when it comes to overseas institutional real estate. MIT-educated Kallevig has a big job, being the Norwegian sovereign wealth allocator of a US$ 40 billion exposure to institutional real estate. Kallevig contributes an abundance of Asian and European real estate experience to Norway. He had beginnings working at Goldman Sachs and working for Soros Real Estate Partners, an entity associated with George Soros. He also spent years in Tokyo, working for Grove International Partners.

A downhill skier, Kallevig has mustered up resources, building in-house public investor real estate investment teams so large that they rival the large Canadian pensions and Gulf wealth funds. Under his watch, Norges Bank Investment Management (NBIM) has hired accountants and brought on a number of former real estate bankers. Emphasizing a mantra of structure and focus, Kallevig started with low-hanging fruit: London real estate. NBIM acquired interests in properties on London’s Regent Street, properties in Paris, worked a deal with Prologis (one of the biggest warehouse investors in the world), participated in JVs with Metlife, TIAA-CREF and so on. Despite this, finding suitable investments has been challenging for Kallevig and his team. REITs, pensions, real estate funds, Chinese insurance companies, wealth funds and other investors are vying for well-leased office buildings in core cities. Kallevig and his team have been crafty, hitting up life insurance companies and getting the inside deal on core properties.

Kallevig is on a long journey, but he has the backing from management. For fiscal year 2014, real estate investments generated a 10.4% return, the top performing asset class for Norway’s wealth fund.

Mergermarket Gets Ready to be Sold

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Private equity firm BC Partners hired Goldman Sachs Group Inc. and JPMorgan Chase & Co. to advise on the sales of Acuris. Acuris is a collection of financial news and data sites, which includes Mergermarket, Dealreporter, and Debtwire. In 2017, BC Partners sold around a 30% stake in GIC Private Limited.

Before the rebranding to Acuris, Mergermarket was part of The Financial Times Group until 2013 when it was sold off to BC Partners.

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Why Japan Post Sees Promise in Aflac

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Aflac Inc. is an American insurance company founded in 1955. The company is the biggest provider of supplemental insurance in the United States. Aflac also has major operations in Japan.

In December 2018, Japan Post Holdings (JPHLF) signaled it was spending US$ 2.64 billion for a 7-8 % stake in Aflac. The goal is that, in four years time, Aflac will become an affiliate of Japan Post. Japan Post hopes to accomplish this by becoming the largest voting shareholder of the company. The world’s 13th largest company, with 400,000 employees, Japan Post needs to expand to chase further growth, mainly because Japan Post expects the postal business to decline. Diversification is seen as the optimal route to long term stability for the holding company. Japan’s economy is worrying. Japan’s aging population means that many insurance companies are facing a shrinking customer base, Japan Post settled on a plan to expand overseas.

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RDIF and Development Agency of Serbia Agree to Explore Joint Investments

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The Russian Direct Investment Fund (RDIF) and the Development Agency of Serbia, also known as Razvojna agencija Srbije, reached an agreement to work together to identify attractive investment projects to strengthen bilateral economic ties and increase investment flows between Russia and Serbia. Russian capital and businesses are keen on investing in Serbia.

In addition, the two countries signed an agreement to cooperate on civil nuclear energy, according to state-owned Russian reactor builder Rosatom (Rosatom State Nuclear Energy Corporation). Rosatom continues to expand it business of nuclear cooperation deals in a wide number of countries.

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