Norway’s largest private asset manager will acquire Nordic secondaries firm Cubera Private Equity as part of its alternatives expansion plans.
Storebrand, which has NKr700 billion ($81 billion; €71.7 billion) in assets under management, has entered an agreement to acquire the Oslo-headquartered secondaries firm for NKr300 million, according to a statement.
The deal will strengthen Storebrand’s offering to its institutional clients and allow it to bring on international investors, which make up the majority of Cubera’s investor base. Cubera will continue to be run as a separate company but will be able to grow its team.
“We both have long experience and deep private equity expertise, but we operate in different markets and with different investors. Joining forces will strengthen our position both in the Nordics and internationally,” said Cubera’s managing partner Kine Buroy-Olsen in the statement.
Storebrand has invested in private equity for 20 years and has NKr19 billion invested in the asset class for Norwegian clients. It is the only pension provider in Norway that includes private equity in its defined contribution schemes. It also has a life insurance business.
Cubera’s latest secondaries fund was the 2016-vintage Fund VIII, which closed on €405 million in 2017. Its investors include Swedish pension fund AP Fonden VI, according to Secondaries Investor data.
The firm was founded in 2006 by executive chairman Jorgen Kjaernes, who previously established Norwegian fund of funds manager Argentum.