Storebrand acquired private equity firm Cubera.
Financial details were not disclosed.
The transaction rationale is strengthening Storebrand's commercial portfolio to institutional asset management clients, as the company is the only provider in Norway that includes private equity in its defined contribution portfolio.
Storebrand at its core provides life insurance and pension savings, managing NOK 700 bn as Norway's largest asset manager. The company has about 40.000 corporate customers and 2 million individual customers, and is headquartered in Lysaker outside of Oslo, Norway.
Cubera Private Equity, led by managing partner Kine Burøy-Olsen, is offering investors exposure to Nordic private equity primarily through the secondary market. The firm is a leading player within Nordic private equity and has around NOK 9 billion under management, mainly from international investors.