The Norway Pension Fund-Global has begun recruiting for the team that will oversee an eventual 5% allocation of its $825 billion capital pool to real estate.
Norges Bank Investment Management (NBIM), which oversees the asset allocation and implementation of strategy for the world’s largest sovereign wealth fund, has advertised three positions on its website—and the closing date is drawing near.
NBIM is looking for chief risk, administrative, and operations officers, who can choose to be located either in London or Oslo. All three positions would see the successful candidate become part of the fund’s Real Estate Leader Group.
The minimum level of academic attainment for all three roles is a master’s qualification, while each position demands a “high level of integrity” and an “ambition to excel”.
The Nordic fund decided to extend its allocation to real assets around two years ago, having been mostly invested in liquid securities.
The fund has already bought substantial assets in London’s West End and central Paris, and agreed joint ventures in the US with both a warehouse and logistics developer and real estate giant TIAA-CREF.
The fund has also been building up its internal capability. In February, it announced it would double its equities team to almost 200 people and in May, it was seeking economists for its allocation strategies team.
Last month, NBIM set out its strategic plans for the fund, which included developing “a winning team of talented employees” and focussing on “focus on the long-term risks to the purchasing power of the fund”.
The Norway fund is just one of the largest institutional investors that are on-boarding staff.
Last week, the Abu Dhabi Investment Authority said it was looking at increasing its already substantial internal team to examine opportunities in infrastructure.
The deadline to apply for the Norway fund roles is July 20, 2014.
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