Investing in asset-backed real estate bonds

Discretionary mandates for institutional clients

Track record since 2018


co-invested (NOK)





Consistent returns









About us

Storebrand Private Debt manages an array of asset-backed portfolios with mandates of >NOK 50 billion to invest in asset-backed real estate, direct loans to Nordic LBOs, external debt funds and mortgage funds.

Our clients include Storebrand Life Insurance (Storebrand), SPP and various external institutional clients.

Currently, the discretionary mandates for external institutional clients are limited to Norwegian unlisted real estate bonds with fixed interest rates, and since inception in 2018 we have completed 37 transactions where external institutional clients and Storebrand have co-invested NOK 17 billion.

Since 2018, we have done 37 transactions investing NOK 17 billion in asset-backed loans and bonds.

Our investment strategy

Co-invest with Storebrand

Institutional clients co-invest with Storebrand, where Storebrand will have the largest exposure. The entire investment process is completed within the Storebrand Debt Investments team, which consists of sourcing, credit rating, structuring, negotiating, documentation, and follow up.

Our target is to achieve 2 percent credit spread above reference rate, and we only take moderate risk equivalent to investment grade. 

Target and risk

Our target is to achieve 2 percent credit spread above reference rate. We only take moderate risk equivalent to investment grade. 

  • add Target
    • 2% credit spread above the reference rate
    • Low probability of default with limited loss given default (recovery rate >95%)
  • add Risk profile
    • Moderate risk, credit rating by Storebrand equivalent to investment grade
    • Satisfactory combination of location, asset, rental contracts, tenants, and owner
    • LTV based on market values: Initially ≤65% , default at >75%
    • Priority security in the properties and the shares of the holding company
  • add Limitations
    • Norwegian OTC real estate bonds
    • Up to 10-year maturity
    • Fixed interest

Storebrand Private Debt team

Our team consists of highly experienced professionals with extensive investment experience. The investment activity is spearheaded by the two fund managers Torstein Hagen and Arve Eidsvik, supported by Legal, analysts and Operations.

Torstein Hagen

Fund Manager

Joined Storebrand in 2011

Previous experience:

  • DNB (5 years)
  • ntna (3 years)
  • NORD L/B (3 years)
  • DnB NORD (6 years)
  • MSc in Business (Siv.øk) from University of South Florida
  • Executive Program ESMT

Arve Eidsvik

Fund Manager

Joined Storebrand in 2017

Previous experience

  • Ministry of Finance (3 years)
  • DNB (21 years)
  • MSc in Business (Siv.øk) from NHH Norwegian School of Economics
  • Chartered European Financial Analyst (CEFA / AFA)

Martin Hugo Starberg


Joined Storebrand in 2021

Previous experience

  • Deloitte (2 years)
  • Thommessen (4.5 years)
  • Master of Law from University of Oslo
  • Master of Maritime Law (LLM) from University of Oslo
  • Admitted to the bar (2019)

Jesper Lenanader

Credit Analyst

Joined Storebrand in 2021

BSc in Finance from Palm Beach Atlantic University

Anders Huseby

Credit Analyst

Joined Storebrand in 2018

MSc in Business (Siv.øk) from BI Norwegian Business School

Kjersti N. Kvasnes

Senior Operations

Joined Storebrand in 1987

Want to invest?

Get in touch with our regional client executives to get advice and deep-dive into our products and services.

Historical returns are no guarantee of future returns. Future returns will depend, among other things, on market developments, the manager's skills, the fund's risk profile and management fees. The returns can be negative as a result of price losses. There is risk associated with investments in the fund due to market movements, developments in currency, interest rates, economic conditions, industry- and company-specific conditions. Before investing, customers are advised to familiarize themselves with the fund's key information and prospectus, which contains further information about the fund's characteristics and costs.