Storebrand Asset Management Q2 2025 business update

• Net Q2 revenue of NOK 806 million.
• Net positive flow of 3 billion from institutional clients in the quarter, while total net flow is negative by 1 billion due to changes in captive portfolios Net Q2 outflow of NOK 1 billion.
• AuM of NOK 1.507 billion.

The second quarter of 2025 was marked by continued market turmoil in April, with a comeback in May and June. Storebrand Asset Management increased its AuM by NOK 65 billion, ending the quarter at NOK 1.507 billion.

“Despite a turbulent first half we are in a good shape. Our clients are more settled now and willing to once again take on a more long-term view on their investments. With our multi-asset platform, spanning direct investments in infrastructure and real estate, private equity, fixed income and listed equities, we are well positioned to help our clients build robust and diversified portfolios" - Jan Erik Saugestad, CEO Storebrand Asset Management.

Connecting capital on route to robustness
It has been an eventful quarter, characterized by investors responding to the US government’s broad increase in tariffs by either withdrawing capital or opting for more risk avert strategies, as well as by seeking to build more resilient portfolios by expanding allocation to value-driven and low volatility investments.

While resilience has always been part of long-term investing, now it is gaining renewed meaning, both as means of absorbing shocks, as well as a way to align portfolios with the core functions society depends on.

The rotation we saw in Q1, towards domestic and Europe-based equity strategies, continued in Q2, driven by European governments announcing new commitments to increase public expenditure in reinforcing the resilience of the military, technology, public infrastructure, energy, and food supply sectors.

After a turbulent first quarter, clients are now more settled and willing to once again take on a more long-term view on their investments, resulting in a positive inflow from institutional clients of NOK 3 billion.

Private equity secondary deal flow high, amid tentative markets
Fundraising in our international private equity program is progressing steadily, with activity and deal flow levels that are beginning to recover, although some clients remain cautious on illiquid strategies amid ongoing geopolitical uncertainty.

Continuation vehicles (CVs)—which allow GPs to extend the holding period of select assets through new fund structures—and secondaries have become mainstream tools for managing liquidity and delivering returns to investors. Small and mid-sized buyouts are currently in favour among investors, supporting strong deal flow across Cubera’s primary strategies. Meanwhile, Cubera’s secondary deal flow is still at a high level, reflecting both the liquidity pressures faced by some LPs and the increase of CVs in the market.

Rising Real Estate activity
We are experiencing high levels of interest from investors. Both our external mandates and mandates with captive capital from within the Storebrand Group are being utilized further, in favourable market conditions, particularly in Sweden and Denmark where there is a positive spread between funding cost and yield.

Our pan-Nordic fund, SNRE I, has signed binding contracts for the acquisition of two residential assets, making the fund close to fully invested. Our plans for a Nordic successor fund are progressing well.

In Denmark, we closed several large transactions on behalf of foreign investors, which confirm our impression that the market in Copenhagen is becoming more active.

Furthermore, June’s surprise interest rate cut to Norway’s central bank’s policy rate, and the low levels of borrowing margin from banks to commercial real estate companies, provides some foundation for what we believe could be added momentum, going into the third quarter.

Strengthening our work on sustainability with additional hires
Underscoring our commitment to sustainability, we have expanded our risk and ownership team with the addition of two internal transfers and three new hires, in Oslo, Stockholm and Stavanger. With these additions, we are positioned to strengthen our work on sustainable investments, in terms of in-house ESG data analysis and expertise; ESG integration into portfolio management; governance and financial crimes expertise; and company engagements.

Next instalment of the Sustainable Investment Review is at the end of August