Stockholm (HedgeNordic) – Norges Bank Investment Management (NBIM) relies on external equity managers to handle 4.6 percent of the €1.2 trillion Norwegian oil fund’s investments. A total of 107 mandates worth €54 billion at the end of 2022 were managed externally by 100 organizations, one of which was Mikael Petersson’s Coeli Group-backed fund management firm Coeli European AB.
During the course of 2022, NBIM awarded Malmö-based Coeli European a sizeable mandate that would mirror the concentrated long portfolio of long/short equity fund Coeli Absolute European Equity. “We are very honoured and humble to be included in the list of external mandates selected by Norges Bank Investment Management (NBIM). This is a significant allocation to Coeli European,” announces the team at Coeli European.
“Having worked nearly 30 years in the investment industry, an opportunity from Norges Bank is, in my opinion, the most prestigious there is,” comments Mikael Petersson, founder and portfolio manager at Coeli European. “I am of course very proud of this and my team but also humbled by the task.” Cecilia Biveson, the CEO of Coeli European, goes on to add that “this is a pinnacle of success and we look forward to a long and fruitful collaboration.”
“Having worked nearly 30 years in the investment industry, an opportunity from Norges Bank is, in my opinion, the most prestigious there is.”
NBIM’s investment team awards investment mandates to exernal equity managers with expertise in clearly defined areas, expecting them to beat the markets they operate in and generate an excess return for the fund. NBIM also expects external equity managers to reduce exposure to companies with ESG issues.
After more than 20 years on the buy-side as an analyst and portfolio manager at a handful of well-known asset managers such as Lansdowne Partners, Kairos and SEB in London and Stockholm, Mikael Petersson launched Coeli Absolute European Equity with about $10 million under management in January 2018 with the backing of Coeli Asset Management. Fast forward five years, Petersson and his team manage SEK 4.8 billion across two funds, a private markets structure and the mandate awarded by NBIM.