How much of the GPFG should NBIM actively invest in private real estate?

Abstract

The objective of this thesis is to assess the optimal allocation to private real estate in the Norwegian Government Pension Fund Global (GPFG) portfolio. We aim to do so by combining quantitative analysis with qualitative discussions. Inspired by the many academic papers encountered in the completion of our time as students, we have tried to structure the thesis as closely to a publishable academic paper as possible. Finally, we would like to thank our supervisor Bruno Gerard for giving guidance, constructive feedback and support.