# Keva

Keva is a Pension Fund based in Helsinki, Finland.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Helsinki, Finland
- **Region:** Europe
- **Address:** Helsinki, Finland
- **Founded:** 1964
- **Assets under management:** Undisclosed
- **Website:** kevasports.com
- **LinkedIn:** https://www.linkedin.com/company/keva

## Regulatory record

- **Reports private funds:** No

## About

Keva is Finland's largest occupational pension insurer, responsible for the retirement benefits of municipal and state employees. The institution invests across public equities, fixed income, real estate, private equity, and infrastructure, with a notably high direct-ownership tilt in Finnish property and energy assets. Its real estate portfolio spans retail, hospitality, residential, and commercial properties concentrated in the Helsinki metropolitan area — among them the Stockmann department store building, the HTC Vega and Santa Maria office complex, and a half-stake in the Sello shopping centre in Espoo. The fund's infrastructure book reflects a pragmatic energy-transition posture. Keva co-owns Caruna, Finland's largest electricity distribution network, alongside OMERS and First Sentier Investors. In 2022 it partnered with Vantaa Energy on a district heating acquisition covering Järvenpää and Tuusula, and it deploys capital into infrastructure funds managed by Infranode, the Nordic-focused investor. On the private-equity side, Keva commits to buyout funds, primarily in Europe and North America, and maintains an active co-investment programme that reduces fee drag on its unlisted allocations. Keva's investment team is led by CIO Maaria Kettunen, who assumed the role in November 2025, succeeding a long period of internal stewardship. The fund participates in industry bodies including the Institutional Limited Partners Association and the Finnish Pensions Alliance TELA, which coordinates pension-policy advocacy across the country's earnings-related system. While Keva does not publicly disclose a precise AUM figure, Finnish pension-sector reporting places its assets in the €60–65 billion range, making it a top-three institutional allocator domestically. The fund's structural differentiator is its legal separation from the state budget while remaining a monopoly provider for its mandated member base — a configuration that allows it to run a concentrated, long-duration asset book without the liquidity pressures faced by open-ended mutual insurers. Its direct real estate and infrastructure holdings function as an in-house operating business, with a dedicated transactions team led by Carl-Henrik Roselius, rather than a passive LP commitment.

## Sectors

- Real Estate
- Infrastructure
- Private Equity
- Energy Transition & Renewables

## People

- Jaakko Kiander — CEO
- Maaria Kettunen — Chief Investment Officer
- Heikki Autto — Chair of the Board
- Carl-Henrik Roselius — Head of Real Estate Investments

## Questions

### Who runs investment decisions at Keva?

Maaria Kettunen became Chief Investment Officer in November 2025. She oversees asset allocation across public markets, private equity, real estate, and infrastructure. The real estate portfolio is managed day-to-day by Carl-Henrik Roselius, Head of Real Estate Investments, who executes direct property transactions primarily in Finland.

### How does Keva source its infrastructure deals?

Keva pursues a dual-track infrastructure strategy. It makes direct co-investments alongside operating partners — its Caruna stake was acquired with OMERS and First Sentier — and it commits to specialist Nordic infrastructure funds, including those managed by Infranode. The fund also partners directly with Finnish municipal energy companies, as demonstrated by the Järvenpää-Tuusula district heating investment alongside Vantaa Energy.

### How is Keva governed, and who appoints its board?

Keva's board is tripartite, representing municipal employers, employees, and the Finnish state. The Chair, currently Heikki Autto, is appointed through this governance structure. The fund operates under Finnish pension law as an independent public-law institution, not a government department, giving it operational autonomy from the state budget while serving a statutory mandate.

### What is Keva's known approach to co-investments alongside external GPs?

Keva actively pursues co-investment rights in private equity and infrastructure to reduce fee expense and gain concentrated exposure. Its infrastructure co-investments with Infranode and direct partnership with Vantaa Energy illustrate this preference. The fund views co-investment as an integral tool for scaling its unlisted program without proportionally increasing management costs.

## Related profiles

- [Kettering University Endowment](https://altss.com/profile/kettering-university-endowment)
- [Kevin M. Gibney and Company](https://altss.com/profile/kevin-m-gibney-and-company-llc)

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Last updated: 2026-06-03T20:00:00.000Z

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