# Telenor Pensjonskasse (TPK)

Telenor Pensjonskasse (TPK) is a Pension Fund based in Fornebu, Norway.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Fornebu, Norway
- **Region:** Europe
- **Address:** Fornebu, Norway
- **Founded:** 1855
- **Assets under management:** Undisclosed
- **Website:** telenorpensjonskasse.no

## Regulatory record

- **Reports private funds:** No

## About

Telenor Pensjonskasse (TPK) operates as the captive pension fund for Telenor ASA, the Norwegian majority-state-owned telecommunications group. Based in Fornebu, the fund manages the retirement assets of Telenor's employees and its subsidiaries, functioning as a corporate defined-benefit scheme. Investment leadership includes Kjetil Korshavn as Pension Fund Manager and Tom Jarneid as Investment Director, with Jan Erik Gjerland joining the asset management team in 2025. TPK pursues a strategy anchored in direct and indirect real estate alongside global private equity commitments. The real estate portfolio includes direct holdings such as Tungasletta 2, a commercial property in Trondheim, and an indirect global real estate sleeve with a Nordic tilt. On the private equity side, the fund emphasizes buyout strategies, accessing the asset class primarily through fund commitments to established managers. Sector focuses commonly align with Telenor's operational ecosystem, including technology-adjacent assets and infrastructure. The fund's total asset size is not publicly disclosed, a common practice among Norwegian corporate pension funds that are not subject to the same transparency requirements as sovereign vehicles. The board includes employee representatives affiliated with labor organizations such as the Norwegian Society of Engineers and Technologists (NITO), reflecting the Scandinavian governance model where labor has a formal voice in pension oversight. TPK's mandate is exclusively pension obligations; it does not manage external capital or operate as a commercial asset manager. Structurally, TPK differs from independent public pension funds in Norway because it remains embedded within the Telenor corporate group rather than participating in the broader municipal or state pension consolidation trend. This captive structure allows TPK to calibrate its liability-matching strategy directly to Telenor's workforce demographics, but it lacks the diversification of a multi-employer pool.

## Sectors

- Real Estate
- Private Equity

## People

- Kjetil Korshavn — Pension Fund Manager
- Tom Jarneid — Investment Director
- Jan Erik Gjerland — Asset Manager

## Questions

### How does TPK source its real estate and private equity deals?

TPK sources real estate through direct property acquisitions in Norway, such as the Tungasletta 2 commercial building in Trondheim, and through indirect vehicles for global and Nordic exposure. Private equity commitments are made through fund relationships, and the strategy is listed as heavily buyout-focused. There is no public evidence of direct co-investment programs or club deal participation.

### Is Telenor Pensjonskasse open to external investors?

No. TPK is a closed corporate pension fund that exclusively manages the defined-benefit retirement assets of Telenor ASA and its group company employees. It does not operate as a commercial asset manager and does not accept third-party capital.

### What is TPK's relationship with the Norwegian Government Pension Fund?

There is no structural relationship. Telenor Pensjonskasse is a corporate fund for Telenor employees, while the Government Pension Fund Global and Norway (the 'oil fund' and the domestic fund) are sovereign vehicles managed by Norges Bank Investment Management and Folketrygdfondet respectively. Telenor ASA's largest shareholder is the Norwegian state, but the pension funds are entirely separate legal entities.

### How large is Telenor Pensjonskasse's asset base?

TPK does not publicly report a specific assets-under-management figure. As a non-public, corporate defined-benefit scheme not traded on any exchange, it does not have the same disclosure obligations as Norway's public municipal pension funds. The size remains undisclosed in available sources.

## Related profiles

- [Telemus Capital](https://altss.com/profile/telemus-capital)
- [Telent](https://altss.com/profile/telent)

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Last updated: 2026-08-11T02:43:31.692Z

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