Where does the memory allocation happens for an underlying object of a static shared_ptr?

I have come across a class called Runtime in GENIVI/capicxx-core-runtime. Part of the code specified below.

class Runtime {
 public:
     COMMONAPI_EXPORT static std::shared_ptr<Runtime> get();
     COMMONAPI_EXPORT Runtime();
     COMMONAPI_EXPORT virtual ~Runtime()

 private:
     static std::shared_ptr<Runtime> theRuntime__;
};

std::shared_ptr<Runtime> Runtime::theRuntime__ = std::make_shared<Runtime>();

std::shared_ptr<Runtime> Runtime::get() {
   return theRuntime__;
}

My doubt is with the theRuntime__ variable. Since shared_ptr does heap allocation, will the underlying object of theRuntime__ variable is allocated on heap in this scenario or is it allocated on BSS/DATA segment?