Norges Bank Investment Management oversees the Government Pension Fund Global, Norway’s sovereign wealth fund supported by oil and gas revenue. Operating within the central bank, it invests exclusively outside Norway to protect the domestic economy. With over 20,000 billion kroner in assets, the fund holds stakes in roughly 9,000 publicly traded firms and maintains positions in fixed income, real estate and infrastructure. Under a mandate from the Ministry of Finance, it follows strict ethical and sustainability guidelines while seeking steady long-term returns.
Portfolio allocations spread investments across equities, bonds, real estate and infrastructure to capture global growth while managing risk. Equities account for the majority of assets, representing about 1.5 percent of shares in publicly listed companies worldwide. Fixed income holdings include government and corporate debt. Real estate investments cover office, retail and logistics spaces in major cities. Infrastructure commitments focus on renewable energy projects and transport assets, supporting stable cash flows. Since 1998, the fund has generated average annual returns of 6.34 percent.
Since 2021, the fund has directed up to 2 percent of its portfolio to renewable energy infrastructure. In 2021 it acquired a 50 percent interest in the 752 MW Borssele 1 & 2 offshore wind farm in the Netherlands, a project that integrates battery storage for grid stability. A €900 million commitment in 2024 to a Copenhagen Infrastructure Partners fund added exposure to large-scale wind, solar and energy storage projects across Europe, North America and Asia Pacific. A partnership with Iberdrola includes a 49 percent share in solar and onshore wind assets in Spain and Portugal. Rather than investing in early-stage startups, the fund builds exposure through established projects, gaining insight into new battery applications as these assets support the wider shift to low-carbon power. Active ownership and environmental, social and governance criteria guide its approach to encourage sustainable practices among portfolio companies.
