Invitation to tender
Norges Bank Investment Management awards investment mandates to external equity managers.
Norges Bank Investment Management invests in specific segments of the equity market through external fund managers. We currently allocate approximately USD 90 billion to external fund managers, all of whom follow bottom-up fundamental investment strategies.
This is an open invitation to tender with no fixed deadline for submission. Please be advised that due to the high volume of applications, we cannot respond to each individually, but we will review all submissions and will contact those of priority.
Emerging markets and emerging managers
We award Long Only, Alpha Extension, Long/Short and Market Neutral mandates for investing in listed equity markets. Mandates are managed in Separately Managed Accounts.
Typical initial funding for each mandate is USD 150-500 million.
Focus Areas:
- Locally based managers in emerging markets managing single country products.
- Emerging managers in emerging markets and certain segments of developed markets.
Emerging managers are defined as fund management organizations with less than three years of operational history. We consider both funds in the process of being launched, as well as established managers.
Mandates not considered
- Non-listed assets (e.g., venture capital, private equity, private credit or option strategies etc).
- Fixed income, currency, convertible, macro strategies or balanced strategies.
- Quantitative/systematic strategies, fund of funds, ECM, risk arbitrage or event driven strategies.
Mandates we are currently seeking:
DM Asia / Oceania – Single country
- Long Only: Australia, Japan Small Cap, Korea Small Cap, Taiwan
- Long/Short: Australia, Japan
DM Europe – Regional
- Long Only: Europe Small Cap, Nordic Small Cap
- Long/Short: Europe
DM Americas/Global – Sector mandates
- Long/Short (single sector): Technology, Healthcare etc.
- Long/Short (multi-sector): Managers covering 2-3 sectors.
Emerging markets – Single country
- Long Only: China, India, Indonesia, Malaysia, Thailand, Philippines
- Long Only: GCC, South Africa
- Long Only: Poland, Turkey, Israel, Greece, Eastern Europe (regional)
- Long Only: Brazil, Mexico, Chile, Colombia/Peru
Process overview
We source our managers from multiple sources including this open invitation to tender. The processes:
1. Submit RFI:
Complete the short questionnaire with portfolio holdings via this website or following contact with our External Strategies team.
2. Review and Prioritization:
All submissions will be reviewed. Relevant managers will be contacted.
3. On-site meetings:
We conduct multiple on-site meetings at manager’s office. The number of visits varies depending on strategy and our priorities. Norges Bank Investment Management does not host meetings in our offices.
4. Follow-up questionnaire and due diligence:
Shortlisted candidates will complete a detailed questionnaire and undergo further operational and compliance due diligence.
5. Selection criteria:
Selection will be based on our evaluation of forward looking expected excess return. We focus on investment strategy and company level research process, team expertise, and differentiation and innovation. We do not evaluate past performance data. However, we will only partner with firms that demonstrate robust risk management, compliance, and operational capabilities.
6. Investment management agreement and investment guidelines:
Awarded mandates will operate under Norges Bank Investment Management’s investment management agreement and investment guidelines.
Submit your application
Complete the attached Questionnaire (Word) and Portfolio holdings Q13 (Excel).
Email your submission to EX.EQMandates@nbim.no. Include your firm’s name and the mandate you are applying for in the email subject line.
We appreciate your interest and look forward to reviewing your application.