The Norwegian Government Pension Fund Global
The fund's market value nok
We work to safeguard and build
financial wealth for future generations
About the fund
The aim of the fund is to ensure a long-term management of revenue from Norway’s oil and gas resources, so that this wealth benefits both current and future generations. The fund’s formal name is the Government Pension Fund Global.
How the fund is invested
8,763 Companies
The fund has a small stake in about 9,000 companies worldwide, including the likes of Apple, Nestlé, Microsoft and Samsung. On average, the fund holds 1.5 percent of all of the world’s listed companies.
71 Countries
The Government Pension Fund Global is one of the world's largest funds. Investments are spread across most markets, countries and currencies to achieve broad exposure to global growth and value creation, and ensure good risk diversification.
4 Investment areas
Most of the fund is invested in equities, which are ownership interests in companies. Another part is invested in bonds, which are a type of loan to governments and companies, and a final slice is invested in real estate and renewable energy infrastructure.
See every single investment
Search in all of the fund’s investments by country, asset class and sector. This information is updated half-yearly and is available for every year since our first investment in 1998.
Responsible investment
The fund exists to help finance the Norwegian welfare state for future generations. The future value of the fund depends on sustainable growth, well-functioning markets and value creation at the companies we invest in.
The fund's development
Returns on the fund’s investments account for the biggest part of the fund's market value. Inflows from the government make up 4,886 billion kroner of the value. Fluctuations in the krone lie behind the remainder. The values in the chart are as at 30.06.24.
Market value
The fund's market value is affected by investment returns, capital inflow and withdrawals, and exchange rate movements.
Return
Since 1998 the fund has generated an annual return of 6.30 percent, or 10,070 billion kroner.
The history
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1969We discover oil in the North sea
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1996The first money transfer to the fund
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2019The fund's value exceeds 10,000 billion kroner
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2023The fund's value exceeds 15,000 billion kroner
What has been the success formula of the fund?
And will it hold up in the future? The former Norwegian finance ministers Sigbjørn Johnsen, Kristin Halvorsen and Siv Jensen share their insights and experiences from their time overseeing the fund live at the Norwegian democracy festival Arendalsuka. Interviewed by CEO of Norges Bank Investment Management Nicolai Tangen, the panel discussed the fund's historical milestones, strategic decisions and future challenges. The event was in Norwegian.
Get to know the CEOs of the world's largest companies
In this podcast our CEO Nicolai Tangen is having in-depth interviews with leaders of some of the largest companies in the world, such as OpenAI's Sam Altman, Nicolas Hieronimus, CEO of L'oréal and Benedetto Vigna, CEO of Ferrari. You will get to know the leader, their strategy, and how they interact with a large investors like us.
Investment Conference 2024
The topic for our annual Investment Conference in 2024 was: How to become a better investor? To answer this question we invited some of the world's leading experts. The conference took place on 23 April at our Oslo office. It was also live-streamed.
Investment insights
The fund’s investment decisions are based on research and analysis of the developments in financial markets and the global economy. We share internal research and analysis as well as content from conferences or seminars. We invite to dialogue and have a strong collaboration with academics, peers and practitioners with an aim to improving the investment strategy and our results.
News
Fund adds to existing investment in London
Norges Bank Investment Management [1] has acquired an additional 10 percent [2] interest in The Pollen Estate, located in London’s West End.
The world's most transparent fund
The Government Pension Fund Global has been crowned the world’s most transparent investment fund for the second year in a row. The fund was awarded with a perfect score of 100 points.
Fund makes new investment in San Francisco Bay Area
Norges Bank Investment Management [1] has acquired a 97.7 percent interest in an office property located at 2882-2884 Sand Hill Road in the City of Menlo Park in the San Francisco metropolitan area, in a new joint venture with DivcoWest (“Divco”).