The Norwegian Government Pension Fund Global
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
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 while ensuring good risk diversification. The fund invests only abroad so that the Norwegian economy does not overheat.
Equities
Most of the fund is invested in equities, which are ownership interest in about 9,000 companies.
Fixed income
Another part is invested in bonds, which are a type of loan to governments and companies.
Real estate
A smaller portion is invested in unlisted office and retail properties in major cities, and in logistics properties.
Infrastructure
A final slice is invested in renewable energy infrastructure, mainly in wind and solar projects.
We own a share of the world's largest companies
The fund has a small stake in more than 8,500 companies across most countries and industries. On average, the fund holds 1.5 percent of all listed companies. This makes the fund the world's largest single investor.
See all our investments
Search in all of the fund’s investments by country, and . This information is updated twice a year and is available since our first investment in 1998.
Investment Conference 2025
We invest on behalf of the Norwegian people. Our goal is to maximise financial return on behalf of both current and future generations. 70 percent of the fund is invested in equities, and we have investments in more than 8,500 companies. We also want to contribute to the Norwegian asset management industry, so what better topic for our annual conference than: What makes a great company?
Responsible investment
The fund exists to help finance the Norwegian welfare state for generations to come. The fund's future value depends on sustainable growth, well-functioning markets and value creation at the companies we own.
The fund's history
The idea of a Norwegian oil fund was conceived in the 1960s when the government claimed sovereignty over the Norwegian continental shelf. This laid the foundation for Norway's approach to pertroleum resource management, based on parliamentary guidelines that ensure responsible, long-term management under strong governmental control.
-
1969We discover oil in the North sea
-
1996The first money transfer to the fund
-
2019The fund's value exceeds 10,000 billion kroner
-
2024The fund's value exceeds 20,000 billion kroner
Value development since the first investment
The fund's value
The fund's value is driven by investment returns. The value is also affected by capital inflow and withdrawals, and exchange rate movements.
Return on the investments
Return on the investments accounts for more than half of the fund's value. Since 1998 the fund has generated an annual return of 6.34 percent, or 11,107 billion kroner.
Get to know the CEOs of the world's largest companies
In our podcast 'In Good Company', CEO Nicolai Tangen interviews leaders of some of the world's largest companies, including OpenAI's Sam Altman, Novo Nordisk CEO Lars Fruegaard Jørgensen and Ferrari CEO Benedetto Vigna. You get to know the leader, their strategies, and how they engage with a large investor like us.
Our annual Investment Conference
At our annual investment conference, leading global experts present and participate in discussions on key financial topics. The aim of the conference is to create the number one meeting point for the Norwegian asset management industry.