Utstedt 1. november 2010
Sist oppdatert 7. april 2026
Retningslinjen er kun tilgjengelig på engelsk.
Policy
Investments in unlisted real assets shall be governed by investment mandates, boards and committees and follow a structured investment and approval process. The fund is a financial investor that selects appropriate investment vehicles and partners to access real asset investment opportunities. Norges Bank Investment Management (NBIM) invests and manages the portfolio in a focused, responsible and environmentally sustainable manner. High quality asset management is important to maximize the return on the investments and to control associated risks.
Investment mandates
- The investment mandates for unlisted real assets shall define investment universe, investment restrictions, investment approval limits and other specific investment rules as applicable.
- The investment mandates shall be approved through the reporting line and shall be subjected to annual review.
- All investment mandates shall be subject to review and monitoring for adherence to risk limits and mandate-specific investment rules and restrictions.
Investment process
- All investments shall be subject to due diligence. The due diligence process shall include relevant risk assessments, such as market risk, liquidity risk, credit risk, counterparty risk, operational risk, legal risk, tax risk and technical risks. The process shall also include assessments of sustainability and governance risk factors, including risks relating to the various stakeholders affected by the investment. The process shall include an assessment of whether necessary systems and procedures are in place to manage the investment properly. The process and risk assessments must be documented. All investments shall be subject to formal approval.
- Funding for each investment opportunity shall be decided before formal approval of the investment, based on the risk profile of the investment, in accordance with a pre-determined funding framework and governed by the Risk department.
- Real assets investments shall be made through subsidiaries to ensure sound risk management and to protect Norges Bank and the fund's assets.
- When considering a real estate investment opportunity, NBIM shall assess and make assumptions about rents, capitalisation rates, vacancy periods, lease terms, refurbishment costs and other costs.
- When considering an infrastructure investment opportunity, NBIM shall assess and make assumptions about power prices, relevant regulation, power production, remaining asset lifetime, operational expenses and other costs.
Investment decisions
- The decision process for real assets investments shall be governed by job descriptions, investment mandates, boards, the NBIM investment committee and the Executive Board.
- All material investments and transaction costs related to such investments shall be considered by the advisory boards, consisting of internal and external advisors, the NBIM investment committee, and the Executive Board in accordance with thresholds or considerations in the investment mandates.
Asset management
- When selecting management structures for real asset investment opportunities, NBIM shall consider resource requirements, governance needs, fee considerations, transparency and reporting requirements, and partner-related risks.
- Unlisted real asset investments shall be appropriately managed according to ownership structure. NBIM shall ensure that an appropriate degree of governance rights, control, and oversight for investment structures is retained and proportionate to relevant risks, and that investments are managed in compliance with applicable laws and regulations.
- All contracting and delegated authority shall be subject to appropriate ongoing monitoring and assessment. Furthermore, any asset service agreements and delegated authority shall be subject to appropriate termination criteria that can be efficiently triggered.
- For investments with delegated authority over investment- or asset management decisions, NBIM shall ensure clear investment parameters and performance expectations are established and monitored.
- Regardless of management structure, NBIM shall ensure the investments are fully compliant with applicable external and internal transparency and information requirements.
- NBIM can use the following structures for unlisted real assets:
- Wholly owned assets: Full ownership and control, typically managed through external managers.
- Partnership structures:
- Joint ventures (JVs): Co-investment partnerships for individual assets or portfolios. Shared governance through joint decision-making frameworks.
- Separately Managed Accounts (SMAs): Delegated investment models with predefined investment parameters covering specific sectors or geographies. Delegated investment selection and transaction execution under a single governance framework.
- Operating unlisted companies with employees and platforms: NBIM maintains strategic governance oversight while operational expertise resides with the management team.
- Fund investments: Indirect exposure through third-party managed fund vehicles.
Responsible investment
- NBIM shall base its responsible investment practices for unlisted real asset investments on the Executive Board Principles for responsible investment management in Norges Bank, the Policy for responsible investment management, and on internationally recognised sustainability and governance standards relevant to an investment. NBIM will apply the key principles of its expectation documents where these are relevant to unlisted real assets.
- NBIM shall, to the extent possible, seek to avoid exposure in the real assets portfolio to companies excluded from the fund’s investment universe based on recommendations from the Council on Ethics.
- Prior to investment, NBIM shall assess whether partners and managers have responsible investment practices in place that are consistent with internationally recognised standards and principles. NBIM shall establish appropriate alignment with partners and managers on sustainability and governance standards and requirements.
- Throughout the investment lifecycle, NBIM shall seek to collect and monitor relevant sustainability and governance data to inform management decisions. NBIM shall maintain active dialogue with partners, managers and portfolio companies regarding sustainability expectations and initiatives.