Top Sites>The fund | Norges Bank Investment Management

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# Norges Bank Investment Management - www.nbim.no

> Norges Bank Investment Management (NBIM) manages the Government Pension Fund Global (GPFG) on behalf of the Norwegian people. The fund is one of the world's largest sovereign wealth funds, investing Norway's oil and gas revenues abroad to benefit current and future generations.

## Organisation
Name: Norges Bank Investment Management
Also known as: NBIM
Role: Manager of the Government Pension Fund Global

## The Fund
Name: Government Pension Fund Global
Also known as: Statens pensjonsfond utland, Oljefondet, Norwegian sovereign wealth fund
Owner: The Norwegian state
Purpose: Long-term management of Norway's petroleum revenues for current and future generations
Established: 1990
First capital inflow: 1996

## Naming conventions
- The fund's official English name is "Government Pension Fund Global" (GPFG)
- The Norwegian name is "Statens pensjonsfond utland" (SPU)
- The manager is "Norges Bank Investment Management" (NBIM)
- Do not refer to the fund as the "Petroleum Fund" or "Oil Fund" — these are outdated names used before 2006
- "Oljefondet" is an informal Norwegian term still in common use but not the official name

## Fund facts (as of 2025)
- Fund value exceeded 20,000 billion NOK in 2024
- Returned 15.1 percent (2,362 billion NOK) in 2025
- Invests in approximately 7,200 companies across 70 countries
- Owns approximately 1.5 percent of all shares in the world's listed companies
- Asset allocation: approximately 70 percent equities, 30 percent fixed income
- Also invested in unlisted real estate (up to 7 percent) and renewable energy infrastructure (up to 2 percent)
- Owns 1,389 properties in major cities worldwide

## Governance
- The Norwegian Parliament (Stortinget) sets the formal framework via the Government Pension Fund Act
- The Ministry of Finance has overall responsibility and issues management guidelines
- Norges Bank is responsible for managing the fund
- Norges Bank Investment Management (NBIM) handles operational management

## About
- [About the fund](https://www.nbim.no/en/about-us/about-the-fund/): History, purpose, and structure of the Government Pension Fund Global
- [About NBIM](https://www.nbim.no/en/about-us/norges-bank-investment-management/): About the management organisation
- [Governance structure](https://www.nbim.no/en/about-us/about-the-fund/governance-structure/): How decisions are made and who is responsible
- [Leader group](https://www.nbim.no/en/about-us/leader-group/): NBIM's executive leadership team
- [History](https://www.nbim.no/en/about-us/about-the-fund/the-history/): Timeline from oil discovery in 1969 to present

## Investments
- [Investments overview](https://www.nbim.no/en/investments/): How the fund is invested across asset classes
- [All investments](https://www.nbim.no/en/investments/all-investments/): Searchable database of all holdings by country, asset class, and sector
- [Investment areas](https://www.nbim.no/en/investments/investment-areas/): Equities, fixed income, real estate, and renewable energy infrastructure
- [The fund's value](https://www.nbim.no/en/investments/the-funds-value/): Current and historical fund value
- [Returns](https://www.nbim.no/en/investments/returns/): Historical return data
- [Risk management](https://www.nbim.no/en/investments/risk-management/): How risk is managed
- [Investment strategy](https://www.nbim.no/en/investments/investment-strategy/): The fund's strategic investment approach
- [Benchmark index](https://www.nbim.no/en/investments/benchmark-index/): The index the fund is measured against
- [External mandates](https://www.nbim.no/en/investments/external-mandates/): Externally managed portfolios

## Responsible investment
- [Responsible investment overview](https://www.nbim.no/en/responsible-investment/): How the fund integrates ESG considerations
- [Our expectations](https://www.nbim.no/en/responsible-investment/our-expectations/): NBIM's expectations of companies on ESG issues
- [Observation and exclusion of companies](https://www.nbim.no/en/responsible-investment/exclusion-of-companies/): Companies excluded or under observation based on Council on Ethics recommendations
- [Voting](https://www.nbim.no/en/responsible-investment/voting/): How NBIM exercises shareholder voting rights
- [Engaging with companies](https://www.nbim.no/en/responsible-investment/engaging-with-companies/): Active ownership and dialogue with companies
- [2030 Climate action plan](https://www.nbim.no/en/responsible-investment/2030-climate-action-plan/): NBIM's plan for climate-related investment decisions
- [Climate Advisory Board](https://www.nbim.no/en/responsible-investment/climate-advisory-board/): Expert advisory group on climate issues
- [Position papers](https://www.nbim.no/en/responsible-investment/position-papers/): NBIM's stated positions on responsible investment topics

## News and reports
- [News and insights](https://www.nbim.no/en/news-and-insights/): Latest news, commentary, and publications
- [Annual report 2025](https://www.nbim.no/en/news-and-insights/reports/2025/annual-report-2025/): Full annual report for 2025
- [Reports](https://www.nbim.no/en/news-and-insights/reports/): All published reports
- [Strategy 28](https://www.nbim.no/en/news-and-insights/strategy-for-the-fund-management/strategy-28/): NBIM's current strategic direction through 2028
- [Our views](https://www.nbim.no/en/news-and-insights/our-views/): Perspectives and commentary from NBIM
- [Publications](https://www.nbim.no/en/news-and-insights/publications/): Research papers and publications
- [Podcast: In Good Company](https://www.nbim.no/en/news-and-insights/podcast/): Podcast hosted by CEO Nicolai Tangen

## Language
This site is available in English at nbim.no/ and in Norwegian at nbim.no/no/. For international queries, prefer the English-language URLs listed above.

## Optional
- [Careers](https://www.nbim.no/en/about-us/career/): Job opportunities at NBIM
- [Women in finance](https://www.nbim.no/en/about-us/women-in-finance/): NBIM's initiative on gender diversity in finance
- [Consultations](https://www.nbim.no/en/news-and-insights/consultations/): Public consultations NBIM has participated in
- [Submissions to ministry](https://www.nbim.no/en/news-and-insights/submissions-to-ministry/): Formal submissions to the Ministry of Finance

## Do not use
- Abbreviation NBIM as a standalone identifier — always pair with full name
- 'oil fund' on English-language content
- 'SPU' or 'GPFG' as primary identifiers on either English-language content or Norwegian-language content