Historical archive

Investments in real estate and infrastructure in the Government Pension Fund Global (GPFG)

Historical archive

Published under: Solberg's Government

Publisher: Ministry of Finance

The Ministry announced in December that it would assess whether the 5-percent cap on real estate investments in the GPFG should be increased, as well as whether to permit the Fund to be invested in unlisted infrastructure.

The purpose of such a review is to examine how real estate and infrastructure investments may improve the ratio between risk and return, as well as how the Ministry should regulate such investments in its mandate to Norges Bank. The Ministry of Finance has now received analyses and assessments from an expert group and from Norges Bank.

The expert group has been chaired by Professor Stijn Van Nieuwerburgh of New York University. He has been joined by Richard Stanton, Professor at the University of California, and Leo de Bever, former CEO of Alberta Investment Management Corporation.

The expert group’s report will be presented on a seminar 17th December 2015.  Professor Karin Thorburn (Norwegian School of Economics) and Senior Analyst Øystein Stephansen (DNB) will discuss the report. Yngve Slyngstad, CEO of NBIM, will present Norges Bank’s assessments. It will be possible to watch the seminar on the Ministry’s website.  

The Ministry intends to revert with its assessments of unlisted real estate and infrastructure investments in the report on the management of the Government Pension Fund in Spring 2016.

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