Government Pension Fund Global (GPFG)

Large state revenues from the petroleum activities have resulted in substantial financial assets in the GPFG. The Fund was established in 1990 as a fiscal policy tool to underpin long-term considerations in the phasing in of petroleum revenues into the Norwegian economy. Long-term, sound management of the Fund helps to ensure that both present and future generations can benefit from Norway’s petroleum wealth.

Governance framework

The Storting has, in the Government Pension Fund Act, made the Ministry of Finance responsible for the management of the Fund. Operational management of the GPFG is carried out by Norges Bank. The Ministry has issued provisions on Norges Bank's management in a separate mandate.

Investment Strategy

The GPFG is an instrument for general saving and does not have clearly defined future liabilities. The capital is in its entirety invested abroad in foreign currency. The investment objective is to maximise the purchasing power of the fund capital, given a moderate level of risk. The adoption of responsible investment practices supports this objective.

Strategic Benchmark Index

The investment strategy for the GPFG is expressed through the composition of the Fund’s strategic benchmark index. The Fund's benchmark index is based on leading, easily accessible indices provided by FTSE, Barclays and IPD, respectively.



Infrastructure Investment

The Ministry of Finance is to ask the Strategy Council to assess whether the Government Pension Fund Global should invest in infrastructure.

GPFG's investments in coal and petroleum companies

Report from expert group

– The expert group's report gives us a good platform for further discussions, and I look forward to the coming debate, says Minister of Finance Siv Jensen.

More on Government Pension Fund Global (GPFG)



The Asset Management Department

Phone: +47 22 24 41 63
Address: Postboks 8008 Dep, 0030 Oslo