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, inter alia, expressed through the composition of the strategic benchmark index. The Fund's benchmark indices for equities and fixed-income investments are based on leading, easily accessible indices prepared by FTSE Russell and Bloomberg, respectively.

Statens pensjonsfond 2023

The Government Pension Fund white paper 2024

Press release 12/04/2024

Topics in this year’s paper include unlisted equities investments for the GPFG and a proposed solution to the ownership stakes challenge for the GPFN.

Bildemontasje til statsbudsjettet 2024

The National Budget 2024

A budget to safeguard Norwegian households

Press release 06/10/2023

The budget for 2024 provides security and opportunity for people and businesses throughout Norway. There are expenditure increases in several areas due to war in Europe, a record number of refugees and higher prices. The Government’s priorities are good public services and support for the most vulnerable, along with security and stability. Norway will play its part in helping Ukraine and Ukrainian refugees. The Government will continue to implement the green transition and take action to achieve our climate goals.

Meld. St. 22 (2023–2024)

The Government Pension Fund 2024

The annual white paper on the management of the Government Pension Fund reports on results in the management of the Government Pension Fund Global (GPFG) and the Government Pension Fund Norway (GPFN), and discusses development of the investment strategy and framework for responsible investment.


Asset Management Department

Phone: +47 22 24 90 90
Address: Postboks 8008 Dep, 0030 Oslo
Visitor address: Akersgata 40, 0030 Oslo