The Government Pension Fund

The purpose of the Government Pension Fund is to facilitate government savings to finance rising public pension expenditures, and support long-term considerations in the spending of government petroleum revenues. A sound long-term management of the Fund contributes to intergenerational equity, by allowing both current and future generations to benefit from the petroleum revenues.

Management Provisions

The framework for the Government Pension Fund and the management of fund assets are laid down by Act of Parliament and guidelines with supplementary provisions.

Governance Model

The Ministry of Finance holds the overall responsibility for the management of the Government Pension Fund. The operational management of the GPFG and GPFN is carried out by Norges Bank and Folketrygdfondet, respectively, under mandates laid down by the Ministry.

Investment Strategy

The investment strategy for the Fund is based on long-term considerations of different investment choices. Good financial return over time is deemed to be contingent on a sustainable development in economic, environmental and social terms, and on well-functioning, efficient and legitimate financial markets.


Report to the Storting:

Strengthened management of the Government Pension Fund

“The Government Pension Fund is our national savings account, and an important part of fiscal policy. We practice great transparency about the Fund’s management. Norges Bank and Folketrygdfondet have successfully managed the Government Pension Fund Global (GPFG) and Government Pension Fund Norway (GPFN), respectively. The Government has now decided to further strenghten the management of the Fund,” says Minister of Finance Siv Jensen.

Report to the Storting:

Unlisted investments in the Government Pension Fund

The Government intends to change the regulation of real estate in the GPFG. Under the new regulatory framework, the scope and composition of the Fund’s unlisted real estate investments will be decided by Norges Bank, within an upper limit of 7 percent of the Fund. The government is not prepared to permit the GPFG to invest in unlisted infrastructure, nor to make changes for the GPFN.

Report to the Storting:

Expert group to advice on real estate and infrastructure investments

The Ministry of Finance has appointed an expert group to review real estate and infrastructure investments in the Government Pension Fund Global (GPFG). – We are continuously looking at how changes to the investment strategy may improve the return on the Fund, given a moderate level of risk, says the Minister of Finance, Siv Jensen.

More on The Government Pension Fund



The Asset Management Department

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