Government Pension Fund of Norway

The Government Pension Fund of Norway (Norwegian: Statens pensjonsfond) is the sovereign wealth fund collectively owned by the government of Norway. It consists of two entirely separate sovereign wealth funds: the Government Pension Fund Global (Norges Bank Investment Management) and the Government Pension Fund Norway.

The Government Pension Fund Global (Statens pensjonsfond utland), also known as the Oil Fund (Oljefondet), was established in 1990 to invest the surplus revenues of the Norwegian petroleum sector. As of June 2025, it had over US$1.9 trillion in assets, equal to 1.5% of the value of the world's listed companies, making it the world's largest sovereign wealth fund in terms of total assets under management. This translates to over US$340,000 per Norwegian citizen. It also holds portfolios of real estate and fixed-income investments. Many companies are excluded by the fund on ethical grounds.

The Government Pension Fund Norway is smaller and was established in 1967 as a type of national insurance fund. It is managed separately from the Oil Fund and is limited to domestic and Nordic investments and is therefore a key stock holder in many large Norwegian companies, predominantly via the Oslo Stock Exchange.

Government Pension Fund Global

The Government Pension Fund Global (Norwegian: Statens pensjonsfond Utland, SPU) is a fund into which the surplus wealth produced by Norwegian petroleum income is deposited. Its name changed in January 2006 from the Petroleum Fund of Norway. The fund is commonly referred to as the Oil Fund (Oljefondet).