Connect with us

Norway’s Sovereign Wealth Fund Gets Closer to Private Equity

Published

on

In a June 29, 2017 letter, Norway’s Finance Ministry asked the central bank to consider whether Norway’s Government Pension Fund Global (GPFG) should be permitted to invest in private equity or unlisted equity. On January 8, 2018, Norges Bank penned an official letter back and gave its recommendations.

Norges Bank had recently advised on private equity in two letters, one dated back on July 6, 2010. The concern then was that private equity required increased head count and operational management. Norges Bank did recommend permitting such investment at the time. Fast forward, Norway’s sovereign fund launched its large real estate program, trailing its expertise in private markets.

“Norway’s sovereign fund is in the trillion dollar investor class. The wealth fund has intimate knowledge with the largest listed companies, as the fund votes on important corporate issues. In addition, the wealth fund has a long-time horizon,” said Michael Maduell, President of the Sovereign Wealth Fund Institute (SWFI).

Clarification: Norway’s SWF does not take board seats. SWFI clarified Michael Maduell’s comments as they could have been construed that Norway’s SWF takes board seats.

Here is the letter (Norges Bank Investment Management website).

After prosecuting its case, Norges Bank believes that if the sovereign fund did invest in private equity, they would most likely want to invest in private equity fund and alongside private equity funds as co-investors.

The letter concludes that, “The Bank’s recommendation is that the Ministry permits investments in unlisted equity in its definition of the investment universe.”

Follow the Money – Episode 45

Published

on

This longer-than-normal episode covers a wide range of issues including such as sovereign wealth funds, bitcoin, cryptocurrencies, Indian real estate, ESG, investment exclusions, central banking and more.

EPISODE 45

Stream off Follow the Money

The views in this media are expressed by Michael Maduell and other participants and are not reflective of the Sovereign Wealth Fund Institute (SWFI).

Continue Reading

CalPERS Board Elects Priya Mathur as Board President

Published

on

The board of the California Public Employees’ Retirement System (CalPERS) elected Priya Mathur as board president. The current president Rob Feckner was named vice president of the board. Feckner previously served as board president and vice president.

Priya Mathur is serving her fourth term on the CalPERS Board of Administration. Mathur is a principal financial analyst for Bay Area Rapid Transit District (BART). Mathur represents public employees on the CalPERS Board, which she joined in 2002. She currently serves on four committees: Governance, Investment, Pension & Health Benefits, and Risk & Audit. She chairs the Pension & Health Benefits Committee and is vice chair of the Governance Committee.

Continue Reading

Oman SGRF Contemplates $1 Billion Infrastructure Fund

Published

on

Oman’s State General Reserve Fund (SGRF) is in discussions on forming a US$ 1 billion infrastructure fund. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

Popular

© 2008-2018 Sovereign Wealth Fund Institute. All Rights Reserved. Sovereign Wealth Fund Institute ® and SWFI® are registered trademarks of the Sovereign Wealth Fund Institute. Other third-party content, logos and trademarks are owned by their perspective entities and used for informational purposes only. No affiliation or endorsement, express or implied, is provided by their use. All material subject to strictly enforced copyright laws. Registration on or use of this site constitutes acceptance of our terms of use agreement which includes our privacy policy. Sovereign Wealth Fund Institute (SWFI) is a global organization designed to study sovereign wealth funds, pensions, endowments, superannuation funds, family offices, central banks and other long-term institutional investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade and other relevant issues. SWFI facilitates sovereign fund, pension, endowment, superannuation fund and central bank events around the world. SWFI is a minority-owned organization.