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Norway’s $1.5tn sovereign fund set to invest in private equity

Norway’s sovereign wealth fund, valued as the world’s largest at $1.5tn is likely to invest in private equity as an asset class, according to a report by the Business Times. The fund invests Norway’s surplus oil and gas revenue abroad, and  is the world’s biggest single stock market investor, owning some 1.5% of all globally listed shares, with stakes in more than 9,200 companies.

According to the report, the country’s central bank has recommended that the fund invest $70m into the asset class.However, a final decision will only be made next year by parliament.The parliament has previously rejected requests by the fund to move assets into private equity, arguing it could be too costly and non- transparent, the report added.

The report also cited a letter by the central bank as saying, “Norges Bank considers it a natural evolution of the investment strategy for unlisted equity investments to be permitted on a general basis.”

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