Norges Bank, the operational manager of the GPFG, is as of today allowed to invest the Fund in unlisted real estate and in unlisted companies where the company board has expressed an intention to seek listing on a regulated and recognized marketplace. Norges Bank is not permitted to invest the GPFG in unlisted companies on a general basis. In the annual Report on the management of the Government Pension Fund submitted to Parliament on 31 March 2017, the Ministry notified of plans to assess whether Norges Bank should be allowed to invest the GPFG in unlisted companies on a more general basis. The aim is to present an assessment the Report to be submitted to Parliament in the spring of 2018.

The expert group shall describe and assess the investable market for unlisted equity for the GPFG, and assess expected returns, risks and costs for such investments. A key question is to which extent equity investments in unlisted companies represent systematic different investment opportunities compared to listed companies and companies seeking public listing. In the opposite case, expected risk and return will mainly depend on the manager’s skills in selecting companies and specific investments. The group is asked to assess whether Norges Bank has or can be expected to develop such skills.

The expert group is also asked to assess whether certain parts of the investable market for unlisted equity may be more appropriate for the GPFG than others, as well as possible requirements the Ministry of Finance should impose for such investments.

The assessment will not include investments in unlisted infrastructure.

Read the mandate for the expert group