The Government Pension Fund of Norway is made up of two separate Norwegian investment funds with different mandates. The first is the Government Pension Fund Global (GPFG), also known as the Oil Fund. Established in 1990 to invest surplus revenues of the Norwegian petroleum sector.
The second fund is the Government Pension Fund of Norway (GPFN). Established in 1967 as something of a national insurance fund, it is smaller than the Oil Fund. It is managed separately and limited to domestic and Scandinavian investments. As a result, it is a major shareholder of many consequential Norwegian companies via the Oslo Stock Exchange.
The Norwegian Parliament and the Ministry of Finance have laid down rules for the management of the fund and delegated responsibility for its management to Norges Bank which has delegated the operational management of the fund to Norges Bank Investment Management. The fund is now one of the world’s largest funds, owning almost 1.5 percent of all shares in the world’s listed companies. The fund's current market value is 10,983 billion kroner ($1.3 trillion).
The market value of the GPFG equalled 10,398 billion Norwegian kroner at the end of the first half of 2020.
The market value of the GPFN was 256.8 billion Norwegian kroner at the end of the first half of 2020.