The Entity module is a valuable tool for investors who want to track and manage entities involved in the investment process. By tracking entity information, transaction history, and investors can ensure that they have the most accurate information available to make informed investment decisions. The Entity module typically includes the following features: Overall assets: The Entity module holds information about the entity's overall assets, such as the entity's total assets, liabilities, and equity. People: The Entity module holds information about the people involved in the entity, such as the entity's management team, employees, and board of directors. Strategy: The Entity module holds information about the entity's strategy, such as the entity's investment goals, risk appetite, and investment thesis. SWFI offers features a search bar, table, and cards displaying data related to entities. It offers links for redirection, search filters, and pagination. The site's navigation bar includes sections for Overview, Assets, People, Strategy, Transactions, and Documents, each providing relevant information.it will show the entities details.
Retrieve a list of entities based on your query parameters.
curl -v -X GET https://api.swfi.com/v1/entities?before_created_at=2022-10-17&after_created_at=2022-10-12&before_updated_at=2022-10-17&after_updated_at=2022-10-12&name=Temasek&legal_name=investment%20management&assets_gte=50000000&assets_lte=70000000&managed_assets_gte=50000000&managed_assets_lte=70000000&country=Norway®ion=North%20America&type=Sovereign%20Wealth%20Fund&limit=10&offset=0&sort_field=created_at&sort_dir=ASC \ -H "Accept: application/json" \ -H "Authorization: $API_KEY"
API Documentation{
"data": [
{
"_id": "598cdaa60124e9fd2d05b9af",
"name": "Norway Government Pension Fund Global",
"legal_name": "Norges Bank Investment Management",
"dba_name": "Norway GPFG",
"type": "Sovereign Wealth Fund",
"lei": "",
"address": "Bankplassen 2, P.O. Box 1179 Sentrum, NO-0107, Oslo, Norway",
"country": "Norway",
"region": "Europe",
"phone": "47-24-07-30-00",
"fax": "",
"established_at": "1990-01-01T00:00:00.000Z",
"transparency": 10,
"defunct": false,
"assets": 1268793594823,
"managed_assets": "",
"background": "<p>In 1969, oil was discovered in the North Sea. On October 25, 1969, Phillips Petroleum’s drilling platform Ocean Viking struck oil southwest of Stavanger. Phillips Petroleum had discovered petroleum at the Ekofisk field on the Norwegian continental shelf. Production from the Ekofisk field started in 1971 with a number of major discoveries in the following years. </p>\n<p>Norges Bank receives inflows from the Ministry of Finance in the form of a krone deposit in an account in Norges Bank. The krone deposit is subsequently placed with Norges Bank Investment Management for investment. Management fee for the GPFG is deducted from the amount transferred from the Ministry of Finance.</p>\n<p>In 1971, oil production began in Norway and oil and gas revenues were treated as fiscal ordinary revenue. Since Norway has a relatively small population, domestic demand for oil is limited, thus Norway became an oil exporter. </p>\n<p>The oil price shock of 1973 shifted oil prices to a persistently higher level. In February 1975, finance minister Per Kleppe proposed a new law on the taxation of petroleum production, arguing: “The very strong increase in petroleum prices, especially since the autumn of 1973, has created entirely new business conditions for companies that produce petroleum in the North Sea. [...] Therefore, it has been important for the government to consider special measures to give Norwegian society a larger share of the value created.”</p>\n<p>The key measure was a special tax on the profits from petroleum production. The ensuing petroleum tax system has been a cornerstone of Norwegian petroleum policy ever since. The main aspects of the system remain in place today, with producers taxed 78 percent of their profits, subject to various rules on depreciation and amortisation. Further large petroleum discoveries were made in the mid-to-late 1970s, most significantly the Statfjord field which would dominate Norwegian oil production in the late 1980s. The economic backdrop in the early 1980s was thus one of rapidly increasing petroleum production and high petroleum revenue.</p>\n<p>The idea of establishing a fund structure was first formally proposed by a public commission assessing the level of petroleum production in April 1983. The commission, headed by Norges Bank Deputy Governor Hermod Skånland, warned that variations in government revenue stemming from changes in oil prices should not be allowed to impact directly on government expenditure. The setback to the Norwegian economy was exacerbated by a domestic banking crisis from 1988 to 1993. The government budget balance was pushed deep into negative territory in the early 1990s. It was therefore clearly at odds with the economic trajectory when finance minister Arne Skauge proposed a Petroleum Fund Act in 1990. The act established the fund as a fiscal policy tool to support long-term considerations in the use of petroleum revenue.</p>\n<p>Up until the middle of the 1990s, Norway spent all its petroleum revenues. A large part of the petroleum revenue at the time was reinvested in the petroleum sector.</p>\n<p>The Government Petroleum Fund Act was passed unanimously by the Storting on June 22, 1990. The State Petroleum Fund was established in June 1990 after a decision by the legislature assembly Stortinget to counter the effects of the forthcoming decline in income and to smooth out the disrupting effects of highly fluctuating oil prices. It was conceived as a savings and stabilization fund. The Government Petroleum Fund was established in 1990 as a fiscal policy tool to underpin long-term considerations in the phasing in of petroleum revenues into the Norwegian economy. </p>\n<p>The fund invested parts of the large surplus generated by the Norwegian petroleum sector, generated mainly from taxes of companies, but also payment for license to explore as well as Norway’s Direct Financial Interest and dividends from the partial ownership of StatoilHydro.</p>\n<p>At first, the Petroleum Fund was directly managed by Norway’s Ministry of Finance. By 1996, sovereign wealth management was delegated in Norges Bank. Since 1998, the sovereign wealth fund is administered by Norges Bank Investment Management (NBIM), a division of Norges Bank. NBIM established a corporate Governance Advisory Board.</p>\n<p>All the government’s oil and gas-related income which include taxes, ownership shares and the country’s dividends from Statoil are given to the GPFG.</p>\n<p>By 2006, the fund had grown substantially in size and was renamed the GPFG.</p>\n<table class=\"table table-striped\" width=\"245\">\n<tbody>\n<tr>\n<td width=\"181\">Fiscal Period</td>\n<td width=\"64\">Capital Inflows – NOK Billions</td>\n</tr>\n<tr>\n<td width=\"181\">Jun 2017</td>\n<td width=\"64\">-16</td>\n</tr>\n<tr>\n<td width=\"181\">Mar 2017</td>\n<td width=\"64\">-20</td>\n</tr>\n<tr>\n<td width=\"181\">Dec 2016</td>\n<td width=\"64\">-27</td>\n</tr>\n<tr>\n<td width=\"181\">Sep 2016</td>\n<td width=\"64\">-30</td>\n</tr>\n<tr>\n<td width=\"181\">Jun 2016</td>\n<td width=\"64\">-24</td>\n</tr>\n<tr>\n<td width=\"181\">Mar 2016</td>\n<td width=\"64\">-21</td>\n</tr>\n<tr>\n<td width=\"181\">Dec 2015</td>\n<td width=\"64\">13</td>\n</tr>\n<tr>\n<td width=\"181\">Sep 2015</td>\n<td width=\"64\">12</td>\n</tr>\n<tr>\n<td width=\"181\">Jun 2015</td>\n<td width=\"64\">12</td>\n</tr>\n<tr>\n<td width=\"181\">Mar 2015</td>\n<td width=\"64\">5</td>\n</tr>\n<tr>\n<td width=\"181\">Dec 2014</td>\n<td width=\"64\">25</td>\n</tr>\n<tr>\n<td width=\"181\">Sep 2014</td>\n<td width=\"64\">36</td>\n</tr>\n<tr>\n<td width=\"181\">Jun 2014</td>\n<td width=\"64\">44</td>\n</tr>\n<tr>\n<td width=\"181\">Mar 2014</td>\n<td width=\"64\">41</td>\n</tr>\n<tr>\n<td width=\"181\">Dec 2013</td>\n<td width=\"64\">62</td>\n</tr>\n<tr>\n<td width=\"181\">Sep 2013</td>\n<td width=\"64\">58</td>\n</tr>\n<tr>\n<td width=\"181\">Jun 2013</td>\n<td width=\"64\">58</td>\n</tr>\n<tr>\n<td width=\"181\">Mar 2013</td>\n<td width=\"64\">60</td>\n</tr>\n<tr>\n<td width=\"181\">Dec 2012</td>\n<td width=\"64\">64</td>\n</tr>\n<tr>\n<td width=\"181\">Sep 2012</td>\n<td width=\"64\">80</td>\n</tr>\n<tr>\n<td width=\"181\">Jun 2012</td>\n<td width=\"64\">72</td>\n</tr>\n<tr>\n<td width=\"181\">Mar 2012</td>\n<td width=\"64\">60</td>\n</tr>\n<tr>\n<td width=\"181\">Dec 2011</td>\n<td width=\"64\">102</td>\n</tr>\n<tr>\n<td width=\"181\">Sep 2011</td>\n<td width=\"64\">78</td>\n</tr>\n<tr>\n<td width=\"181\">Jun 2011</td>\n<td width=\"64\">53</td>\n</tr>\n<tr>\n<td width=\"181\">Mar 2011</td>\n<td width=\"64\">38</td>\n</tr>\n<tr>\n<td width=\"181\">Dec 2010</td>\n<td width=\"64\">78</td>\n</tr>\n<tr>\n<td width=\"181\">Sep 2010</td>\n<td width=\"64\">49</td>\n</tr>\n<tr>\n<td width=\"181\">Jun 2010</td>\n<td width=\"64\">35</td>\n</tr>\n<tr>\n<td width=\"181\">Mar 2010</td>\n<td width=\"64\">19</td>\n</tr>\n<tr>\n<td width=\"181\">Dec 2009</td>\n<td width=\"64\">36</td>\n</tr>\n<tr>\n<td width=\"181\">Sep 2009</td>\n<td width=\"64\">49</td>\n</tr>\n<tr>\n<td width=\"181\">Jun 2009</td>\n<td width=\"64\">40</td>\n</tr>\n<tr>\n<td width=\"181\">Mar 2009</td>\n<td width=\"64\">44</td>\n</tr>\n<tr>\n<td width=\"181\">Dec 2008</td>\n<td width=\"64\">77</td>\n</tr>\n<tr>\n<td width=\"181\">Sep 2008</td>\n<td width=\"64\">128</td>\n</tr>\n<tr>\n<td width=\"181\">Jun 2008</td>\n<td width=\"64\">91</td>\n</tr>\n<tr>\n<td width=\"181\">Mar 2008</td>\n<td width=\"64\">88</td>\n</tr>\n<tr>\n<td width=\"181\">Dec 2007</td>\n<td width=\"64\">313.6</td>\n</tr>\n<tr>\n<td width=\"181\">Sep 2007</td>\n<td width=\"64\"> </td>\n</tr>\n<tr>\n<td width=\"181\">Jun 2007</td>\n<td width=\"64\"> </td>\n</tr>\n<tr>\n<td width=\"181\">Mar 2007</td>\n<td width=\"64\"> </td>\n</tr>\n<tr>\n<td width=\"181\">Dec 2006</td>\n<td width=\"64\">288.3</td>\n</tr>\n<tr>\n<td width=\"181\">Sep 2006</td>\n<td width=\"64\"> </td>\n</tr>\n<tr>\n<td width=\"181\">Jun 2006</td>\n<td width=\"64\"> </td>\n</tr>\n<tr>\n<td width=\"181\">Mar 2006</td>\n<td width=\"64\"> </td>\n</tr>\n<tr>\n<td width=\"181\">Dec 2005</td>\n<td width=\"64\">220.3</td>\n</tr>\n<tr>\n<td width=\"181\">Sep 2005</td>\n<td width=\"64\"> </td>\n</tr>\n<tr>\n<td width=\"181\">Jun 2005</td>\n<td width=\"64\"> </td>\n</tr>\n<tr>\n<td width=\"181\">Mar 2005</td>\n<td width=\"64\"> </td>\n</tr>\n<tr>\n<td width=\"181\">Dec 2004</td>\n<td width=\"64\">138.2</td>\n</tr>\n<tr>\n<td width=\"181\">Sep 2004</td>\n<td width=\"64\"> </td>\n</tr>\n<tr>\n<td width=\"181\">Jun 2004</td>\n<td width=\"64\"> </td>\n</tr>\n<tr>\n<td width=\"181\">Mar 2004</td>\n<td width=\"64\"> </td>\n</tr>\n<tr>\n<td width=\"181\">Dec 2003</td>\n<td width=\"64\">103.9</td>\n</tr>\n<tr>\n<td width=\"181\">Sep 2003</td>\n<td width=\"64\"> </td>\n</tr>\n<tr>\n<td width=\"181\">Jun 2003</td>\n<td width=\"64\"> </td>\n</tr>\n<tr>\n<td width=\"181\">Mar 2003</td>\n<td width=\"64\"> </td>\n</tr>\n<tr>\n<td width=\"181\">Dec 2002</td>\n<td width=\"64\">125.7</td>\n</tr>\n<tr>\n<td width=\"181\">Sep 2002</td>\n<td width=\"64\"> </td>\n</tr>\n<tr>\n<td width=\"181\">Jun 2002</td>\n<td width=\"64\"> </td>\n</tr>\n<tr>\n<td width=\"181\">Mar 2002</td>\n<td width=\"64\"> </td>\n</tr>\n<tr>\n<td width=\"181\">Dec 2001</td>\n<td width=\"64\">251.5</td>\n</tr>\n<tr>\n<td width=\"181\">Sep 2001</td>\n<td width=\"64\"> </td>\n</tr>\n<tr>\n<td width=\"181\">Jun 2001</td>\n<td width=\"64\"> </td>\n</tr>\n<tr>\n<td width=\"181\">Mar 2001</td>\n<td width=\"64\"> </td>\n</tr>\n<tr>\n<td width=\"181\">Dec 2000</td>\n<td width=\"64\">150</td>\n</tr>\n<tr>\n<td width=\"181\">Dec 1999</td>\n<td width=\"64\">24.5</td>\n</tr>\n<tr>\n<td width=\"181\">Dec 1998</td>\n<td width=\"64\">32.8</td>\n</tr>\n<tr>\n<td width=\"181\">Dec 1997</td>\n<td width=\"64\">60.9</td>\n</tr>\n<tr>\n<td width=\"181\">Dec 1996</td>\n<td> </td>\n</tr>\n</tbody>\n</table>",
"summary": "<p>The Government Pension Fund Global (GPFG) is a sovereign wealth fund where the surplus wealth produced by Norwegian petroleum income is held.</p>\n<p>The fund changed name in January 2006 from its previous name the Petroleum Fund of Norway. The fund is commonly referred to as the Petroleum Fund (Norwegian: Oljefondet). It is not actually a pension fund as it derives its financial backing from oil profits and not pensioners.</p>\n<p>In 2013, the NBIM created a corporate Governance Advisory Board to strengthen its long-term active ownership. The advisory board will assist in board nomination practices with regard to the sovereign fund's listed equity investments. In addition, the board will serve as a body on active ownership and regularly assess NBIM's ownership activities relative to optimal practices. Listed companies that undergo strategy shifts, takeovers or capital restructurings may receive board advice. Target companies will be firms in which the NBIM owns more than US$ 1 billion in shareholdings.</p>",
"governance": "<div>The formal framework for the fund has been laid down by the Storting – the Norwegian parliament – in the Government Pension Fund Act. The Ministry of Finance has overall responsibility for the fund and has issued guidelines for its management in the Management Mandate for the Government Pension Fund Global. Norges Bank has been tasked with the management of the fund, and its Executive Board has delegated the operational management of the fund to Norges Bank Investment Management.</div>\n<div> </div>\n<div>The Norwegian Ministry of Finance is responsible for the management of the sovereign fund and has delegated responsibility for the operational management of the fund’s international assets to Norges Bank Investment Management (NBIM). The NBIM nests within Norges Bank. The Norwegian Ministry of Finance sets the investment strategy and broad asset allocations.</div>\n<div> </div>\n<div>Investments have to be in line with the ethical guidelines based on sector and company behavior. The companies that the Fund invests in are closely monitored by a Council of Ethics. If companies are operating in conflict with the guidelines the Fund will consider withdrawal. Several companies have been excluded. The guidelines restrict investment where there is a risk that a company is involved in activities that can contribute to violation of human rights, corruption, environmental damage or other <em>particularly serious violations of fundamental ethical norms.</em></div>\n<div> </div>\n<div><strong>Executive Board</strong></div>\n<div> </div>\n<div>The Executive Board is appointed by the King in Council and is responsible for the Bank's executive and advisory activities.</div>\n<div>\n<p>The Board is responsible for ensuring the sound organisation of, and establishing satisfactory frameworks, objectives and principles for, the Bank's operations. The Board must ensure that the Bank's operations are subject to adequate management and control.</p>\n<p>The conduct of monetary policy is one of the Executive Board's most important tasks. Decisions concerning interest rates and other important changes in the use of instruments will normally be taken at the Executive Board's monetary policy meetings.</p>\n<p>The Executive Board comprises eight members, all appointed by the King in Council. The Governor is Chair and the two Deputy Governors are First Deputy Chair and Second Deputy Chair of the Executive Board. The other five members are not on the staff of Norges Bank. Two alternates for the external members, who attend and have the right to speak at Executive Board meetings, are also appointed.</p>\n<p>Two employee representatives attend Executive Board meetings when matters concerning the Bank's internal operations and conditions for the staff are discussed. The two external alternates also participate in such cases so that the Executive Board then has twelve members.</p>\n<p>The Executive Board normally meets 16-17 times per year.</p>\n</div>",
"committees": "<p>The Governor and Deputy Governor of Norges Bank are chairman and vice-chairman of the Executive Board. </p>\n<p>Audit Committee - A preparatory and advisory body established to strengthen and streamline the Board's administrative and supervisory tasks related to financial reporting, risk management and internal control. Established: 2006.</p>\n<p>Remuneration Committee - A preparatory and advisory body on matters relating to the Bank's pay and remuneration arrangements. Established: 2009.</p>\n<p>Ownership Committee - A preparatory and advisory body on matters related to the Bank's responsible investment activities and decisions on observation or exclusion of companies from the Government Pension Fund Global (GPFG). Established: January 2015.</p>\n<p>Risk and Investment Committee - A preparatory and advisory body to strengthen and streamline the Board's work related to investment strategy, risk limits, and decisions concerning major real estate investments. Established: June 2015.</p>",
"ownership": "<p>Norges Bank, the country's central bank, is the parent entity of Norges Bank Investment Management (NBIM).</p>",
"strategy": "<table id=\"datatable\" class=\"table table-striped\" style=\"width: 532.922px;\">\n<tbody>\n<tr>\n<th style=\"width: 100px;\">Fiscal Period</th>\n<th style=\"width: 235px;\">Quarterly Capital Inflows – NOK Billions</th>\n<th style=\"width: 185.922px;\">Annual Capital Inflows – NOK Billions</th>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 2021</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\">-119</td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 2020</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\">-298</td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 2019</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\">18</td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Sep 2019</td>\n<td style=\"width: 235px;\">-5</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Jun 2019</td>\n<td style=\"width: 235px;\">6</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Mar 2019</td>\n<td style=\"width: 235px;\">8</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 2018</td>\n<td style=\"width: 235px;\">29</td>\n<td style=\"width: 185.922px;\">34</td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Sep 2018</td>\n<td style=\"width: 235px;\">12</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Jun 2018</td>\n<td style=\"width: 235px;\">-2</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 2017</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\">-61</td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Jun 2017</td>\n<td style=\"width: 235px;\">-16</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Mar 2017</td>\n<td style=\"width: 235px;\">-20</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 2016</td>\n<td style=\"width: 235px;\">-27</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Sep 2016</td>\n<td style=\"width: 235px;\">-30</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Jun 2016</td>\n<td style=\"width: 235px;\">-24</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Mar 2016</td>\n<td style=\"width: 235px;\">-21</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 2015</td>\n<td style=\"width: 235px;\">13</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Sep 2015</td>\n<td style=\"width: 235px;\">12</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Jun 2015</td>\n<td style=\"width: 235px;\">12</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Mar 2015</td>\n<td style=\"width: 235px;\">5</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 2014</td>\n<td style=\"width: 235px;\">25</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Sep 2014</td>\n<td style=\"width: 235px;\">36</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Jun 2014</td>\n<td style=\"width: 235px;\">44</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Mar 2014</td>\n<td style=\"width: 235px;\">41</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 2013</td>\n<td style=\"width: 235px;\">62</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Sep 2013</td>\n<td style=\"width: 235px;\">58</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Jun 2013</td>\n<td style=\"width: 235px;\">58</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Mar 2013</td>\n<td style=\"width: 235px;\">60</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 2012</td>\n<td style=\"width: 235px;\">64</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Sep 2012</td>\n<td style=\"width: 235px;\">80</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Jun 2012</td>\n<td style=\"width: 235px;\">72</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Mar 2012</td>\n<td style=\"width: 235px;\">60</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 2011</td>\n<td style=\"width: 235px;\">102</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Sep 2011</td>\n<td style=\"width: 235px;\">78</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Jun 2011</td>\n<td style=\"width: 235px;\">53</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Mar 2011</td>\n<td style=\"width: 235px;\">38</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 2010</td>\n<td style=\"width: 235px;\">78</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Sep 2010</td>\n<td style=\"width: 235px;\">49</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Jun 2010</td>\n<td style=\"width: 235px;\">35</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Mar 2010</td>\n<td style=\"width: 235px;\">19</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 2009</td>\n<td style=\"width: 235px;\">36</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Sep 2009</td>\n<td style=\"width: 235px;\">49</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Jun 2009</td>\n<td style=\"width: 235px;\">40</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Mar 2009</td>\n<td style=\"width: 235px;\">44</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 2008</td>\n<td style=\"width: 235px;\">77</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Sep 2008</td>\n<td style=\"width: 235px;\">128</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Jun 2008</td>\n<td style=\"width: 235px;\">91</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Mar 2008</td>\n<td style=\"width: 235px;\">88</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 2007</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\">313.6</td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Sep 2007</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Jun 2007</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Mar 2007</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 2006</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\">288.3</td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Sep 2006</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Jun 2006</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Mar 2006</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 2005</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\">220.3</td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Sep 2005</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Jun 2005</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Mar 2005</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 2004</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\">138.2</td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Sep 2004</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Jun 2004</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Mar 2004</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 2003</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\">103.9</td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Sep 2003</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Jun 2003</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Mar 2003</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 2002</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\">125.7</td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Sep 2002</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Jun 2002</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Mar 2002</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 2001</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\">251.5</td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Sep 2001</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Jun 2001</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Mar 2001</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 2000</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\">150</td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 1999</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\">24.5</td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 1998</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\">32.8</td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 1997</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\">60.9</td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 1996</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n</tbody>\n</table>\n<p> </p>\n<table class=\"table table-striped\" style=\"width: 71.5706%;\">\n<tbody>\n<tr>\n<td style=\"width: 7%;\">Period</td>\n<td style=\"width: 12%;\">Total Employees</td>\n<td style=\"width: 10%;\">Oslo Office</td>\n<td style=\"width: 12%;\">London Office</td>\n<td style=\"width: 13%;\">Singapore Office</td>\n<td style=\"width: 12%;\">Shanghai Office</td>\n<td style=\"width: 11.4051%;\">New York Office</td>\n</tr>\n<tr>\n<td style=\"width: 7%;\">Dec 2019</td>\n<td style=\"width: 12%;\">540</td>\n<td style=\"width: 10%;\">307</td>\n<td style=\"width: 12%;\">114</td>\n<td style=\"width: 13%;\">44</td>\n<td style=\"width: 12%;\">10</td>\n<td style=\"width: 11.4051%;\">65</td>\n</tr>\n<tr>\n<td style=\"width: 7%;\">Dec 2018</td>\n<td style=\"width: 12%;\">601</td>\n<td style=\"width: 10%;\">349</td>\n<td style=\"width: 12%;\">126</td>\n<td style=\"width: 13%;\">40</td>\n<td style=\"width: 12%;\">9</td>\n<td style=\"width: 11.4051%;\">77</td>\n</tr>\n<tr>\n<td style=\"width: 7%;\">Dec 2017</td>\n<td style=\"width: 12%;\">573</td>\n<td style=\"width: 10%;\">313</td>\n<td style=\"width: 12%;\">135</td>\n<td style=\"width: 13%;\">39</td>\n<td style=\"width: 12%;\">8</td>\n<td style=\"width: 11.4051%;\">78</td>\n</tr>\n<tr>\n<td style=\"width: 7%;\">Dec 2016</td>\n<td style=\"width: 12%;\">568</td>\n<td style=\"width: 10%;\">300</td>\n<td style=\"width: 12%;\">147</td>\n<td style=\"width: 13%;\">37</td>\n<td style=\"width: 12%;\">9</td>\n<td style=\"width: 11.4051%;\">75</td>\n</tr>\n<tr>\n<td style=\"width: 7%;\">Dec 2015</td>\n<td style=\"width: 12%;\">518</td>\n<td style=\"width: 10%;\">288</td>\n<td style=\"width: 12%;\">129</td>\n<td style=\"width: 13%;\">31</td>\n<td style=\"width: 12%;\">9</td>\n<td style=\"width: 11.4051%;\">61</td>\n</tr>\n<tr>\n<td style=\"width: 7%;\">Dec 2014</td>\n<td style=\"width: 12%;\">428</td>\n<td style=\"width: 10%;\">253</td>\n<td style=\"width: 12%;\">89</td>\n<td style=\"width: 13%;\">21</td>\n<td style=\"width: 12%;\">8</td>\n<td style=\"width: 11.4051%;\">57</td>\n</tr>\n<tr>\n<td style=\"width: 7%;\">Dec 2013</td>\n<td style=\"width: 12%;\">370</td>\n<td style=\"width: 10%;\">239</td>\n<td style=\"width: 12%;\">63</td>\n<td style=\"width: 13%;\">16</td>\n<td style=\"width: 12%;\">10</td>\n<td style=\"width: 11.4051%;\">42</td>\n</tr>\n<tr>\n<td style=\"width: 7%;\">Dec 2012</td>\n<td style=\"width: 12%;\">336</td>\n<td style=\"width: 10%;\">238</td>\n<td style=\"width: 12%;\">46</td>\n<td style=\"width: 13%;\">15</td>\n<td style=\"width: 12%;\">7</td>\n<td style=\"width: 11.4051%;\">30</td>\n</tr>\n<tr>\n<td style=\"width: 7%;\">Dec 2011</td>\n<td style=\"width: 12%;\">315</td>\n<td style=\"width: 10%;\">232</td>\n<td style=\"width: 12%;\">38</td>\n<td style=\"width: 13%;\">14</td>\n<td style=\"width: 12%;\">7</td>\n<td style=\"width: 11.4051%;\">24</td>\n</tr>\n<tr>\n<td style=\"width: 7%;\">Dec 2010</td>\n<td style=\"width: 12%;\">278</td>\n<td style=\"width: 10%;\"> </td>\n<td style=\"width: 12%;\"> </td>\n<td style=\"width: 13%;\"> </td>\n<td style=\"width: 12%;\"> </td>\n<td style=\"width: 11.4051%;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 7%;\">Dec 2009</td>\n<td style=\"width: 12%;\">249</td>\n<td style=\"width: 10%;\"> </td>\n<td style=\"width: 12%;\"> </td>\n<td style=\"width: 13%;\"> </td>\n<td style=\"width: 12%;\"> </td>\n<td style=\"width: 11.4051%;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 7%;\">Dec 2008</td>\n<td style=\"width: 12%;\">217</td>\n<td style=\"width: 10%;\"> </td>\n<td style=\"width: 12%;\"> </td>\n<td style=\"width: 13%;\"> </td>\n<td style=\"width: 12%;\"> </td>\n<td style=\"width: 11.4051%;\"> </td>\n</tr>\n</tbody>\n</table>\n<p>The first mandate in 1998 defined a narrow investment universe, with tight constraints on relative risk exposure relative to the benchmark index. Since then, the mandate has evolved to reflect the trade-offs between different priorities. n 1998, the investment universe consisted of liquid and traded securities in developed equity and fixed-income markets. A key feature was a specific list of approved countries. Equity and fixed-income investments could only be made in markets on this list. Since then, additional markets, instruments and issuers have been added to both the equity and the fixed-income universe.</p>\n<p>The concept of a benchmark index was established in the early days of the fund and has played a pivotal role in how the fund has been managed since the very beginning. In August 1997, Norges Bank suggested that the strategic choices made by the Ministry of Finance could be specified by defining a benchmark index, and indicated that Norges Bank as operational manager would use this index as a basis for its actual investments.</p>\n<p>The fund can also invest in unlisted real estate and unlisted renewable energy infrastructure. Unlisted real estate became part of the fund’s opportunity set in 2010, while infrastructure for renewable energy was not included in the investment universe until late 2019. Real estate is defined as rights to land and any buildings located thereon. Renewable energy infrastructure is defined as land, real estate and onshore or offshore facilities that are principally used or intended for use in the production, transmission, distribution and storage of energy based on renewable sources.</p>\n<p>Unlisted investments have been a frequent topic of discussion ever since. In addition to real estate and infrastructure, unlisted equities have been on the agenda on four occasions, in 2002, 2006, 2010, and 2018.</p>\n<p>In 2017, the Ministry decided to remove real estate from the fund’s benchmark index, but still allow the fund to invest in the asset class. Since 2017, the real estate portfolio has been included in the calculation of the fund’s tracking error. The limit was, however, kept unchanged at 125 basis points. The 2016 decision to increase the tracking error limit to 125 basis points was more than offset by the reduced scope for relative risk taking that the new framework for real estate implied.</p>\n<p>Internal vs. External Management</p>\n<table class=\"table table-striped\" style=\"width: 472px;\">\n<tbody>\n<tr>\n<td style=\"width: 108px;\">Period</td>\n<td style=\"width: 137px;\">Internal Managed</td>\n<td style=\"width: 207px;\">External Management</td>\n<td style=\"width: 207px;\">Estimate</td>\n</tr>\n<tr>\n<td style=\"width: 108px;\">Dec 2019</td>\n<td style=\"width: 137px;\"> 95.30%</td>\n<td style=\"width: 207px;\">4.70%</td>\n<td style=\"width: 207px;\">Yes</td>\n</tr>\n<tr>\n<td style=\"width: 108px;\">Dec 2018</td>\n<td style=\"width: 137px;\">95.30%</td>\n<td style=\"width: 207px;\">4.70%</td>\n<td style=\"width: 207px;\">No</td>\n</tr>\n<tr>\n<td style=\"width: 108px;\">Dec 2017</td>\n<td style=\"width: 137px;\">95.00%</td>\n<td style=\"width: 207px;\">5.00%</td>\n<td style=\"width: 207px;\">No</td>\n</tr>\n</tbody>\n</table>\n<h2>Limits and Exposures</h2>\n<table class=\"table table-striped table-responsive\" style=\"width: 757px;\">\n<tbody>\n<tr>\n<th style=\"width: 185px;\">Factors</th>\n<th style=\"width: 560px;\">Limits and Exposures – Set by Norwegian Ministry of Finance</th>\n</tr>\n<tr>\n<td style=\"width: 185px;\">Exposure</td>\n<td style=\"width: 560px;\">Equities 50% to 70% of fund's market value*</td>\n</tr>\n<tr class=\"alt\">\n<td style=\"width: 185px;\">Exposure</td>\n<td style=\"width: 560px;\">Real Estate 0% to 5% of fund's market value</td>\n</tr>\n<tr>\n<td style=\"width: 185px;\">Market Risk</td>\n<td style=\"width: 560px;\">1% of Expected Tracking Error for Equity and Fixed Income Investments</td>\n</tr>\n<tr class=\"alt\">\n<td style=\"width: 185px;\">Credit Risk</td>\n<td style=\"width: 560px;\">Maximum of 5% of Fixed Income Investments can be rated below BBB-</td>\n</tr>\n<tr>\n<td style=\"width: 185px;\">Maximum Ownership</td>\n<td style=\"width: 560px;\">Maximum of 10% of voting shares in a listed company</td>\n</tr>\n</tbody>\n</table>\n<p> *This includes equity exposure through underlying economic exposure to equities in derivatives.</p>\n<h2>Real Estate</h2>\n<p>Norges Bank Investment Management's activities and risks related to private real estate investments differ significantly from those related to fixed income instruments or publicly-listed securities. Private real estate investments require additional structures to protect the funds managed by NBIM and the Central Bank balance sheet. The NBIM has partnered with large real estate owners such as Metlife, Prologis, TIAA-CREF and the Crown's Estate on acquiring portfolios of core properties in highly-desired areas. The fund has exposures to real estate in both Europe (ex-Norway) and the Americas. In 2014, the strategy was to invest in a limited number of major cities in key markets. By 2014, GPFG's real estate holdings have grown rapidly. In 2014, the bought real estate in U.S. and Europe, making 2014 a banner year in purchases.</p>\n<p>In order to reach the targets, NBIM established a separate management group for real estate investment that will build a separate real estate investment organisation within Norges Bank. The strategy is to invest in large cities in the US, Europe and at a later stage in Asia. The plan is to invest about 1 percent of the GPFG in real estate every year in the coming years. The 5 percent limit should therefore be put to consideration.</p>\n<p>The structures may have several layers and ownership may be shared. NBIM shall ensure established structures protect existing assets and a due diligence process must be performed prior to entering into new transactions. Items covered by due diligence process shall be monitored throughout the ownership period.</p>\n<p>Investments shall be made through legal entities and balance the following objectives:</p>\n<ul>\n<li>Limiting liability exposure to Norges Bank</li>\n<li>Protection of the existing assets of the Fund</li>\n<li>Sufficient governance</li>\n<li>Operational efficiency</li>\n<li>Cost efficiency, including tax</li>\n</ul>\n<p>The NBIM Real Estate Advisory Board (REAB) shall act in an advisory capacity to the Chief Investment Officer (CIO) Real Estate. Advice from REAB should generally be sought prior to due diligence and prior to incurring material transaction costs.</p>\n<h2>Core Real Estate Investments by City</h2>\n<table class=\"table table-striped table-responsive\" style=\"width: 583px;\">\n<tbody>\n<tr>\n<th style=\"width: 142.49px;\">NA Cities</th>\n<th style=\"width: 133.51px;\">UK/France</th>\n<th style=\"width: 111px;\">Mid-Europe</th>\n<th style=\"width: 174px;\">Country</th>\n</tr>\n<tr>\n<td style=\"width: 142.49px;\">San Francisco</td>\n<td style=\"width: 133.51px;\">London</td>\n<td style=\"width: 111px;\">Berlin</td>\n<td style=\"width: 174px;\">Sweden</td>\n</tr>\n<tr class=\"alt\">\n<td style=\"width: 142.49px;\">Boston</td>\n<td style=\"width: 133.51px;\">Sheffield</td>\n<td style=\"width: 111px;\">Frankfurt</td>\n<td style=\"width: 174px;\">Poland</td>\n</tr>\n<tr>\n<td style=\"width: 142.49px;\">New York</td>\n<td style=\"width: 133.51px;\">Paris</td>\n<td style=\"width: 111px;\">Munich</td>\n<td style=\"width: 174px;\">Italy</td>\n</tr>\n<tr class=\"alt\">\n<td style=\"width: 142.49px;\">Washington, DC</td>\n<td style=\"width: 133.51px;\"> </td>\n<td style=\"width: 111px;\">Zurich</td>\n<td style=\"width: 174px;\">Hungary</td>\n</tr>\n</tbody>\n</table>\n<h2>Related Entities</h2>\n<table class=\"table table-striped table-responsive\">\n<tbody>\n<tr>\n<th>Name</th>\n<th>Domicile</th>\n<th>Parent</th>\n<th>Active</th>\n<th>Notes</th>\n<th>Ownership</th>\n<th>Vehicle</th>\n<th>Tax ID</th>\n</tr>\n<tr>\n<td>NBIM Charlotte Partners LP</td>\n<td>United Kingdom</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2014</td>\n<td>57.75%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>NBIM Louis SAS</td>\n<td>France</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2011</td>\n<td>100.00%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>SCI 16 Matignon</td>\n<td>France</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2011</td>\n<td>50.00%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>Champs Elysées Rond-Point SCI</td>\n<td>France</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2011</td>\n<td>50.00%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>SCI PB 12</td>\n<td>France</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2011</td>\n<td>50.00%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>SCI Malesherbes</td>\n<td>France</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2012</td>\n<td>50.00%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>SCI 15 Scribe</td>\n<td>France</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2012</td>\n<td>50.00%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>SAS 100 CE</td>\n<td>France</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2012</td>\n<td>50.00%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>SCI Daumesnil</td>\n<td>France</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2012</td>\n<td>50.00%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>SCI 9 Messine</td>\n<td>France</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2012</td>\n<td>50.00%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>SCI Pasquier</td>\n<td>France</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2013</td>\n<td>50.00%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>NBIM Marcel SPPICAV</td>\n<td>France</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2014</td>\n<td>100.00%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>Die Welle 1 Frankfurt Immobilien GmbH & Co. KG</td>\n<td>Germany</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2012</td>\n<td>50.00%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>Die Welle 3 Frankfurt Immobilien GmbH & Co. KG</td>\n<td>Germany</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2012</td>\n<td>50.00%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>NKE Neues Kranzler Eck Berlin Immobilien GmbH & Co. KG</td>\n<td>Germany</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2012</td>\n<td>50.00%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>Tower SZ Munich GmbH &#038; Co. KG</td>\n<td>Germany</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2013</td>\n<td>50.00%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>T-C 1101 Pennsylvania Venture LLC</td>\n<td>United States – Delaware</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2013</td>\n<td>49.90%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>T-C Franklin Square Venture LLC</td>\n<td>United States – Delaware</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2013</td>\n<td>49.90%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>T-C 33 Arch Street Venture LLC</td>\n<td>United States – Delaware</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2013</td>\n<td>49.90%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>T-C 470 Park Avenue South Venture LLC</td>\n<td>United States – Delaware</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2013</td>\n<td>49.90%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>T-C 475 Fifth Avenue Venture LLC</td>\n<td>United States – Delaware</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2013</td>\n<td>49.90%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>No. 1 Times Square Development LLC</td>\n<td>United States – Delaware</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2013</td>\n<td>45.00%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>OFC Boston LLC</td>\n<td>United States – Delaware</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2013</td>\n<td>47.50%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>425 MKT LLC</td>\n<td>United States – Delaware</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2013</td>\n<td>47.50%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>555 12th LLC</td>\n<td>United States – Delaware</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2013</td>\n<td>47.50%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>Prologis U.S. Logistics Venture LLC</td>\n<td>United States – Delaware</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2014</td>\n<td>46.30%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>OBS Boston LLC</td>\n<td>United States – Delaware</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2014</td>\n<td>47.50%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>100 Federal JV LLC</td>\n<td>United States – Delaware</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2014</td>\n<td>45.00%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>Atlantic Wharf JV LLC</td>\n<td>United States – Delaware</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2014</td>\n<td>45.00%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>BP/CGCenter MM LLC</td>\n<td>United States – Delaware</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2014</td>\n<td>45.00%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>T-C 2 Herald Square Venture LLC</td>\n<td>United States – Delaware</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2014</td>\n<td>49.90%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>T-C 800 17th Street Venture NW LLC</td>\n<td>United States – Delaware</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2014</td>\n<td>49.90%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>T-C Foundry Sq II Venture LLC</td>\n<td>United States – Delaware</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2014</td>\n<td>49.90%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>T-C Hall of States Venture LLC</td>\n<td>United States – Delaware</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2014</td>\n<td>49.90%</td>\n<td> </td>\n<td> </td>\n</tr>\n</tbody>\n</table>\n<h2>Real Estate Investment Advisors</h2>\n<table class=\"table table-striped table-responsive\" style=\"width: 793px;\">\n<tbody>\n<tr>\n<th style=\"width: 226px;\">Dec 2015</th>\n<th style=\"width: 171px;\">Dec 2015</th>\n<th style=\"width: 158px;\">Dec 2015</th>\n<th style=\"width: 216px;\">Dec 2015</th>\n</tr>\n<tr>\n<td style=\"width: 226px;\">Investment Partner</td>\n<td style=\"width: 171px;\">Country</td>\n<td style=\"width: 158px;\">Sector</td>\n<td style=\"width: 216px;\">Share of Real Estate Portfolio</td>\n</tr>\n<tr>\n<td style=\"width: 226px;\">Prologis</td>\n<td style=\"width: 171px;\">U.S.</td>\n<td style=\"width: 158px;\">Logistics</td>\n<td style=\"width: 216px;\">13.90%</td>\n</tr>\n<tr>\n<td style=\"width: 226px;\">Boston Properties</td>\n<td style=\"width: 171px;\">U.S.</td>\n<td style=\"width: 158px;\">Office</td>\n<td style=\"width: 216px;\">11.60%</td>\n</tr>\n<tr>\n<td style=\"width: 226px;\">Prologis</td>\n<td style=\"width: 171px;\">Europe</td>\n<td style=\"width: 158px;\">Logistics</td>\n<td style=\"width: 216px;\">10.50%</td>\n</tr>\n<tr>\n<td style=\"width: 226px;\">The Crown Estate</td>\n<td style=\"width: 171px;\">Europe</td>\n<td style=\"width: 158px;\">Retail, Office</td>\n<td style=\"width: 216px;\">8.80%</td>\n</tr>\n<tr>\n<td style=\"width: 226px;\">TIAA</td>\n<td style=\"width: 171px;\">U.S.</td>\n<td style=\"width: 158px;\">Office</td>\n<td style=\"width: 216px;\">8.50%</td>\n</tr>\n<tr>\n<td style=\"width: 226px;\">Trinity Wall Street</td>\n<td style=\"width: 171px;\">U.S.</td>\n<td style=\"width: 158px;\">Office</td>\n<td style=\"width: 216px;\">7.80%</td>\n</tr>\n<tr>\n<td style=\"width: 226px;\">AXA Real Estate</td>\n<td style=\"width: 171px;\">France, Germany</td>\n<td style=\"width: 158px;\">Office, Retail</td>\n<td style=\"width: 216px;\">7.60%</td>\n</tr>\n<tr>\n<td style=\"width: 226px;\">MetLife</td>\n<td style=\"width: 171px;\">U.S.</td>\n<td style=\"width: 158px;\">Office</td>\n<td style=\"width: 216px;\">5.20%</td>\n</tr>\n<tr>\n<td style=\"width: 226px;\">British Land</td>\n<td style=\"width: 171px;\">U.K.</td>\n<td style=\"width: 158px;\">Retail</td>\n<td style=\"width: 216px;\">3.60%</td>\n</tr>\n<tr>\n<td style=\"width: 226px;\">Prudential Real Estate Investors</td>\n<td style=\"width: 171px;\">U.S.</td>\n<td style=\"width: 158px;\">Office</td>\n<td style=\"width: 216px;\">2.20%</td>\n</tr>\n<tr>\n<td style=\"width: 226px;\">Generali Real Estate</td>\n<td style=\"width: 171px;\">France</td>\n<td style=\"width: 158px;\">Office, Retail</td>\n<td style=\"width: 216px;\">1.70%</td>\n</tr>\n</tbody>\n</table>\n<p><strong>Environmental Mandates</strong></p>\n<p>The GPFG invests in environment-related mandates. In 2001, an environmental fund was made as a sub-portfolio of equity holdings. Companies were chosen on a basis of environmental criteria. The benchmark was the same as for the equities of the total fund, except for some provisions. This effort was short-lived as in December 2004 the environmental portfolio was abolished due to enhances in ethical guidelines at the time.</p>\n<p>At the end of 2014, the fund had invested NOK 42 billion in environment-related equity mandates. The fund also invests in green bonds. Green bond investing started in 2014, as they established a portfolio for it. The portfolio contains green bonds denominated in euros and issued by supranationals, agencies and local authorities. The reference portfolio is based on a sub-segment of the Barclays MSCI Green Bond Indices. Independent evaluation of each security is carried out by leading providers of environmental, social and governance research to determine whether the bond will be eligible for the green bond index or not. Typical areas covered are alternative energy, energy efficiency, pollution prevention, sustainable water, and green buildings.</p>\n<p>For companies, the fund in the environmental mandates select companies operating in areas such as low-emission energy solutions and alternative fuels; energy efficiency and natural resource management. In 2014, environment-related mandates returned 5% which was lower than the overall annual return on the GPFG.</p>",
"updated_at": "2022-08-17T18:35:47.203Z",
"created_at": "2017-08-22T00:32:16.593Z"
},
{
"_id": "598cdaa60124e9fd2d05c04a",
"name": "Temasek Holdings",
"legal_name": "Temasek Holdings (Private) Limited",
"dba_name": "Temasek",
"type": "Sovereign Wealth Fund",
"lei": "",
"address": "60B Orchard Road, #06-18 Tower 2, The Atrium@ Orchard, Singapore, 238891",
"country": "Singapore",
"region": "Asia",
"phone": "65-6828-6828",
"fax": "65-6821-1188",
"established_at": "1974-06-25T00:00:00.000Z",
"transparency": 10,
"defunct": false,
"assets": 496593722700,
"managed_assets": 55000000000,
"background": "<p>Singapore was first known as Temasek, which is derived from the word Tasek, which means \"lake\" in Malay. In 1299, the island was renamed to Singapura.</p>\n<p>To jumpstart the economy in the early 1960s, the government of Singapore embarked on an industrialization drive and took on a proactive entrepreneurial role by taking stakes in a wide range of companies in the manufacturing, financial, trading, transportation, shipbuilding and services sectors. Many of these early companies were joint ventures with foreign investors which helped in the transfer of technology. Some were of strategic and national importance. For example, the Development Bank of Singapore was set up to provide development financing. Singapore Airlines was formed in 1967 from the split of the Malaysia- Singapore Airlines. The national shipping line, Neptune Orient Lines, was formed in 1968 to leverage on Singapore’s strategic location, while Sembawang Shipyard was established in the same year when the Singapore Government took over the shipyards left behind by the British Forces after they withdrew from Singapore.</p>\n<p>These companies became government linked companies (GLC). The governments’ stakes in these companies were originally held directly by the Singapore Ministry of Finance. The Ministry of Finance established Temasek Holdings in 1974 to manage these assets. Currently, Temasek Holdings’ sole shareholder is the Ministry of Finance. As the years progressed, Temasek Holdings began to diversify its holdings from the local Singapore market, to other surrounding countries.</p>\n<p>From 2000 to 2015, up to 50% of Temasek’s dividends could be spent by the Government under the Net Investment Income (NII) framework.</p>\n<p>From 2016 onwards, the Singapore Government may spend up to 50% of Temasek’s expected long term returns, net of inflation. These are projected and unrealised returns based on the current portfolio mix. The Monetary Authority of Singapore (MAS) and GIC Private Limited have been included in the Net Investment Return (NIR) framework since 2009.</p>\n<p>NII/NIR Contributions are now the largest source for Singapore Government budget spending,at 18% of the 2018 Government Budget. Corporate and Personal Income Taxes, and the Goods and Services Tax are the next three largest sources for Government budget spending. The NIR framework does not require Temasek to pay more dividends, or sell any asset.</p>",
"summary": "<p>Temasek Holdings is an investment company owned by the government of Singapore. It is governed by the Singapore Companies Act. They are designated a Fifth Schedule Company under the Singapore Constitution in 1991. Temasek means <em>sea town</em>, which was the original name of Singapore.</p>",
"governance": "<p>Incorporated on June 25, 1974, Temasek Holdings is an exempt Singapore company wholly-owned by the Ministry of Finance. Subject to the Singapore President’s concurrence, the Ministry of Finance (shareholder) has the right to appoint, remove or renew board members at shareholder meetings. Under Singapore’s Constitution and laws, neither the President of Singapore nor the Singapore Government is involved in their investment, divestment or other business decisions, except in relation to the protection of Temasek’s past reserves.</p>\n<p>Temasek does not manage Singapore’s Central Provident Fund (CPF) savings; the budget surpluses or foreign exchange reserves of Singapore; or the reserves of any other Fifth Schedule entity. Neither the President of Singapore nor the Singapore Government is involved in its investment or business decisions, except in relation to the protection of its past reserves. The Board and CEO of Temasek have the responsibility under the Singapore Constitution to protect Temasek’s past reserves.</p>\n<p>Temasek has a charter that defines what it does called the Temasek Charter.</p>",
"committees": "",
"ownership": "<p>Temasek's sole shareholder is the Singapore Minister for Finance.</p>",
"strategy": "<p>Temasek Holdings started out as a holder of state-owned companies. Temasek's initial portfolio of 35 investments, valued at about S$354 million, ranged from a detergent manufacturer to start-up shipyards. The organization takes direct stakes in companies and assets. In addition, Temasek has the capacity to take concentrated positions with a long-term investment horizon. By 1990, Singapore policymakers decided to liberalize the provision of basic services and additional state-owned assets were transferred to Temasek. </p>\n<p>The sovereign fund put a greater focus on direct investment opportunities presented by Asia's fastest growing economies. Before 2002, going back 5 years, Temasek's portfolio struggled with the Asian financial crisis of 1997 through the effects of the 9/11 attacks in 2001.</p>\n<p>Singapore's Temasek Holdings is an active shareholder and investor in diverse industry sectors such as:</p>\n<ul>\n<li>Banking and Financial Services</li>\n<li>Real Estate</li>\n<li>Engineering, Technology, Transportation and Logistics</li>\n<li>Infrastructure</li>\n<li>Bioscience, Education and Healthcare</li>\n<li>Consumer and Lifestyle</li>\n<li>Energy and Resources</li>\n</ul>\n<p>Temasek is a direct equity investor, only 10% of the portfolio is externally managed. In 2004, Temasek had allocation to about 30 absolute return funds in Asia, United States, Europe and Australia.</p>\n<p>The Public Markets Team involves (1) identifying fundamentally driven short-medium term trading opportunities across equities (at the index/sector/style level) and macro markets, and (2) structuring and executing any derivatives trades that arise.</p>\n<p>The Investment Group on the Public Markets Team works on its largest existing portfolio companies, focused on providing tactical trading recommendations (across cash equity and equity derivatives) that complement their long-term investment convictions. Track technical, momentum, positioning and other market-based signals against long-term fundamental views to generate both cash and derivative ideas.</p>\n<p>Portfolio Strategy & Risk Group (PSRG) structures and executes derivatives.</p>\n<p><strong>ESG Group</strong></p>\n<p>ESG Investment Management (ESG IM) is part of the Portfolio Strategy & Risk Group (PSRG) which provides guidance on our strategic direction and portfolio objectives. ESG IM partners closely with teams across the Investment Group (IG) and the broader institution, to advance ESG as a core engine across Temasek’s global investments and to drive sustainable outcomes that go hand in hand with financial returns. In addition to deepening and expanding ESG integration to both manage risks and drive value creation across the portfolio, the ESG IM team supports portfolio transition to meet Temasek’s climate goals and expanding sustainability investments.</p>\n<p>Internal vs. External Management</p>\n<table class=\"table table-striped\" style=\"width: 100%;\">\n<tbody>\n<tr>\n<td>Period</td>\n<td>Internal</td>\n<td>External</td>\n<td>Estimate</td>\n</tr>\n<tr>\n<td>Dec 2020</td>\n<td>92%</td>\n<td>8%</td>\n<td>Yes</td>\n</tr>\n</tbody>\n</table>\n<p>Employees</p>\n<table class=\"table table-striped\" style=\"width: 100%;\">\n<tbody>\n<tr>\n<td>Period</td>\n<td>Employees</td>\n<td>Employees in Singapore</td>\n</tr>\n<tr>\n<td>March 2020</td>\n<td>817</td>\n<td>609</td>\n</tr>\n<tr>\n<td>March 2019</td>\n<td>799</td>\n<td>588</td>\n</tr>\n<tr>\n<td>March 2018</td>\n<td>730</td>\n<td>539</td>\n</tr>\n<tr>\n<td>March 2017</td>\n<td>631</td>\n<td>462</td>\n</tr>\n<tr>\n<td>March 2016</td>\n<td>582</td>\n<td>436</td>\n</tr>\n<tr>\n<td>March 2015</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>March 2014</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>March 2013</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>March 2012</td>\n<td> </td>\n<td> </td>\n</tr>\n</tbody>\n</table>\n<h2>Investment – Divestment</h2>\n<table class=\"table table-striped table-responsive\" style=\"width: 529.258px;\">\n<tbody>\n<tr>\n<th style=\"width: 135px;\">Fiscal Year</th>\n<th style=\"width: 178px;\">Investment – SGD</th>\n<th style=\"width: 194.258px;\">Divestment – SGD</th>\n</tr>\n<tr>\n<td style=\"width: 135px;\">March 2022</td>\n<td style=\"width: 178px;\">61,000,000,000</td>\n<td style=\"width: 194.258px;\">37,000,000,000</td>\n</tr>\n<tr>\n<td style=\"width: 135px;\">March 2021</td>\n<td style=\"width: 178px;\">49,000,000,000</td>\n<td style=\"width: 194.258px;\">39,000,000,000</td>\n</tr>\n<tr>\n<td style=\"width: 135px;\">March 2020</td>\n<td style=\"width: 178px;\">32,000,000,000</td>\n<td style=\"width: 194.258px;\">26,000,000,000</td>\n</tr>\n<tr>\n<td style=\"width: 135px;\">March 2019</td>\n<td style=\"width: 178px;\">24,000,000,000</td>\n<td style=\"width: 194.258px;\">28,000,000,000</td>\n</tr>\n<tr>\n<td style=\"width: 135px;\">March 2018</td>\n<td style=\"width: 178px;\">29,000,000,000</td>\n<td style=\"width: 194.258px;\">16,000,000,000</td>\n</tr>\n<tr>\n<td style=\"width: 135px;\">March 2017</td>\n<td style=\"width: 178px;\">16,000,000,000</td>\n<td style=\"width: 194.258px;\">18,000,000,000</td>\n</tr>\n<tr>\n<td style=\"width: 135px;\">March 2016</td>\n<td style=\"width: 178px;\">30,000,000,000</td>\n<td style=\"width: 194.258px;\">28,000,000,000</td>\n</tr>\n<tr>\n<td style=\"width: 135px;\">March 2015</td>\n<td style=\"width: 178px;\">30,000,000,000</td>\n<td style=\"width: 194.258px;\">19,000,000,000</td>\n</tr>\n<tr>\n<td style=\"width: 135px;\">March 2014</td>\n<td style=\"width: 178px;\">24,000,000,000</td>\n<td style=\"width: 194.258px;\">10,000,000,000</td>\n</tr>\n<tr>\n<td style=\"width: 135px;\">March 2013</td>\n<td style=\"width: 178px;\">20,000,000,000</td>\n<td style=\"width: 194.258px;\">13,000,000,000</td>\n</tr>\n<tr>\n<td style=\"width: 135px;\">March 2012</td>\n<td style=\"width: 178px;\">22,000,000,000</td>\n<td style=\"width: 194.258px;\">15,000,000,000</td>\n</tr>\n<tr>\n<td style=\"width: 135px;\">March 2011</td>\n<td style=\"width: 178px;\">13,000,000,000</td>\n<td style=\"width: 194.258px;\">9,000,000,000</td>\n</tr>\n<tr>\n<td style=\"width: 135px;\">March 2010</td>\n<td style=\"width: 178px;\">10,000,000,000</td>\n<td style=\"width: 194.258px;\">6,000,000,000</td>\n</tr>\n<tr>\n<td style=\"width: 135px;\">March 2009</td>\n<td style=\"width: 178px;\">9,000,000,000</td>\n<td style=\"width: 194.258px;\">16,000,000,000</td>\n</tr>\n<tr>\n<td style=\"width: 135px;\">March 2008</td>\n<td style=\"width: 178px;\">32,000,000,000</td>\n<td style=\"width: 194.258px;\">17,000,000,000</td>\n</tr>\n<tr>\n<td style=\"width: 135px;\">March 2007</td>\n<td style=\"width: 178px;\">16,000,000,000</td>\n<td style=\"width: 194.258px;\">5,000,000,000</td>\n</tr>\n<tr>\n<td style=\"width: 135px;\">March 2006</td>\n<td style=\"width: 178px;\">21,000,000,000</td>\n<td style=\"width: 194.258px;\">13,000,000,000</td>\n</tr>\n</tbody>\n</table>\n<h2>Asset Management</h2>\n<p>In 1990, as assets grew, Temasek Holdings formed a fund management team to manage an independent portfolio of tradable securities, including cash, currencies, fixed income and equities as well as absolute return funds. These fund activities are separate from the investment activities of the Strategic Development group. The fund management unit operates within a strict \"Chinese-wall\" framework, and does not invest in the equities of Singapore linked-corporations where Temasek has large stakes.</p>\n<p>Temasek Holdings has a number of asset management arms including Fullerton Fund Holdings. Fullerton stated out as in-house treasury and fund management department in the late 1980s. Fullerton Fund Management Company was incorporated in December 2003.</p>\n<h2>Strategic Development</h2>\n<p>Temasek created the Enterprise Development Group in early 2013. The entity has created Heliconia Capital to provide growth capital and support for Singapore-based SMEs and invested 40.5% for a stake in Clifford Capital for project financing linked to mid-cap projects.</p>\n<h2>Concentrated Portfolio</h2>\n<p>Temasek's largest geographic concentration by underlying assets remains in Asia, with 31% and 25% in Singapore and China respectively as of March 31, 2014. Australia staggers in at 10% of the portfolio. The largest sector concentration is the financial services sector at 30%. The top 10 holdings represent 51% of the total portfolio value.</p>\n<p><strong>Temasek Holdings follows four core themes:</strong></p>\n<p><em>1. Transforming Economies</em></p>\n<p>They are keen on investing in transforming economies like China, India, South East Asia and Latin America, through investments in sectors such as financial services, infrastructure and logistics.</p>\n<p><em>2. Growing Middle Class</em></p>\n<p>Temasek desires investments in countries with growing middle income populations. These sectors would include media, telecommunications, technology, consumer products and real estate</p>\n<p><em>3. Deepening Comparative Advantages</em></p>\n<p>They have an interest in companies that have distinctive intellectual property and other competitive advantages.</p>\n<p><em>4. Emerging Champions</em></p>\n<p>Temasek Holdings invests in companies with a strong home base, as well as companies at inflection points, with the potential to be regional or global champions.</p>\n<h4>Enterprise Development Group</h4>\n<p>The Enterprise Development Group was formed in 2013 and focuses on seeding, growing and nurturing promising enterprises. The group plays an enabler role across all stages of an enterprise, from early stage investments to disruptive business models. Its direct investing activities are complemented by Temasek's Private Equity Fund Investment team, which extends and develops EDG's network of relationships.</p>\n<p><strong>Other Units</strong></p>\n<p>Vertex Venture, Heliconia Capital, Clifford Capital</p>\n<h2>Themes: LNG Hub</h2>\n<p>Singapore is strategically positioning itself as a liquefied natural gas (LNG) trading hub. The island nation seeks to capitalize on the growing hunger of LNG from countries such as Japan, China, India and Thailand. In 2013, Singapore's Temasek Holdings created Pavilion Energy, giving it a US$ 6.9 billion check book. Pavilion has been investing in LNG assets globally such as a gas field in Tanzania, while looking at joint ventures. Pavilion has storage capacity for LNG at the Singapore LNG terminal. The Singapore government is attempting to shift the region from a long-term contract supplier of LNG to a spot market.</p>\n<h2>Original Temasek Portfolio at Inception</h2>\n<table class=\"table table-striped\">\n<tbody>\n<tr>\n<th>Company</th>\n<th>Invested – March 2015</th>\n<th width=\"30%\">Notes</th>\n</tr>\n<tr>\n<td>Acma Electrical Industries Ltd</td>\n<td>No</td>\n<td> </td>\n</tr>\n<tr>\n<td>Cerebos Singapore Pte Ltd</td>\n<td>No</td>\n<td> </td>\n</tr>\n<tr>\n<td>Chemical Industries (F.E.) Ltd</td>\n<td>No</td>\n<td> </td>\n</tr>\n<tr>\n<td>Development Bank of Singapore Ltd</td>\n<td>Yes</td>\n<td>Now part of DBS Group Holdings Ltd.</td>\n</tr>\n<tr>\n<td>Instant Asia Cultural Shows Pte Ltd</td>\n<td>No</td>\n<td> </td>\n</tr>\n<tr>\n<td>Insurance Corporation of Singapore Ltd</td>\n<td>No</td>\n<td> </td>\n</tr>\n<tr>\n<td>International Development and Construction Corporation</td>\n<td>No</td>\n<td> </td>\n</tr>\n<tr>\n<td>Intraco Ltd</td>\n<td>No</td>\n<td> </td>\n</tr>\n<tr>\n<td>Jurong Bird Park Pte Ltd</td>\n<td>Yes</td>\n<td>Now part of Wildlife Reserves Singapore Pte Ltd.</td>\n</tr>\n<tr>\n<td>Jurong Holdings Pte Ltd</td>\n<td>Yes</td>\n<td>Now part of Sembcorp Industries Ltd.</td>\n</tr>\n<tr>\n<td>Jurong Shipbuilders Pte Ltd</td>\n<td>Yes</td>\n<td>Now part of Sembcorp Industries Ltd.</td>\n</tr>\n<tr>\n<td>Jurong Shipyard Pte Ltd</td>\n<td>Yes</td>\n<td>Now part of Sembcorp Industries Ltd.</td>\n</tr>\n<tr>\n<td>Keppel Shipyard Pte Ltd</td>\n<td>Yes</td>\n<td>Now part of Keppel Corporation Limited.</td>\n</tr>\n<tr>\n<td>Metrawood Pte Ltd</td>\n<td>No</td>\n<td> </td>\n</tr>\n<tr>\n<td>Ming Court Hotel Ltd</td>\n<td>No</td>\n<td> </td>\n</tr>\n<tr>\n<td>Mitsubishi Singapore Heavy Industries Pte Ltd</td>\n<td>No</td>\n<td> </td>\n</tr>\n<tr>\n<td>National Engineering Services Pte Ltd</td>\n<td>No</td>\n<td> </td>\n</tr>\n<tr>\n<td>National Grain Elevator Ltd</td>\n<td>No</td>\n<td> </td>\n</tr>\n<tr>\n<td>National Iron & Steel Mills Ltd</td>\n<td>No</td>\n<td>Formed to produce iron and steel in Singapore, NatSteel (formerly known as National Iron &#038; Steel Mills Ltd) was first divested in 1986. Temasek reinvested in NatSteel in 1998 in support of their investment in Brazil. Temasek divested NatSteel in 2002 when NatSteel initiated a sale process.</td>\n</tr>\n<tr>\n<td>Neptune Orient Lines Ltd</td>\n<td>Yes</td>\n<td> </td>\n</tr>\n<tr>\n<td>Primary Industries Enterprises Pte Ltd</td>\n<td>Yes</td>\n<td>Now part of SATS Ltd., a catering and airport services company</td>\n</tr>\n<tr>\n<td>Sembawang Holdings Pte Ltd</td>\n<td>Yes</td>\n<td>Now part of Sembcorp Industries Ltd.</td>\n</tr>\n<tr>\n<td>Singapore Airlines Ltd</td>\n<td>Yes</td>\n<td> </td>\n</tr>\n<tr>\n<td>Singapore Airport Duty-Free Emporium Pte Ltd</td>\n<td>Yes</td>\n<td>Now jointly owned by Singapore Airlines Limited and SATS Ltd</td>\n</tr>\n<tr>\n<td>Singapore Cable Car Pte Ltd</td>\n<td>No</td>\n<td> </td>\n</tr>\n<tr>\n<td>Singapore General Aviation Service Company Pte Ltd</td>\n<td>No</td>\n<td> </td>\n</tr>\n<tr>\n<td>Singapore National Printers Pte Ltd</td>\n<td>No</td>\n<td> </td>\n</tr>\n<tr>\n<td>Singapore Offshore Petroleum Services Pte Ltd</td>\n<td>No</td>\n<td> </td>\n</tr>\n<tr>\n<td>Singapore Textiles Industries Ltd</td>\n<td>No</td>\n<td> </td>\n</tr>\n<tr>\n<td>Singapore Treasury Building Pte Ltd</td>\n<td>No</td>\n<td> </td>\n</tr>\n<tr>\n<td>Singapore Zoological Gardens</td>\n<td>Yes</td>\n<td>Now part of Wildlife Reserves Singapore Pte Ltd.</td>\n</tr>\n<tr>\n<td>Singmanex Pte Ltd</td>\n<td>No</td>\n<td> </td>\n</tr>\n<tr>\n<td>Sugar Industry of Singapore Ltd</td>\n<td>No</td>\n<td> </td>\n</tr>\n<tr>\n<td>United Industrial Corporation Ltd</td>\n<td>No</td>\n<td> </td>\n</tr>\n<tr>\n<td>United Vegetable Oil Pte Ltd</td>\n<td>No</td>\n<td> </td>\n</tr>\n</tbody>\n</table>\n<h4>Related Entities</h4>\n<table class=\"table table-striped table-responsive\">\n<tbody>\n<tr>\n<th><span style=\"font-weight: 400;\">Name</span></th>\n<th><span style=\"font-weight: 400;\">Domicile</span></th>\n<th><span style=\"font-weight: 400;\">Parent</span></th>\n<th><span style=\"font-weight: 400;\">Active</span></th>\n<th><span style=\"font-weight: 400;\">Notes</span></th>\n<th><span style=\"font-weight: 400;\">Ownership</span></th>\n<th><span style=\"font-weight: 400;\">Vehicle</span></th>\n<th><span style=\"font-weight: 400;\">Tax ID</span></th>\n</tr>\n<tr>\n<td>Temasek Holdings (Private) Limited</td>\n<td>Singapore</td>\n<td> </td>\n<td> </td>\n<td>This is the main entity.</td>\n<td>100%</td>\n<td>Limited Private Company</td>\n<td> </td>\n</tr>\n<tr>\n<td>Temasek International Pte. Ltd.</td>\n<td>Singapore</td>\n<td>Temasek Holdings (Private) Limited</td>\n<td> </td>\n<td> </td>\n<td>100%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>Temasek International (USA) LLC</td>\n<td>United States – Delaware</td>\n<td>Temasek Holdings (Private) Limited</td>\n<td> </td>\n<td> </td>\n<td>100%</td>\n<td>Foreign Limited Liability Company</td>\n<td> </td>\n</tr>\n<tr>\n<td>Temasek Holdings Advisors India Private Limited</td>\n<td>India</td>\n<td>Temasek Holdings (Private) Limited</td>\n<td> </td>\n<td> </td>\n<td>100%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>Amberwood Investments (Mauritius) Pte Ltd</td>\n<td>Mauritius</td>\n<td> </td>\n<td> </td>\n<td> </td>\n<td> </td>\n<td>Limited Private Company</td>\n<td> </td>\n</tr>\n<tr>\n<td>Anderton Investments Ltd</td>\n<td> </td>\n<td> </td>\n<td> </td>\n<td> </td>\n<td> </td>\n<td>Limited Private Company</td>\n<td> </td>\n</tr>\n<tr>\n<td>Aranda Investments (Mauritius) Pte Ltd</td>\n<td>Mauritius</td>\n<td> </td>\n<td> </td>\n<td> </td>\n<td> </td>\n<td>Limited Private Company</td>\n<td> </td>\n</tr>\n<tr>\n<td>Aspen Holdings</td>\n<td> </td>\n<td> </td>\n<td> </td>\n<td> </td>\n<td> </td>\n<td>Limited Private Company</td>\n<td> </td>\n</tr>\n<tr>\n<td>Bartley Investments Pte. Ltd</td>\n<td> </td>\n<td>Tembusu Capital Pte. Ltd</td>\n<td> </td>\n<td> </td>\n<td> </td>\n<td>Limited Private Company</td>\n<td> </td>\n</tr>\n<tr>\n<td>Baytree Investments (Mauritius) Pte Ltd</td>\n<td>Mauritius</td>\n<td> </td>\n<td> </td>\n<td> </td>\n<td> </td>\n<td>Limited Private Company</td>\n<td> </td>\n</tr>\n<tr>\n<td>Centaura Investments (Mauritius) Pte Ltd</td>\n<td>Mauritius</td>\n<td> </td>\n<td> </td>\n<td> </td>\n<td> </td>\n<td>Limited Private Company</td>\n<td> </td>\n</tr>\n<tr>\n<td>Certis CISCO Security Private Limited</td>\n<td> </td>\n<td> </td>\n<td> </td>\n<td>CISCO ( The Commercial and Industrial Security Corporation) incorporated on June 1, 2005, it is a wholly owned subsidiary of Temasek Holdings, Certis CISCO today has operations in more than 63 cities around the Asia Pacific region and Middle East, employing over 26,000 people. Beginning in 1959 as the Guard and Escort Unit under the Police Force, it then became a statutory board in 1972 which was known as \"The Commercial &#038; Industrial Security Corporation\" (CISCO). Its mission was to support the efforts of the Singapore Police Force in maintaining law and order and to enhance the security environment by providing a range of security services at the highest professional standards</td>\n<td> </td>\n<td>Limited Private Company</td>\n<td> </td>\n</tr>\n<tr>\n<td>Charlton Investments (Mauritius) Pte Ltd</td>\n<td>Mauritius</td>\n<td> </td>\n<td> </td>\n<td> </td>\n<td> </td>\n<td>Limited Private Company</td>\n<td> </td>\n</tr>\n<tr>\n<td>Clifford Capital</td>\n<td> </td>\n<td> </td>\n<td> </td>\n<td>Clifford Capital commenced operations in late 2012, with a focus on financing Singapore-based companies to grow into new markets. Kovan Investments Pte Ltd is the holding entity of Clifford Capital.</td>\n<td> </td>\n<td>Limited Private Company</td>\n<td> </td>\n</tr>\n<tr>\n<td>Dunearn Investments (Mauritius) Pte Ltd</td>\n<td>Mauritius</td>\n<td>Temasek Capital (Private) Limited</td>\n<td> </td>\n<td> </td>\n<td> </td>\n<td>Limited Private Company</td>\n<td> </td>\n</tr>\n<tr>\n<td>Ellington Investments Pte. Ltd</td>\n<td> </td>\n<td>Bartley Investments Pte. Ltd</td>\n<td> </td>\n<td> </td>\n<td> </td>\n<td>Limited Private Company</td>\n<td> </td>\n</tr>\n<tr>\n<td>Fullerton Financial Holdings</td>\n<td>Singapore</td>\n<td> </td>\n<td> </td>\n<td>Formerly called, Asia Financial Holdings Pte. Ltd (AFH), this sovereign wealth enterprise invests in financial firms. As of December 31, 2009, they had total assets at S$ 46.8 billion. Duxton Investments is a wholly owned subsidiary of Fullerton Financial Holdings, an investment company whose portfolio includes Bank Danamon and Bank Internasional Indonesia in Indonesia, ICICI Bank in India, Hana Bank in Korea, Minsheng Bank in China and NIB Bank in Pakistan.</td>\n<td> </td>\n<td>Limited Private Company</td>\n<td> </td>\n</tr>\n<tr>\n<td>Fullerton Fund Investments Pte Ltd</td>\n<td>Singapore</td>\n<td> </td>\n<td> </td>\n<td> </td>\n<td> </td>\n<td>Limited Private Company</td>\n<td> </td>\n</tr>\n<tr>\n<td>Fullerton Fund Management Company Ltd</td>\n<td>Singapore</td>\n<td> </td>\n<td> </td>\n<td>In 1989, it originated as Temasek Holdings' Fund Management Division, an investment management department of Temasek Holdings. It eventually branched out and incorporated in 2003. The SWE invests in fixed income, equities, and hedge funds with a focus in the Asian economies.</td>\n<td> </td>\n<td>Limited Private Company</td>\n<td> </td>\n</tr>\n<tr>\n<td>Fullerton Management Pte Ltd</td>\n<td>Singapore</td>\n<td>Temasek Holdings (Private) Limited</td>\n<td>Temasek Holdings (Private) Limited owns 100% of Fullerton Management Pte Ltd.</td>\n<td> </td>\n<td> </td>\n<td>Limited Private Company</td>\n<td> </td>\n</tr>\n<tr>\n<td>Havelock Fund Investments Pte Ltd</td>\n<td>Singapore</td>\n<td>Temasek Holdings (Private) Limited</td>\n<td> </td>\n<td>Havelock Fund Investments Pte Ltd, a Singapore company, is an indirect wholly owned subsidiary of Temasek Holdings (Private) Limited that owns shares of Cheniere Energy. It also owns private equity investments.</td>\n<td> </td>\n<td>Limited Private Company</td>\n<td> </td>\n</tr>\n<tr>\n<td>Heliconia Capital Management Pte. Ltd</td>\n<td>Singapore</td>\n<td> </td>\n<td> </td>\n<td>Heliconia Capital Management provides growth capital for Singapore-based small and medium sized enterprises. It has made early stage co-investments in Singapore-based companies, such as Heptagon, a leading developer of advanced micro optics used in smart phone cameras, and Razer Inc., a leader in high-performance video game systems.</td>\n<td> </td>\n<td>Limited Private Company</td>\n<td> </td>\n</tr>\n<tr>\n<td>Henderson Investments (Mauritius) Pte Ltd</td>\n<td>Mauritius</td>\n<td> </td>\n<td> </td>\n<td> </td>\n<td> </td>\n<td>Limited Private Company</td>\n<td> </td>\n</tr>\n<tr>\n<td>Mapletree Investments Pte Ltd</td>\n<td>Singapore</td>\n<td>Fullerton Management Pte Ltd</td>\n<td> </td>\n<td>Mapletree Investments Pte Ltd is indirectly wholly-owned by Temasek Holdings, through its wholly-owned subsidiary, Fullerton Management Pte Ltd. They are a Asia-focused real estate development, investment and capital management company based in Singapore.</td>\n<td> </td>\n<td>Limited Private Company</td>\n<td> </td>\n</tr>\n<tr>\n<td>Maxwell (Mauritius) Pte Ltd</td>\n<td>Mauritius</td>\n<td> </td>\n<td> </td>\n<td> </td>\n<td> </td>\n<td>Limited Private Company</td>\n<td> </td>\n</tr>\n<tr>\n<td>Pavilion Energy</td>\n<td> </td>\n<td> </td>\n<td> </td>\n<td>Created in 2013 with an initial capital commitment of US$1 billion, the entity will invest in the region's growing needs for clean energy, especially around the LNG supply chain. Pavilion Energy will develop as an independent Temasek portfolio company with its own board, management and operating capabilities.</td>\n<td> </td>\n<td>Limited Private Company</td>\n<td> </td>\n</tr>\n<tr>\n<td>SeaTown Holdings International Pte. Ltd.</td>\n<td>Singapore</td>\n<td>Temasek Holdings (Private) Limited</td>\n<td> </td>\n<td>SeaTown Holdings International Pte. Ltd. , a wholly-owned subsidiary of Temasek Holdings (Private) Limited via SeaTown Holdings Pte. Ltd., was established in Singapore in 2009 as an investment manager focused on absolute returns. SeaTown seeks to achieve consistent risk-adjusted investment returns with its core strategy of value investing across the capital structure in companies globally.</td>\n<td> </td>\n<td>Limited Private Company</td>\n<td> </td>\n</tr>\n<tr>\n<td>Seletar Investments Pte Ltd</td>\n<td>Singapore</td>\n<td>Temasek Capital (Private) Limited</td>\n<td> </td>\n<td> </td>\n<td> </td>\n<td>Limited Private Company</td>\n<td> </td>\n</tr>\n<tr>\n<td>SingBridge International</td>\n<td> </td>\n<td> </td>\n<td> </td>\n<td>Formed in June 2009, Temasek's sovereign wealth enterprise that makes infrastructure investments.</td>\n<td> </td>\n<td>Limited Private Company</td>\n<td> </td>\n</tr>\n<tr>\n<td>Springwood Investments (Mauritius) Pte Ltd</td>\n<td>Mauritius</td>\n<td> </td>\n<td> </td>\n<td> </td>\n<td> </td>\n<td>Limited Private Company</td>\n<td> </td>\n</tr>\n<tr>\n<td>ST Asset Management Ltd (STAM)</td>\n<td> </td>\n<td> </td>\n<td> </td>\n<td>It is wholly owned by Temasek Holdings (Private) Limited, an Asian investment house headquartered in Singapore.</td>\n<td> </td>\n<td>Limited Private Company</td>\n<td> </td>\n</tr>\n<tr>\n<td>Tannery Investments (Mauritius) Pte Ltd</td>\n<td>Mauritius</td>\n<td> </td>\n<td> </td>\n<td> </td>\n<td> </td>\n<td>Limited Private Company</td>\n<td> </td>\n</tr>\n<tr>\n<td>Temasek Capital (Private) Limited</td>\n<td>Singapore</td>\n<td>Temasek Holdings (Private) Limited</td>\n<td> </td>\n<td> </td>\n<td> </td>\n<td>Limited Private Company</td>\n<td> </td>\n</tr>\n<tr>\n<td>Temasek Holdings Advisors India Private Limited</td>\n<td>India</td>\n<td> </td>\n<td> </td>\n<td> </td>\n<td> </td>\n<td>Limited Private Company</td>\n<td> </td>\n</tr>\n<tr>\n<td>Temasek Life Sciences Laboratory Limited</td>\n<td> </td>\n<td> </td>\n<td> </td>\n<td>TLL was established in August 2002 by the National University of Singapore, Nanyang Technological University and Temasek Holdings to undertake cutting edge research in molecular biology and genetics in the broad field of life sciences. Temasek Life Sciences Ventures Pte Ltd is an investment holding company whose mission is to commercialize life science technologies and intellectual property including those developed by Temasek Life Sciences Laboratory Ltd (TLL).</td>\n<td> </td>\n<td>Limited Private Company</td>\n<td> </td>\n</tr>\n<tr>\n<td>Temasek Life Sciences Private Limited</td>\n<td>Singapore</td>\n<td>Fullerton Management Pte Ltd</td>\n<td>Fullerton Management Pte Ltd owns 100% of Temasek Life Sciences Private Limited.</td>\n<td> </td>\n<td> </td>\n<td>Limited Private Company</td>\n<td> </td>\n</tr>\n<tr>\n<td>Vertex Venture Holdings Ltd</td>\n<td>Singapore</td>\n<td> </td>\n<td> </td>\n<td>Created in 1988, Vertex Venture Holdings Ltd (Vertex Group) is a wholly-owned subsidiary of Temasek Holdings, investing in emerging companies and leading venture capital funds throughout Greater Asia and the US.</td>\n<td> </td>\n<td>Limited Private Company</td>\n<td> </td>\n</tr>\n</tbody>\n</table>",
"updated_at": "2022-07-12T13:39:00.550Z",
"created_at": "1970-01-01T00:00:00.000Z"
}
],
"total_items": 592647
}{
"errors": [
{
"query_parameter": "sort_field",
"message": "Value not in available options."
}
],
"status": 400
}Retrieve one entity with links to associated resources.
curl -v -X GET https://api.swfi.com/v1/entities/:_id \ -H "Accept: application/json" \ -H "Authorization: $API_KEY"
{
"data": {
"_id": "598cdaa60124e9fd2d05b9af",
"name": "Norway Government Pension Fund Global",
"legal_name": "Norges Bank Investment Management",
"dba_name": "Norway GPFG",
"type": "Sovereign Wealth Fund",
"lei": "",
"address": "Bankplassen 2, P.O. Box 1179 Sentrum, NO-0107, Oslo, Norway",
"country": "Norway",
"region": "Europe",
"phone": "47-24-07-30-00",
"fax": "",
"established_at": "1990-01-01T00:00:00.000Z",
"transparency": 10,
"defunct": false,
"assets": 1268793594823,
"managed_assets": "",
"background": "<p>In 1969, oil was discovered in the North Sea. On October 25, 1969, Phillips Petroleum’s drilling platform Ocean Viking struck oil southwest of Stavanger. Phillips Petroleum had discovered petroleum at the Ekofisk field on the Norwegian continental shelf. Production from the Ekofisk field started in 1971 with a number of major discoveries in the following years. </p>\n<p>Norges Bank receives inflows from the Ministry of Finance in the form of a krone deposit in an account in Norges Bank. The krone deposit is subsequently placed with Norges Bank Investment Management for investment. Management fee for the GPFG is deducted from the amount transferred from the Ministry of Finance.</p>\n<p>In 1971, oil production began in Norway and oil and gas revenues were treated as fiscal ordinary revenue. Since Norway has a relatively small population, domestic demand for oil is limited, thus Norway became an oil exporter. </p>\n<p>The oil price shock of 1973 shifted oil prices to a persistently higher level. In February 1975, finance minister Per Kleppe proposed a new law on the taxation of petroleum production, arguing: “The very strong increase in petroleum prices, especially since the autumn of 1973, has created entirely new business conditions for companies that produce petroleum in the North Sea. [...] Therefore, it has been important for the government to consider special measures to give Norwegian society a larger share of the value created.”</p>\n<p>The key measure was a special tax on the profits from petroleum production. The ensuing petroleum tax system has been a cornerstone of Norwegian petroleum policy ever since. The main aspects of the system remain in place today, with producers taxed 78 percent of their profits, subject to various rules on depreciation and amortisation. Further large petroleum discoveries were made in the mid-to-late 1970s, most significantly the Statfjord field which would dominate Norwegian oil production in the late 1980s. The economic backdrop in the early 1980s was thus one of rapidly increasing petroleum production and high petroleum revenue.</p>\n<p>The idea of establishing a fund structure was first formally proposed by a public commission assessing the level of petroleum production in April 1983. The commission, headed by Norges Bank Deputy Governor Hermod Skånland, warned that variations in government revenue stemming from changes in oil prices should not be allowed to impact directly on government expenditure. The setback to the Norwegian economy was exacerbated by a domestic banking crisis from 1988 to 1993. The government budget balance was pushed deep into negative territory in the early 1990s. It was therefore clearly at odds with the economic trajectory when finance minister Arne Skauge proposed a Petroleum Fund Act in 1990. The act established the fund as a fiscal policy tool to support long-term considerations in the use of petroleum revenue.</p>\n<p>Up until the middle of the 1990s, Norway spent all its petroleum revenues. A large part of the petroleum revenue at the time was reinvested in the petroleum sector.</p>\n<p>The Government Petroleum Fund Act was passed unanimously by the Storting on June 22, 1990. The State Petroleum Fund was established in June 1990 after a decision by the legislature assembly Stortinget to counter the effects of the forthcoming decline in income and to smooth out the disrupting effects of highly fluctuating oil prices. It was conceived as a savings and stabilization fund. The Government Petroleum Fund was established in 1990 as a fiscal policy tool to underpin long-term considerations in the phasing in of petroleum revenues into the Norwegian economy. </p>\n<p>The fund invested parts of the large surplus generated by the Norwegian petroleum sector, generated mainly from taxes of companies, but also payment for license to explore as well as Norway’s Direct Financial Interest and dividends from the partial ownership of StatoilHydro.</p>\n<p>At first, the Petroleum Fund was directly managed by Norway’s Ministry of Finance. By 1996, sovereign wealth management was delegated in Norges Bank. Since 1998, the sovereign wealth fund is administered by Norges Bank Investment Management (NBIM), a division of Norges Bank. NBIM established a corporate Governance Advisory Board.</p>\n<p>All the government’s oil and gas-related income which include taxes, ownership shares and the country’s dividends from Statoil are given to the GPFG.</p>\n<p>By 2006, the fund had grown substantially in size and was renamed the GPFG.</p>\n<table class=\"table table-striped\" width=\"245\">\n<tbody>\n<tr>\n<td width=\"181\">Fiscal Period</td>\n<td width=\"64\">Capital Inflows – NOK Billions</td>\n</tr>\n<tr>\n<td width=\"181\">Jun 2017</td>\n<td width=\"64\">-16</td>\n</tr>\n<tr>\n<td width=\"181\">Mar 2017</td>\n<td width=\"64\">-20</td>\n</tr>\n<tr>\n<td width=\"181\">Dec 2016</td>\n<td width=\"64\">-27</td>\n</tr>\n<tr>\n<td width=\"181\">Sep 2016</td>\n<td width=\"64\">-30</td>\n</tr>\n<tr>\n<td width=\"181\">Jun 2016</td>\n<td width=\"64\">-24</td>\n</tr>\n<tr>\n<td width=\"181\">Mar 2016</td>\n<td width=\"64\">-21</td>\n</tr>\n<tr>\n<td width=\"181\">Dec 2015</td>\n<td width=\"64\">13</td>\n</tr>\n<tr>\n<td width=\"181\">Sep 2015</td>\n<td width=\"64\">12</td>\n</tr>\n<tr>\n<td width=\"181\">Jun 2015</td>\n<td width=\"64\">12</td>\n</tr>\n<tr>\n<td width=\"181\">Mar 2015</td>\n<td width=\"64\">5</td>\n</tr>\n<tr>\n<td width=\"181\">Dec 2014</td>\n<td width=\"64\">25</td>\n</tr>\n<tr>\n<td width=\"181\">Sep 2014</td>\n<td width=\"64\">36</td>\n</tr>\n<tr>\n<td width=\"181\">Jun 2014</td>\n<td width=\"64\">44</td>\n</tr>\n<tr>\n<td width=\"181\">Mar 2014</td>\n<td width=\"64\">41</td>\n</tr>\n<tr>\n<td width=\"181\">Dec 2013</td>\n<td width=\"64\">62</td>\n</tr>\n<tr>\n<td width=\"181\">Sep 2013</td>\n<td width=\"64\">58</td>\n</tr>\n<tr>\n<td width=\"181\">Jun 2013</td>\n<td width=\"64\">58</td>\n</tr>\n<tr>\n<td width=\"181\">Mar 2013</td>\n<td width=\"64\">60</td>\n</tr>\n<tr>\n<td width=\"181\">Dec 2012</td>\n<td width=\"64\">64</td>\n</tr>\n<tr>\n<td width=\"181\">Sep 2012</td>\n<td width=\"64\">80</td>\n</tr>\n<tr>\n<td width=\"181\">Jun 2012</td>\n<td width=\"64\">72</td>\n</tr>\n<tr>\n<td width=\"181\">Mar 2012</td>\n<td width=\"64\">60</td>\n</tr>\n<tr>\n<td width=\"181\">Dec 2011</td>\n<td width=\"64\">102</td>\n</tr>\n<tr>\n<td width=\"181\">Sep 2011</td>\n<td width=\"64\">78</td>\n</tr>\n<tr>\n<td width=\"181\">Jun 2011</td>\n<td width=\"64\">53</td>\n</tr>\n<tr>\n<td width=\"181\">Mar 2011</td>\n<td width=\"64\">38</td>\n</tr>\n<tr>\n<td width=\"181\">Dec 2010</td>\n<td width=\"64\">78</td>\n</tr>\n<tr>\n<td width=\"181\">Sep 2010</td>\n<td width=\"64\">49</td>\n</tr>\n<tr>\n<td width=\"181\">Jun 2010</td>\n<td width=\"64\">35</td>\n</tr>\n<tr>\n<td width=\"181\">Mar 2010</td>\n<td width=\"64\">19</td>\n</tr>\n<tr>\n<td width=\"181\">Dec 2009</td>\n<td width=\"64\">36</td>\n</tr>\n<tr>\n<td width=\"181\">Sep 2009</td>\n<td width=\"64\">49</td>\n</tr>\n<tr>\n<td width=\"181\">Jun 2009</td>\n<td width=\"64\">40</td>\n</tr>\n<tr>\n<td width=\"181\">Mar 2009</td>\n<td width=\"64\">44</td>\n</tr>\n<tr>\n<td width=\"181\">Dec 2008</td>\n<td width=\"64\">77</td>\n</tr>\n<tr>\n<td width=\"181\">Sep 2008</td>\n<td width=\"64\">128</td>\n</tr>\n<tr>\n<td width=\"181\">Jun 2008</td>\n<td width=\"64\">91</td>\n</tr>\n<tr>\n<td width=\"181\">Mar 2008</td>\n<td width=\"64\">88</td>\n</tr>\n<tr>\n<td width=\"181\">Dec 2007</td>\n<td width=\"64\">313.6</td>\n</tr>\n<tr>\n<td width=\"181\">Sep 2007</td>\n<td width=\"64\"> </td>\n</tr>\n<tr>\n<td width=\"181\">Jun 2007</td>\n<td width=\"64\"> </td>\n</tr>\n<tr>\n<td width=\"181\">Mar 2007</td>\n<td width=\"64\"> </td>\n</tr>\n<tr>\n<td width=\"181\">Dec 2006</td>\n<td width=\"64\">288.3</td>\n</tr>\n<tr>\n<td width=\"181\">Sep 2006</td>\n<td width=\"64\"> </td>\n</tr>\n<tr>\n<td width=\"181\">Jun 2006</td>\n<td width=\"64\"> </td>\n</tr>\n<tr>\n<td width=\"181\">Mar 2006</td>\n<td width=\"64\"> </td>\n</tr>\n<tr>\n<td width=\"181\">Dec 2005</td>\n<td width=\"64\">220.3</td>\n</tr>\n<tr>\n<td width=\"181\">Sep 2005</td>\n<td width=\"64\"> </td>\n</tr>\n<tr>\n<td width=\"181\">Jun 2005</td>\n<td width=\"64\"> </td>\n</tr>\n<tr>\n<td width=\"181\">Mar 2005</td>\n<td width=\"64\"> </td>\n</tr>\n<tr>\n<td width=\"181\">Dec 2004</td>\n<td width=\"64\">138.2</td>\n</tr>\n<tr>\n<td width=\"181\">Sep 2004</td>\n<td width=\"64\"> </td>\n</tr>\n<tr>\n<td width=\"181\">Jun 2004</td>\n<td width=\"64\"> </td>\n</tr>\n<tr>\n<td width=\"181\">Mar 2004</td>\n<td width=\"64\"> </td>\n</tr>\n<tr>\n<td width=\"181\">Dec 2003</td>\n<td width=\"64\">103.9</td>\n</tr>\n<tr>\n<td width=\"181\">Sep 2003</td>\n<td width=\"64\"> </td>\n</tr>\n<tr>\n<td width=\"181\">Jun 2003</td>\n<td width=\"64\"> </td>\n</tr>\n<tr>\n<td width=\"181\">Mar 2003</td>\n<td width=\"64\"> </td>\n</tr>\n<tr>\n<td width=\"181\">Dec 2002</td>\n<td width=\"64\">125.7</td>\n</tr>\n<tr>\n<td width=\"181\">Sep 2002</td>\n<td width=\"64\"> </td>\n</tr>\n<tr>\n<td width=\"181\">Jun 2002</td>\n<td width=\"64\"> </td>\n</tr>\n<tr>\n<td width=\"181\">Mar 2002</td>\n<td width=\"64\"> </td>\n</tr>\n<tr>\n<td width=\"181\">Dec 2001</td>\n<td width=\"64\">251.5</td>\n</tr>\n<tr>\n<td width=\"181\">Sep 2001</td>\n<td width=\"64\"> </td>\n</tr>\n<tr>\n<td width=\"181\">Jun 2001</td>\n<td width=\"64\"> </td>\n</tr>\n<tr>\n<td width=\"181\">Mar 2001</td>\n<td width=\"64\"> </td>\n</tr>\n<tr>\n<td width=\"181\">Dec 2000</td>\n<td width=\"64\">150</td>\n</tr>\n<tr>\n<td width=\"181\">Dec 1999</td>\n<td width=\"64\">24.5</td>\n</tr>\n<tr>\n<td width=\"181\">Dec 1998</td>\n<td width=\"64\">32.8</td>\n</tr>\n<tr>\n<td width=\"181\">Dec 1997</td>\n<td width=\"64\">60.9</td>\n</tr>\n<tr>\n<td width=\"181\">Dec 1996</td>\n<td> </td>\n</tr>\n</tbody>\n</table>",
"summary": "<p>The Government Pension Fund Global (GPFG) is a sovereign wealth fund where the surplus wealth produced by Norwegian petroleum income is held.</p>\n<p>The fund changed name in January 2006 from its previous name the Petroleum Fund of Norway. The fund is commonly referred to as the Petroleum Fund (Norwegian: Oljefondet). It is not actually a pension fund as it derives its financial backing from oil profits and not pensioners.</p>\n<p>In 2013, the NBIM created a corporate Governance Advisory Board to strengthen its long-term active ownership. The advisory board will assist in board nomination practices with regard to the sovereign fund's listed equity investments. In addition, the board will serve as a body on active ownership and regularly assess NBIM's ownership activities relative to optimal practices. Listed companies that undergo strategy shifts, takeovers or capital restructurings may receive board advice. Target companies will be firms in which the NBIM owns more than US$ 1 billion in shareholdings.</p>",
"governance": "<div>The formal framework for the fund has been laid down by the Storting – the Norwegian parliament – in the Government Pension Fund Act. The Ministry of Finance has overall responsibility for the fund and has issued guidelines for its management in the Management Mandate for the Government Pension Fund Global. Norges Bank has been tasked with the management of the fund, and its Executive Board has delegated the operational management of the fund to Norges Bank Investment Management.</div>\n<div> </div>\n<div>The Norwegian Ministry of Finance is responsible for the management of the sovereign fund and has delegated responsibility for the operational management of the fund’s international assets to Norges Bank Investment Management (NBIM). The NBIM nests within Norges Bank. The Norwegian Ministry of Finance sets the investment strategy and broad asset allocations.</div>\n<div> </div>\n<div>Investments have to be in line with the ethical guidelines based on sector and company behavior. The companies that the Fund invests in are closely monitored by a Council of Ethics. If companies are operating in conflict with the guidelines the Fund will consider withdrawal. Several companies have been excluded. The guidelines restrict investment where there is a risk that a company is involved in activities that can contribute to violation of human rights, corruption, environmental damage or other <em>particularly serious violations of fundamental ethical norms.</em></div>\n<div> </div>\n<div><strong>Executive Board</strong></div>\n<div> </div>\n<div>The Executive Board is appointed by the King in Council and is responsible for the Bank's executive and advisory activities.</div>\n<div>\n<p>The Board is responsible for ensuring the sound organisation of, and establishing satisfactory frameworks, objectives and principles for, the Bank's operations. The Board must ensure that the Bank's operations are subject to adequate management and control.</p>\n<p>The conduct of monetary policy is one of the Executive Board's most important tasks. Decisions concerning interest rates and other important changes in the use of instruments will normally be taken at the Executive Board's monetary policy meetings.</p>\n<p>The Executive Board comprises eight members, all appointed by the King in Council. The Governor is Chair and the two Deputy Governors are First Deputy Chair and Second Deputy Chair of the Executive Board. The other five members are not on the staff of Norges Bank. Two alternates for the external members, who attend and have the right to speak at Executive Board meetings, are also appointed.</p>\n<p>Two employee representatives attend Executive Board meetings when matters concerning the Bank's internal operations and conditions for the staff are discussed. The two external alternates also participate in such cases so that the Executive Board then has twelve members.</p>\n<p>The Executive Board normally meets 16-17 times per year.</p>\n</div>",
"committees": "<p>The Governor and Deputy Governor of Norges Bank are chairman and vice-chairman of the Executive Board. </p>\n<p>Audit Committee - A preparatory and advisory body established to strengthen and streamline the Board's administrative and supervisory tasks related to financial reporting, risk management and internal control. Established: 2006.</p>\n<p>Remuneration Committee - A preparatory and advisory body on matters relating to the Bank's pay and remuneration arrangements. Established: 2009.</p>\n<p>Ownership Committee - A preparatory and advisory body on matters related to the Bank's responsible investment activities and decisions on observation or exclusion of companies from the Government Pension Fund Global (GPFG). Established: January 2015.</p>\n<p>Risk and Investment Committee - A preparatory and advisory body to strengthen and streamline the Board's work related to investment strategy, risk limits, and decisions concerning major real estate investments. Established: June 2015.</p>",
"ownership": "<p>Norges Bank, the country's central bank, is the parent entity of Norges Bank Investment Management (NBIM).</p>",
"strategy": "<table id=\"datatable\" class=\"table table-striped\" style=\"width: 532.922px;\">\n<tbody>\n<tr>\n<th style=\"width: 100px;\">Fiscal Period</th>\n<th style=\"width: 235px;\">Quarterly Capital Inflows – NOK Billions</th>\n<th style=\"width: 185.922px;\">Annual Capital Inflows – NOK Billions</th>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 2021</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\">-119</td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 2020</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\">-298</td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 2019</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\">18</td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Sep 2019</td>\n<td style=\"width: 235px;\">-5</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Jun 2019</td>\n<td style=\"width: 235px;\">6</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Mar 2019</td>\n<td style=\"width: 235px;\">8</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 2018</td>\n<td style=\"width: 235px;\">29</td>\n<td style=\"width: 185.922px;\">34</td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Sep 2018</td>\n<td style=\"width: 235px;\">12</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Jun 2018</td>\n<td style=\"width: 235px;\">-2</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 2017</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\">-61</td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Jun 2017</td>\n<td style=\"width: 235px;\">-16</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Mar 2017</td>\n<td style=\"width: 235px;\">-20</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 2016</td>\n<td style=\"width: 235px;\">-27</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Sep 2016</td>\n<td style=\"width: 235px;\">-30</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Jun 2016</td>\n<td style=\"width: 235px;\">-24</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Mar 2016</td>\n<td style=\"width: 235px;\">-21</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 2015</td>\n<td style=\"width: 235px;\">13</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Sep 2015</td>\n<td style=\"width: 235px;\">12</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Jun 2015</td>\n<td style=\"width: 235px;\">12</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Mar 2015</td>\n<td style=\"width: 235px;\">5</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 2014</td>\n<td style=\"width: 235px;\">25</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Sep 2014</td>\n<td style=\"width: 235px;\">36</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Jun 2014</td>\n<td style=\"width: 235px;\">44</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Mar 2014</td>\n<td style=\"width: 235px;\">41</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 2013</td>\n<td style=\"width: 235px;\">62</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Sep 2013</td>\n<td style=\"width: 235px;\">58</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Jun 2013</td>\n<td style=\"width: 235px;\">58</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Mar 2013</td>\n<td style=\"width: 235px;\">60</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 2012</td>\n<td style=\"width: 235px;\">64</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Sep 2012</td>\n<td style=\"width: 235px;\">80</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Jun 2012</td>\n<td style=\"width: 235px;\">72</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Mar 2012</td>\n<td style=\"width: 235px;\">60</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 2011</td>\n<td style=\"width: 235px;\">102</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Sep 2011</td>\n<td style=\"width: 235px;\">78</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Jun 2011</td>\n<td style=\"width: 235px;\">53</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Mar 2011</td>\n<td style=\"width: 235px;\">38</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 2010</td>\n<td style=\"width: 235px;\">78</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Sep 2010</td>\n<td style=\"width: 235px;\">49</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Jun 2010</td>\n<td style=\"width: 235px;\">35</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Mar 2010</td>\n<td style=\"width: 235px;\">19</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 2009</td>\n<td style=\"width: 235px;\">36</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Sep 2009</td>\n<td style=\"width: 235px;\">49</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Jun 2009</td>\n<td style=\"width: 235px;\">40</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Mar 2009</td>\n<td style=\"width: 235px;\">44</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 2008</td>\n<td style=\"width: 235px;\">77</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Sep 2008</td>\n<td style=\"width: 235px;\">128</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Jun 2008</td>\n<td style=\"width: 235px;\">91</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Mar 2008</td>\n<td style=\"width: 235px;\">88</td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 2007</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\">313.6</td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Sep 2007</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Jun 2007</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Mar 2007</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 2006</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\">288.3</td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Sep 2006</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Jun 2006</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Mar 2006</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 2005</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\">220.3</td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Sep 2005</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Jun 2005</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Mar 2005</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 2004</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\">138.2</td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Sep 2004</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Jun 2004</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Mar 2004</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 2003</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\">103.9</td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Sep 2003</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Jun 2003</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Mar 2003</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 2002</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\">125.7</td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Sep 2002</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Jun 2002</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Mar 2002</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 2001</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\">251.5</td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Sep 2001</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Jun 2001</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Mar 2001</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 2000</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\">150</td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 1999</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\">24.5</td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 1998</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\">32.8</td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 1997</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\">60.9</td>\n</tr>\n<tr>\n<td style=\"width: 100px;\">Dec 1996</td>\n<td style=\"width: 235px;\"> </td>\n<td style=\"width: 185.922px;\"> </td>\n</tr>\n</tbody>\n</table>\n<p> </p>\n<table class=\"table table-striped\" style=\"width: 71.5706%;\">\n<tbody>\n<tr>\n<td style=\"width: 7%;\">Period</td>\n<td style=\"width: 12%;\">Total Employees</td>\n<td style=\"width: 10%;\">Oslo Office</td>\n<td style=\"width: 12%;\">London Office</td>\n<td style=\"width: 13%;\">Singapore Office</td>\n<td style=\"width: 12%;\">Shanghai Office</td>\n<td style=\"width: 11.4051%;\">New York Office</td>\n</tr>\n<tr>\n<td style=\"width: 7%;\">Dec 2019</td>\n<td style=\"width: 12%;\">540</td>\n<td style=\"width: 10%;\">307</td>\n<td style=\"width: 12%;\">114</td>\n<td style=\"width: 13%;\">44</td>\n<td style=\"width: 12%;\">10</td>\n<td style=\"width: 11.4051%;\">65</td>\n</tr>\n<tr>\n<td style=\"width: 7%;\">Dec 2018</td>\n<td style=\"width: 12%;\">601</td>\n<td style=\"width: 10%;\">349</td>\n<td style=\"width: 12%;\">126</td>\n<td style=\"width: 13%;\">40</td>\n<td style=\"width: 12%;\">9</td>\n<td style=\"width: 11.4051%;\">77</td>\n</tr>\n<tr>\n<td style=\"width: 7%;\">Dec 2017</td>\n<td style=\"width: 12%;\">573</td>\n<td style=\"width: 10%;\">313</td>\n<td style=\"width: 12%;\">135</td>\n<td style=\"width: 13%;\">39</td>\n<td style=\"width: 12%;\">8</td>\n<td style=\"width: 11.4051%;\">78</td>\n</tr>\n<tr>\n<td style=\"width: 7%;\">Dec 2016</td>\n<td style=\"width: 12%;\">568</td>\n<td style=\"width: 10%;\">300</td>\n<td style=\"width: 12%;\">147</td>\n<td style=\"width: 13%;\">37</td>\n<td style=\"width: 12%;\">9</td>\n<td style=\"width: 11.4051%;\">75</td>\n</tr>\n<tr>\n<td style=\"width: 7%;\">Dec 2015</td>\n<td style=\"width: 12%;\">518</td>\n<td style=\"width: 10%;\">288</td>\n<td style=\"width: 12%;\">129</td>\n<td style=\"width: 13%;\">31</td>\n<td style=\"width: 12%;\">9</td>\n<td style=\"width: 11.4051%;\">61</td>\n</tr>\n<tr>\n<td style=\"width: 7%;\">Dec 2014</td>\n<td style=\"width: 12%;\">428</td>\n<td style=\"width: 10%;\">253</td>\n<td style=\"width: 12%;\">89</td>\n<td style=\"width: 13%;\">21</td>\n<td style=\"width: 12%;\">8</td>\n<td style=\"width: 11.4051%;\">57</td>\n</tr>\n<tr>\n<td style=\"width: 7%;\">Dec 2013</td>\n<td style=\"width: 12%;\">370</td>\n<td style=\"width: 10%;\">239</td>\n<td style=\"width: 12%;\">63</td>\n<td style=\"width: 13%;\">16</td>\n<td style=\"width: 12%;\">10</td>\n<td style=\"width: 11.4051%;\">42</td>\n</tr>\n<tr>\n<td style=\"width: 7%;\">Dec 2012</td>\n<td style=\"width: 12%;\">336</td>\n<td style=\"width: 10%;\">238</td>\n<td style=\"width: 12%;\">46</td>\n<td style=\"width: 13%;\">15</td>\n<td style=\"width: 12%;\">7</td>\n<td style=\"width: 11.4051%;\">30</td>\n</tr>\n<tr>\n<td style=\"width: 7%;\">Dec 2011</td>\n<td style=\"width: 12%;\">315</td>\n<td style=\"width: 10%;\">232</td>\n<td style=\"width: 12%;\">38</td>\n<td style=\"width: 13%;\">14</td>\n<td style=\"width: 12%;\">7</td>\n<td style=\"width: 11.4051%;\">24</td>\n</tr>\n<tr>\n<td style=\"width: 7%;\">Dec 2010</td>\n<td style=\"width: 12%;\">278</td>\n<td style=\"width: 10%;\"> </td>\n<td style=\"width: 12%;\"> </td>\n<td style=\"width: 13%;\"> </td>\n<td style=\"width: 12%;\"> </td>\n<td style=\"width: 11.4051%;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 7%;\">Dec 2009</td>\n<td style=\"width: 12%;\">249</td>\n<td style=\"width: 10%;\"> </td>\n<td style=\"width: 12%;\"> </td>\n<td style=\"width: 13%;\"> </td>\n<td style=\"width: 12%;\"> </td>\n<td style=\"width: 11.4051%;\"> </td>\n</tr>\n<tr>\n<td style=\"width: 7%;\">Dec 2008</td>\n<td style=\"width: 12%;\">217</td>\n<td style=\"width: 10%;\"> </td>\n<td style=\"width: 12%;\"> </td>\n<td style=\"width: 13%;\"> </td>\n<td style=\"width: 12%;\"> </td>\n<td style=\"width: 11.4051%;\"> </td>\n</tr>\n</tbody>\n</table>\n<p>The first mandate in 1998 defined a narrow investment universe, with tight constraints on relative risk exposure relative to the benchmark index. Since then, the mandate has evolved to reflect the trade-offs between different priorities. n 1998, the investment universe consisted of liquid and traded securities in developed equity and fixed-income markets. A key feature was a specific list of approved countries. Equity and fixed-income investments could only be made in markets on this list. Since then, additional markets, instruments and issuers have been added to both the equity and the fixed-income universe.</p>\n<p>The concept of a benchmark index was established in the early days of the fund and has played a pivotal role in how the fund has been managed since the very beginning. In August 1997, Norges Bank suggested that the strategic choices made by the Ministry of Finance could be specified by defining a benchmark index, and indicated that Norges Bank as operational manager would use this index as a basis for its actual investments.</p>\n<p>The fund can also invest in unlisted real estate and unlisted renewable energy infrastructure. Unlisted real estate became part of the fund’s opportunity set in 2010, while infrastructure for renewable energy was not included in the investment universe until late 2019. Real estate is defined as rights to land and any buildings located thereon. Renewable energy infrastructure is defined as land, real estate and onshore or offshore facilities that are principally used or intended for use in the production, transmission, distribution and storage of energy based on renewable sources.</p>\n<p>Unlisted investments have been a frequent topic of discussion ever since. In addition to real estate and infrastructure, unlisted equities have been on the agenda on four occasions, in 2002, 2006, 2010, and 2018.</p>\n<p>In 2017, the Ministry decided to remove real estate from the fund’s benchmark index, but still allow the fund to invest in the asset class. Since 2017, the real estate portfolio has been included in the calculation of the fund’s tracking error. The limit was, however, kept unchanged at 125 basis points. The 2016 decision to increase the tracking error limit to 125 basis points was more than offset by the reduced scope for relative risk taking that the new framework for real estate implied.</p>\n<p>Internal vs. External Management</p>\n<table class=\"table table-striped\" style=\"width: 472px;\">\n<tbody>\n<tr>\n<td style=\"width: 108px;\">Period</td>\n<td style=\"width: 137px;\">Internal Managed</td>\n<td style=\"width: 207px;\">External Management</td>\n<td style=\"width: 207px;\">Estimate</td>\n</tr>\n<tr>\n<td style=\"width: 108px;\">Dec 2019</td>\n<td style=\"width: 137px;\"> 95.30%</td>\n<td style=\"width: 207px;\">4.70%</td>\n<td style=\"width: 207px;\">Yes</td>\n</tr>\n<tr>\n<td style=\"width: 108px;\">Dec 2018</td>\n<td style=\"width: 137px;\">95.30%</td>\n<td style=\"width: 207px;\">4.70%</td>\n<td style=\"width: 207px;\">No</td>\n</tr>\n<tr>\n<td style=\"width: 108px;\">Dec 2017</td>\n<td style=\"width: 137px;\">95.00%</td>\n<td style=\"width: 207px;\">5.00%</td>\n<td style=\"width: 207px;\">No</td>\n</tr>\n</tbody>\n</table>\n<h2>Limits and Exposures</h2>\n<table class=\"table table-striped table-responsive\" style=\"width: 757px;\">\n<tbody>\n<tr>\n<th style=\"width: 185px;\">Factors</th>\n<th style=\"width: 560px;\">Limits and Exposures – Set by Norwegian Ministry of Finance</th>\n</tr>\n<tr>\n<td style=\"width: 185px;\">Exposure</td>\n<td style=\"width: 560px;\">Equities 50% to 70% of fund's market value*</td>\n</tr>\n<tr class=\"alt\">\n<td style=\"width: 185px;\">Exposure</td>\n<td style=\"width: 560px;\">Real Estate 0% to 5% of fund's market value</td>\n</tr>\n<tr>\n<td style=\"width: 185px;\">Market Risk</td>\n<td style=\"width: 560px;\">1% of Expected Tracking Error for Equity and Fixed Income Investments</td>\n</tr>\n<tr class=\"alt\">\n<td style=\"width: 185px;\">Credit Risk</td>\n<td style=\"width: 560px;\">Maximum of 5% of Fixed Income Investments can be rated below BBB-</td>\n</tr>\n<tr>\n<td style=\"width: 185px;\">Maximum Ownership</td>\n<td style=\"width: 560px;\">Maximum of 10% of voting shares in a listed company</td>\n</tr>\n</tbody>\n</table>\n<p> *This includes equity exposure through underlying economic exposure to equities in derivatives.</p>\n<h2>Real Estate</h2>\n<p>Norges Bank Investment Management's activities and risks related to private real estate investments differ significantly from those related to fixed income instruments or publicly-listed securities. Private real estate investments require additional structures to protect the funds managed by NBIM and the Central Bank balance sheet. The NBIM has partnered with large real estate owners such as Metlife, Prologis, TIAA-CREF and the Crown's Estate on acquiring portfolios of core properties in highly-desired areas. The fund has exposures to real estate in both Europe (ex-Norway) and the Americas. In 2014, the strategy was to invest in a limited number of major cities in key markets. By 2014, GPFG's real estate holdings have grown rapidly. In 2014, the bought real estate in U.S. and Europe, making 2014 a banner year in purchases.</p>\n<p>In order to reach the targets, NBIM established a separate management group for real estate investment that will build a separate real estate investment organisation within Norges Bank. The strategy is to invest in large cities in the US, Europe and at a later stage in Asia. The plan is to invest about 1 percent of the GPFG in real estate every year in the coming years. The 5 percent limit should therefore be put to consideration.</p>\n<p>The structures may have several layers and ownership may be shared. NBIM shall ensure established structures protect existing assets and a due diligence process must be performed prior to entering into new transactions. Items covered by due diligence process shall be monitored throughout the ownership period.</p>\n<p>Investments shall be made through legal entities and balance the following objectives:</p>\n<ul>\n<li>Limiting liability exposure to Norges Bank</li>\n<li>Protection of the existing assets of the Fund</li>\n<li>Sufficient governance</li>\n<li>Operational efficiency</li>\n<li>Cost efficiency, including tax</li>\n</ul>\n<p>The NBIM Real Estate Advisory Board (REAB) shall act in an advisory capacity to the Chief Investment Officer (CIO) Real Estate. Advice from REAB should generally be sought prior to due diligence and prior to incurring material transaction costs.</p>\n<h2>Core Real Estate Investments by City</h2>\n<table class=\"table table-striped table-responsive\" style=\"width: 583px;\">\n<tbody>\n<tr>\n<th style=\"width: 142.49px;\">NA Cities</th>\n<th style=\"width: 133.51px;\">UK/France</th>\n<th style=\"width: 111px;\">Mid-Europe</th>\n<th style=\"width: 174px;\">Country</th>\n</tr>\n<tr>\n<td style=\"width: 142.49px;\">San Francisco</td>\n<td style=\"width: 133.51px;\">London</td>\n<td style=\"width: 111px;\">Berlin</td>\n<td style=\"width: 174px;\">Sweden</td>\n</tr>\n<tr class=\"alt\">\n<td style=\"width: 142.49px;\">Boston</td>\n<td style=\"width: 133.51px;\">Sheffield</td>\n<td style=\"width: 111px;\">Frankfurt</td>\n<td style=\"width: 174px;\">Poland</td>\n</tr>\n<tr>\n<td style=\"width: 142.49px;\">New York</td>\n<td style=\"width: 133.51px;\">Paris</td>\n<td style=\"width: 111px;\">Munich</td>\n<td style=\"width: 174px;\">Italy</td>\n</tr>\n<tr class=\"alt\">\n<td style=\"width: 142.49px;\">Washington, DC</td>\n<td style=\"width: 133.51px;\"> </td>\n<td style=\"width: 111px;\">Zurich</td>\n<td style=\"width: 174px;\">Hungary</td>\n</tr>\n</tbody>\n</table>\n<h2>Related Entities</h2>\n<table class=\"table table-striped table-responsive\">\n<tbody>\n<tr>\n<th>Name</th>\n<th>Domicile</th>\n<th>Parent</th>\n<th>Active</th>\n<th>Notes</th>\n<th>Ownership</th>\n<th>Vehicle</th>\n<th>Tax ID</th>\n</tr>\n<tr>\n<td>NBIM Charlotte Partners LP</td>\n<td>United Kingdom</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2014</td>\n<td>57.75%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>NBIM Louis SAS</td>\n<td>France</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2011</td>\n<td>100.00%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>SCI 16 Matignon</td>\n<td>France</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2011</td>\n<td>50.00%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>Champs Elysées Rond-Point SCI</td>\n<td>France</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2011</td>\n<td>50.00%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>SCI PB 12</td>\n<td>France</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2011</td>\n<td>50.00%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>SCI Malesherbes</td>\n<td>France</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2012</td>\n<td>50.00%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>SCI 15 Scribe</td>\n<td>France</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2012</td>\n<td>50.00%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>SAS 100 CE</td>\n<td>France</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2012</td>\n<td>50.00%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>SCI Daumesnil</td>\n<td>France</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2012</td>\n<td>50.00%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>SCI 9 Messine</td>\n<td>France</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2012</td>\n<td>50.00%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>SCI Pasquier</td>\n<td>France</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2013</td>\n<td>50.00%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>NBIM Marcel SPPICAV</td>\n<td>France</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2014</td>\n<td>100.00%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>Die Welle 1 Frankfurt Immobilien GmbH & Co. KG</td>\n<td>Germany</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2012</td>\n<td>50.00%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>Die Welle 3 Frankfurt Immobilien GmbH & Co. KG</td>\n<td>Germany</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2012</td>\n<td>50.00%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>NKE Neues Kranzler Eck Berlin Immobilien GmbH & Co. KG</td>\n<td>Germany</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2012</td>\n<td>50.00%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>Tower SZ Munich GmbH &#038; Co. KG</td>\n<td>Germany</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2013</td>\n<td>50.00%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>T-C 1101 Pennsylvania Venture LLC</td>\n<td>United States – Delaware</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2013</td>\n<td>49.90%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>T-C Franklin Square Venture LLC</td>\n<td>United States – Delaware</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2013</td>\n<td>49.90%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>T-C 33 Arch Street Venture LLC</td>\n<td>United States – Delaware</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2013</td>\n<td>49.90%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>T-C 470 Park Avenue South Venture LLC</td>\n<td>United States – Delaware</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2013</td>\n<td>49.90%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>T-C 475 Fifth Avenue Venture LLC</td>\n<td>United States – Delaware</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2013</td>\n<td>49.90%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>No. 1 Times Square Development LLC</td>\n<td>United States – Delaware</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2013</td>\n<td>45.00%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>OFC Boston LLC</td>\n<td>United States – Delaware</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2013</td>\n<td>47.50%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>425 MKT LLC</td>\n<td>United States – Delaware</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2013</td>\n<td>47.50%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>555 12th LLC</td>\n<td>United States – Delaware</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2013</td>\n<td>47.50%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>Prologis U.S. Logistics Venture LLC</td>\n<td>United States – Delaware</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2014</td>\n<td>46.30%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>OBS Boston LLC</td>\n<td>United States – Delaware</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2014</td>\n<td>47.50%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>100 Federal JV LLC</td>\n<td>United States – Delaware</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2014</td>\n<td>45.00%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>Atlantic Wharf JV LLC</td>\n<td>United States – Delaware</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2014</td>\n<td>45.00%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>BP/CGCenter MM LLC</td>\n<td>United States – Delaware</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2014</td>\n<td>45.00%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>T-C 2 Herald Square Venture LLC</td>\n<td>United States – Delaware</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2014</td>\n<td>49.90%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>T-C 800 17th Street Venture NW LLC</td>\n<td>United States – Delaware</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2014</td>\n<td>49.90%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>T-C Foundry Sq II Venture LLC</td>\n<td>United States – Delaware</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2014</td>\n<td>49.90%</td>\n<td> </td>\n<td> </td>\n</tr>\n<tr>\n<td>T-C Hall of States Venture LLC</td>\n<td>United States – Delaware</td>\n<td>Norges Bank Real Estate Management</td>\n<td> </td>\n<td>2014</td>\n<td>49.90%</td>\n<td> </td>\n<td> </td>\n</tr>\n</tbody>\n</table>\n<h2>Real Estate Investment Advisors</h2>\n<table class=\"table table-striped table-responsive\" style=\"width: 793px;\">\n<tbody>\n<tr>\n<th style=\"width: 226px;\">Dec 2015</th>\n<th style=\"width: 171px;\">Dec 2015</th>\n<th style=\"width: 158px;\">Dec 2015</th>\n<th style=\"width: 216px;\">Dec 2015</th>\n</tr>\n<tr>\n<td style=\"width: 226px;\">Investment Partner</td>\n<td style=\"width: 171px;\">Country</td>\n<td style=\"width: 158px;\">Sector</td>\n<td style=\"width: 216px;\">Share of Real Estate Portfolio</td>\n</tr>\n<tr>\n<td style=\"width: 226px;\">Prologis</td>\n<td style=\"width: 171px;\">U.S.</td>\n<td style=\"width: 158px;\">Logistics</td>\n<td style=\"width: 216px;\">13.90%</td>\n</tr>\n<tr>\n<td style=\"width: 226px;\">Boston Properties</td>\n<td style=\"width: 171px;\">U.S.</td>\n<td style=\"width: 158px;\">Office</td>\n<td style=\"width: 216px;\">11.60%</td>\n</tr>\n<tr>\n<td style=\"width: 226px;\">Prologis</td>\n<td style=\"width: 171px;\">Europe</td>\n<td style=\"width: 158px;\">Logistics</td>\n<td style=\"width: 216px;\">10.50%</td>\n</tr>\n<tr>\n<td style=\"width: 226px;\">The Crown Estate</td>\n<td style=\"width: 171px;\">Europe</td>\n<td style=\"width: 158px;\">Retail, Office</td>\n<td style=\"width: 216px;\">8.80%</td>\n</tr>\n<tr>\n<td style=\"width: 226px;\">TIAA</td>\n<td style=\"width: 171px;\">U.S.</td>\n<td style=\"width: 158px;\">Office</td>\n<td style=\"width: 216px;\">8.50%</td>\n</tr>\n<tr>\n<td style=\"width: 226px;\">Trinity Wall Street</td>\n<td style=\"width: 171px;\">U.S.</td>\n<td style=\"width: 158px;\">Office</td>\n<td style=\"width: 216px;\">7.80%</td>\n</tr>\n<tr>\n<td style=\"width: 226px;\">AXA Real Estate</td>\n<td style=\"width: 171px;\">France, Germany</td>\n<td style=\"width: 158px;\">Office, Retail</td>\n<td style=\"width: 216px;\">7.60%</td>\n</tr>\n<tr>\n<td style=\"width: 226px;\">MetLife</td>\n<td style=\"width: 171px;\">U.S.</td>\n<td style=\"width: 158px;\">Office</td>\n<td style=\"width: 216px;\">5.20%</td>\n</tr>\n<tr>\n<td style=\"width: 226px;\">British Land</td>\n<td style=\"width: 171px;\">U.K.</td>\n<td style=\"width: 158px;\">Retail</td>\n<td style=\"width: 216px;\">3.60%</td>\n</tr>\n<tr>\n<td style=\"width: 226px;\">Prudential Real Estate Investors</td>\n<td style=\"width: 171px;\">U.S.</td>\n<td style=\"width: 158px;\">Office</td>\n<td style=\"width: 216px;\">2.20%</td>\n</tr>\n<tr>\n<td style=\"width: 226px;\">Generali Real Estate</td>\n<td style=\"width: 171px;\">France</td>\n<td style=\"width: 158px;\">Office, Retail</td>\n<td style=\"width: 216px;\">1.70%</td>\n</tr>\n</tbody>\n</table>\n<p><strong>Environmental Mandates</strong></p>\n<p>The GPFG invests in environment-related mandates. In 2001, an environmental fund was made as a sub-portfolio of equity holdings. Companies were chosen on a basis of environmental criteria. The benchmark was the same as for the equities of the total fund, except for some provisions. This effort was short-lived as in December 2004 the environmental portfolio was abolished due to enhances in ethical guidelines at the time.</p>\n<p>At the end of 2014, the fund had invested NOK 42 billion in environment-related equity mandates. The fund also invests in green bonds. Green bond investing started in 2014, as they established a portfolio for it. The portfolio contains green bonds denominated in euros and issued by supranationals, agencies and local authorities. The reference portfolio is based on a sub-segment of the Barclays MSCI Green Bond Indices. Independent evaluation of each security is carried out by leading providers of environmental, social and governance research to determine whether the bond will be eligible for the green bond index or not. Typical areas covered are alternative energy, energy efficiency, pollution prevention, sustainable water, and green buildings.</p>\n<p>For companies, the fund in the environmental mandates select companies operating in areas such as low-emission energy solutions and alternative fuels; energy efficiency and natural resource management. In 2014, environment-related mandates returned 5% which was lower than the overall annual return on the GPFG.</p>",
"updated_at": "2022-08-17T18:35:47.203Z",
"created_at": "2017-08-22T00:32:16.593Z"
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