The €230 billion (£195 billion) Norwegian Government Pension Fund – Global, also known as the Norwegian Oil Fund, has opened a new tender for external managers to run a range of country-specific emerging markets mandates, as well as broader regional mandates.
The fund manager of the Norwegian Oil Fund, Norges Bank Investment Management (NBIM) is seeking fund managers to run equity funds focused on the following emerging countries like Thailand, China, South-Korea and India.
The mandates would range from $50-$250 million. NBIM is looking for long-only and long-biased products across all market caps. The NBIM says it is even considering offers from start-up companies and those without long do not have long track records.
The Government Pension Fund is a sovereign wealth fund which invests the money earned from Norwegian oil reserves. Nominally, the Ministry of Finance is responsible for the management of the Fund but it has delegated the operational management of the fund’s international assets to the NBIM. The market value of the fund was NOK 2076 billion (€230 billion) at the end of March 2009.