Norway's wealth fund should invest in private equity, central bank says

Norway's $1.5 trillion sovereign wealth fund, the world's largest, should expand its portfolio to include private equity investments in unlisted companies, the country's central bank said in a recommendation to the government on Tuesday.

The Norwegian finance ministry in March asked the executive board of Norges Bank, which manages the fund, to assess whether unlisted shares should be added as an asset class. A final decision will ultimately be made by parliament next year. The fund, which invests Norway's surplus oil and gas revenue abroad, is the world's biggest single stock market investor owning some 1.5% of all globally listed shares, and has stakes in more than 9,200 companies.