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Norway’s sovereign wealth fund had invested $1.3 billion in Turkish markets as of end-2024, with Koç Holding receiving the largest share of $115.5 million, according to Norges Bank Investment Management (NBIM), which is responsible for managing the Government Pension Fund of Norway, the world’s largest sovereign wealth fund.
NBIM’s second-largest Turkish investment is $67.6 million in state oil refiner Tüpraş, data from end-2024 show.
Koç Holding is a diversified conglomerate with a key presence in businesses such as energy, automotive, financial institutions and consumer durables. Its commanding market positioning combined with stable financial performance made it an attractive investment for large global funds such as NBIM.
The fund had invested in 44 Turkish companies by the end of 2023, including major stakes in Akbank ($113.5 million), BIM stores ($111.4 million), Turkish Airlines ($83 million) and Turkcell ($77.4 million). These investments align with NBIM’s long-term strategy of maintaining small ownership positions.
The fund’s Turkish investments grew from $485 million in 2021 to $1.3 billion by end-2024.
NBIM, with $1.5 trillion in global investments across 8,859 companies in 65 countries as of end-2024, reported $213 billion in profits last year. While the fund has increased its renewable energy investments globally, its Turkish portfolio currently holds no renewable energy assets.
The fund reinvests most of its returns, with only a small portion used for public spending. Market analysts say its Turkish investments, led by energy sector holdings, reflect NBIM’s focus on key economic sectors while maintaining portfolio diversity.
NBIM typically takes small, non-controlling stakes in companies as part of its long-term investment strategy. This approach allows the fund to spread risk across multiple companies while avoiding direct involvement in company management.