Norwegian oil fund needs new playbook to expand into frontier markets: ex-Norfund chief

Business July 31, 2026 / By: Bjørn H Amland

Norwegian politicians should rethink where the oil fund invests, says the outgoing CEO of Norfund Tellef Thorleifsson. Rather than continuing to operate as a pure index fund where more than half the fund is invested in the United States, Norway should allocate more capital to private companies, particularly renewable energy projects in emerging markets, he argues. A shrinking share of the global investment universe is publicly listed.

Norges_Bank_Arkitektur-3090 (1).jpg — Having spent the past eight years leading Norfund and navigating global investment markets, ex Norfund-chief Tellef Thorleifsson is critical of the pure index-driven mandate of Norway’s USD 2.3 trillion oil fund located at Norges Bank in Oslo. (Photo: Norges Bank)

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