This paper surveys the recent literature on investing in illiquid assets. The paper takes a practical perspective and contains recommendations for the investment policy of a large sovereign wealth fund. We first summarize the theoretical literature on liquidity level and liquidity risk premiums....

Access to finance is crucial if we are to achieve the fundamental transition of our time: securing a safe and just society operating within the planetary boundaries. In the era of global market capitalism and deregulation, Sovereign Wealth Funds (SWFs) offer one of the few public economic...

We have reviewed Norges Bank's active management of the Government Pension Fund Global, referred to simply as the “Fund.”The absolute performance of the Fund is almost entirely determined by the benchmark choice set by the Ministry of Finance (the asset owner) and is dominated by equity...

We know that access to finance is crucial if we are to achieve the fundamental transition necessary to meet the grand challenge of our time: securing a safe and just operating within the planetary boundaries. In the era of global market capitalism and deregulation, Sovereign Wealth Funds (SWFs)...

We investigate how international investors evaluate the behaviour of those companies that have been excluded from the portfolio of the Norwegian Government Pension Fund-Global (GPF-G) due to environmental concerns. We concentrate on the excluded companies, to check if they are punished by SR...