Invitation to tender | Norges Bank Investment Management

Norges Bank Investment Management invests in specific segments of the equity market through external fund managers. We currently allocate approximately USD 110 billion to external fund managers, all of whom follow bottom-up fundamental investment strategies.

This is an open invitation to tender with no fixed deadline for submission. Please be advised that due to the high volume of applications, we cannot respond to each individually, but we will review all submissions and will contact those of priority.

We award Long Only, Alpha Extension, Long/Short and Market Neutral mandates for investing in listed equity markets. Mandates are managed in Separately Managed Accounts.

Typical initial funding for each mandate is USD 150-500 million.

We consider both funds in the process of being launched, as well as established managers.

Mandates not considered

Non-listed assets (e.g., venture capital, private equity, private credit or option strategies etc).
Fixed income, currency, convertible, macro strategies or balanced strategies.
Quantitative/systematic strategies, fund of funds, ECM, risk arbitrage or event driven strategies.

Mandates we are currently seeking:

DM Asia / Oceania – Single country mandates, locally based managers

Australia, Japan, Korea, Taiwan

DM Europe – Regional mandates, long only and long-short

Europe All Cap, Europe Small Cap, Nordic Small Cap

DM Americas/Global – Sector mandates, long only and long-short

Single sector: Technology, Healthcare, Real estate, Consumer, etc.
Multi-sector: Managers covering 2-3 sectors.

Emerging markets – Single country mandates, locally based managers

China, India, Indonesia, Malaysia, Thailand, Philippines, Vietnam
GCC, South Africa
Poland, Turkey, Greece, Eastern Europe (regional)
Brazil, Mexico, Chile, Colombia/Peru

EM South-East Asia – Regional mandates

Indonesia, Malaysia, Thailand, Philippines, Singapore

Process overview

We source our managers from multiple sources including this open invitation to tender. The processes:

1. Submit RFI:

Complete the short questionnaire with portfolio holdings via this website or following contact with our External Strategies team.

2. Review and Prioritization:

All submissions will be reviewed. Relevant managers will be contacted.

3. On-site meetings:

We conduct multiple on-site meetings at manager’s office. The number of visits varies depending on strategy and our priorities. Norges Bank Investment Management does not host meetings in our offices.

4. Follow-up questionnaire and due diligence:

Shortlisted candidates will complete a detailed questionnaire and undergo further operational and compliance due diligence.

5. Selection criteria:

Selection will be based on our evaluation of forward looking expected excess return. We focus on investment strategy and company level research process, team expertise, differentiation and innovation, robust risk management, compliance, and operational capabilities. We do not evaluate past performance data.

6. Investment management agreement and investment guidelines:

Awarded mandates will operate under Norges Bank Investment Management’s investment management agreement and investment guidelines.

Submit your application

Complete the attached Questionnaire (Word) and Portfolio holdings Q13 (Excel).

Email your submission to NBIM.EX.EQMandates@nbim.no. Include your firm’s name and the mandate you are applying for in the email subject line.

We appreciate your interest and look forward to reviewing your application.