Norway's sovereign wealth fund invested over $1.7 billion in Turkish companies as of the end of 2025, marking its largest-ever exposure to Türkiye.
The fund, valued at nearly $2.2 trillion and managed by Norges Bank Investment Management, held stakes in a record 79 Turkish companies across multiple sectors, according to information compiled by Anadolu.
The investment represents a significant increase from the previous year and reflects a steady rise in the fund’s exposure to Türkiye in recent years.
The world's largest sovereign wealth fund, allocated more than $1.7 billion to Turkish equities in 2025, including investments in three energy companies totaling around $121 million.
The eneergy holdings included Türkiye Petrol Rafinerileri AS (Tupras), Astor Enerji AS and Enerya Enerji AS.
- Biggest investment in ASELSAN
ASELSAN, an international defense electronics company, was the recipient of the largest share investment of the wealth fund in Türkiye. The fund owns a 0.58% stake in the company, with a total investment of approximately $142 million.
The fund invested $120.04 million in Birlesik Magazalar AS (BİM), $117.39 million in Akbank and $91.79 million in Tupras.
The fund's largest percentage stake in the Turkish portfolio is in MLP Saglik Hizmetleri AS, where it holds a 3.46% interest valued at $58.47 million.
Mercan Kimya Sanayi ve Ticaret AS and Is Investment followed, with the fund holding 2.97% and 2.85% shares, respectively. The total amount invested in the shares of these companies amounted to $2.27 million and $39.46 million, respectively.
- Fund invests in 60 countries in 2025
Since 1990, the Norwegian Wealth Fund has invested in foreign stocks, bonds and real estate markets with the returns from the country's oil and natural gas production.
Just a small percentage of the fund's earnings are available for use by the Norwegian government and the majority must be set aside for future generations.
Last year, the fund invested in 7,201 companies in 60 countries.
Norway's $2 trillion sovereign wealth fund reported a profit of 2.36 trillion Norwegian kroners ($247 billion) in 2025, due to rising tech, financial, and mining sectors.
Since 2008, the Fund has boosted its holdings in Turkish company equities, having previously made modest investments in Türkiye since 2001.
The Norwegian Wealth Fund is also interested in stakes in major companies operating in the transportation, automotive, software and steel sectors in Türkiye.
The fund had increased its investments in Türkiye from $485 million in 2021 to $1.2 billion in 2022, $1.3 billion in 2023, and $1.5 billion in 2024.
By Murat Temizer
Anadolu Agency
energy@aa.com.tr
