Other · $1.8tn AUM
Norges Bank Investment Management (NBIM)
Mandate & appetite
- Preferred strategies
- Core
- Target geographies
- Global
- Typical ticket
- $200m–$5.0bn
- AUM
- $1.8tn
- Real-asset allocation
- Infra 5%
- Appetite
- —
Investor profile
Norwegian sovereign wealth fund (Government Pension Fund Global). Acquired 40% stake in Axa Lifestyle Housing (Boost Society student accommodation platform, primarily France and Spain) confirming active European PBSA allocation. One of the world's largest sovereign wealth funds with broad real estate exposure.
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[Verified 2026-05-19 | Source: nbim.no] Norges Bank Investment Management (NBIM) manages the Norwegian Government Pension Fund Global, the world's largest sovereign wealth fund at ~NOK 19 trillion (~$1.8 trillion USD). Invests in equities, fixed income, real estate and renewable energy. Real estate portfolio: approximately 2-3% of total fund. Active LP and direct co-investor globally. [2026-05-26: NBIM Strategy 28 broadens RE allocation into living sector + platforms/funds; backing Azora bid for €500m+ prime Spanish resi portfolio (1,910 units, Madrid/Málaga/Seville/Bilbao). New global head RE Alex Knapp (ex-Hines Europe CIO) since 2025.]
Sovereign Wealth
Norges Bank Investment
Norway
Other · $11.5bn AUM
AXA IM - Real Assets
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In June 2025, French insurance giant BNP Paribas Cardif acquired AXA IM. | IDEA: In 2025, Axa IM Alts raised €660m of new capital commitments for its student housing strategy; aims to build €3bn student housing and co-living portfolio by 2031. The student housing strategy is seeded with The Boost Society platform, formed when Axa IM Alts acquired Kley Group, a French student housing and co-living operator, on behalf of clients in 2022 (changed from 2019). The platform currently comprises around 8,300 beds across 32 operational residences in Spain and France. The strategy will focus on standing assets, ground-up developments and former office conversion opportunities.
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AXA IM / AXA IM Real Assets
France
In June 2025, French insurance giant BNP Paribas Cardif acquired AXA IM. | IDEA: In 2025, Axa IM Alts raised €660m of new capital commitments for its student housing strategy; aims to build €3bn student housing and co-living portfolio by 2031. The student housing strategy is seeded with The Boost Society platform, formed when Axa IM Alts acquired Kley Group, a French student housing and co-living operator, on behalf of clients in 2022 (changed from 2019). The platform currently comprises around 8,300 beds across 32 operational residences in Spain and France. The strategy will focus on standing assets, ground-up developments and former office conversion opportunities.
Other
Norges Bank Investment Management
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