Wealth-Fund Star’s New $110 Billion Job Redefines Energy Bet
- Norway wealth fund ex-CEO targets new energy investing model
- Energy transition opens door to new era of fund innovation
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The former chief executive of Norway’s $1.4 trillion wealth fund says he plans to bring investors in renewable energy much closer to the point of production than has previously been the norm, as he tries to attract some of the biggest asset owners to his new venture.
Yngve Slyngstad, who oversaw the world’s largest wealth fund for almost 13 years until handing the job to former hedge-fund boss Nicolai Tangen last year, will start running Aker Asset Management in March. The new unit, which will be part of billionaire Kjell Inge Rokke’s energy conglomerate Aker ASA, targets 100 billion euros ($110 billion) in investment capital that will go toward climate solutions and green energy projects.