BAKU, Azerbaijan, January 12. Companies and shares invested by the State Oil Fund of Azerbaijan (SOFAZ) have been announced, Trend reports via the nation's Chamber of Accounts.
During the first nine months of 2025, the volume of assets in the SOFAZ's equity sub-portfolio grew to $18.1 billion due to reclassifications, net cash outflows, and positive investment revenues, and the portfolio's profitability indicators were largely in line with the benchmark.
This portfolio includes shares of companies listed in the MSCI World and MSCI Europe ex UK indices, shares of VTB Bank of Russia, as well as a private equity fund managed by Neuberger Berman under a different mandate, along with funds managed by the International Finance Corporation, the European Bank for Reconstruction and Development, Blackstone, Fondo Strategico Italiano, BC Partners, Carlyle Group, Vista Equity Partners, Thoma Bravo, Apollo Global Management, Warburg Pincus LLC, EQT (formerly known as Baring), PAG, Blue Owl, Cinven, Leonard Green & Partners (LGP), Brookfield, ARES Management, CVC Capital Partners, KKR & Co. Inc, Vitruvian Partners, Francisco Partners, Clayton, Dubilier & Rice, New Mountain Capital, and Azzurra Capital. Besides, a joint investment with Ares Management, BC Partners, Apollo Global Management, Vista Equity Partners, Cinven, and Brookfield has been included in the portfolio. In the first nine months of 2025, the equity sub-portfolio earned $2.15 billion, or 13.5%, in returns, excluding exchange rate differences.
Based on the provided data, the total volume of assets managed by foreign managers in the fund's equity sub-portfolio amounted to $15.8 billion, with an average return of 14.5%.
According to the provided data, during the reporting period, the fund carried out the reclassification of assets between sub-portfolios in line with the 2025 investment policy. In this context, infrastructure investments amounting to $571.1 million included in the equity sub-portfolio were reclassified and added to the fund's real estate sub-portfolio. Additionally, an extra investment of $200 million and ten million euro was made from funds withdrawn from the fund's debt and money market sub-portfolios.
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