17:01 - 12.01.2026

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January 12, Fineko/abc.az. In the first 9 months of 2025, the assets of State Oil Fund's sub portfolio increased up to $18.119 bn on the back of reclassification, net cash outflow and positive investment income, while portfolio's profitability indicators were formed mainly in accordance with the benchmark.

ABC.AZ informs, referring to the Accounts Chamber, that this portfolio includes shares of companies included in the MSCI World and MSCI Europe ex UK indices, shares of VTB Bank of the Russian Federation, as well as a private direct investment fund managed by Neuberger Berman under a separate mandate, as well as funds managed by the International Finance Corporation, the European Bank for Reconstruction & Development, Blackstone, Fondo Strategico Italiano, BC Partners, Carlyle Group, Vista Equity Partners, Thoma Bravo, Apollo Global Management, Warburg Pincus LLC, EQT (former name — Baring), PAG, Blue Owl, Cinven, Leonard Green & Partners (LGP), Brookfield, ARES Management, CVC Capital Partners, KKR & Co. Inc, Vitruvian Partners, Fransisco Partners, Clayton, Dubilier & Rice, New Mountain Capital, Azzurra Capital.

Along with these, the portfolio also includes joint investments with Ares Management, BC Partners, Apollo Global Management, Vista Equity Partners, Cinven and Brookfield.

"According to the data provided, the total amount of assets under the management of external managers for the Fund's sub portfolio of shares amounted to $15.854 billion. The average return on the portfolio was 14.5%.

Based on the data provided, in the reporting period, the Fund reclassified assets among sub-portfolios in accordance with the investment policy for 2025. In this context, the infrastructure investments of $571.1 million included in the share sub-portfolio were reclassified and added to the Real Estate Fund sub-portfolio. At the same time, additional investments in the amount of $200 million and EUR 10 million were made at the expense of the Fund's debt obligations and funds withdrawn from the money market sub portfolio,” the statement says.