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withdrawn from the fund's debt and money market sub-portfolios.


Stay up-to-date with more news on Trend News
Agency's WhatsApp channel