Norges Bank Investment Management, which manages Norway’s $2.1 trillion Government Pension Fund Global, significantly increased the fund’s holdings in controversial software firm Palantir Technologies Inc., with the investment’s value surging 12-fold to $5.15 billion from $427.5 million, fund filings show.
The software company, which was co-founded by billionaire venture capitalist Peter Thiel, has been accused by multiple organizations of contributing to human rights violations by providing software to U.S. Immigration and Customs Enforcement, as well as to global military operations and surveillance efforts.
The world’s largest pension fund increased its investment in Palantir during the same quarter Norway’s parliament announced the suspension of Norges Bank’s Council on Ethics. The decision means the council will not be allowed to make any recommendations to place a company on observation or exclusion, but will be expected to inform Norges Bank about companies it flags for potential engagement. The suspension is scheduled to end on October 15. The data on the increase came in Norges’ quarterly 13F form filings showing the increase from the third to fourth quarter in 2025.
Line Aaltvedt, Norges Bank’s head of communications, says the GPFG is required to invest according to a mandate from Norway’s Ministry of Finance and that its equity investments largely follow the FTSE Global All Cap Index.
Without referring to Palantir specifically, Aaltvedt says there are two main reasons why the fund may increase its holdings in a company: One is because the company is generating strong returns, and the other is that the fund actively increased its holding within the tracking error it has available.
“Respecting human rights is an inherent part of responsible business practices and risk management,” Aaltvedt says. “We expect companies to integrate respect for human rights into their policies, corporate strategy, risk management efforts and reporting.”
Amnesty International has accused Palantir of supplying ICE with proprietary software tools that enable constant monitoring, surveillance and assessments of people. Amnesty International stated that Palantir’s platforms create an electronic case file that organizes and links all records and documents associated with immigration-related investigations. According to the human rights watchdog, Palantir’s software provides ICE access to a “vast range of personal data from U.S. agencies and law enforcement.”
The nonprofit American Immigration Council alleges that Palantir’s systems draw on data from government databases, “regardless of the veracity or accuracy of those databases.” The group stated in a 2025 report that this includes passport records, Social Security files, IRS tax data and license-plate-reader data. The software is intended to create a detailed, artificial intelligence-driven profile of individuals that agencies can use to make enforcement decisions quicker and more efficiently. However, the AIC argues that the company’s software has less innocuous uses.
“Palantir may position itself as a neutral technology provider, but when its software becomes central to government immigration enforcement systems, its role becomes more than just technical,” the AIC stated. “The architecture of a system—how it integrates data, flags individuals, and prioritizes actions—inevitably shapes outcomes.”
In February, New York City Comptroller Mark Levine called for human rights risks assessments of companies working with ICE, including Palantir. He questioned the ability of the company’s board to hold its management accountable for its human rights commitments. Levine argued that the issues create “significant material and reputational risk.”
Palantir did not respond to requests for comment.
Tags: ethics council, NBIM, Norges Bank Invesment Management, Norway Government Pension Fund Global, Palantir