The Financial Supervisory Authority of Norway has published its 2025 report on alternative investment funds, based on reporting from registered and authorised AIF managers established in Norway. It shows that total assets under management stood at NOK 396.3 billion at the end of 2025, up NOK 39.6 billion from the end of 2024, and reviews developments in managers, funds, investors and investments. Real estate funds and active ownership funds were the largest fund types, with assets under management of NOK 117 billion and NOK 88 billion respectively. The report also covers changes in the number of AIF managers and funds, and excludes managers or funds authorised or registered during the fourth quarter because they are not subject to reporting and are therefore not included.