Norway’s trillion-dollar sovereign wealth fund should be given greater freedom to invest in large unlisted companies amid a shift in market behaviour that is seeing an increasing number of companies remain private while more companies are delisting, the fund’s manager said Wednesday.

Norges Bank Investment Management, the arm of the central bank that manages the so-called oil fund, said in a letter to Norway’s Ministry of Finance that the fund should be allowed to hold up to 1% of its equity portfolio in these unlisted investments, equivalent to around 63.5bn Norwegian kroner ($7.1bn).