Nicolai Tangen runs Norway’s $1.7 trillion investment fund. Can he use that leverage to change business’s bad habits?

Oslo, with its neatly painted houses and serene waterfront, is not known for high drama. But in 2020, Norway’s capital erupted in controversy over one spectacularly wealthy investor, a splashy event in Philadelphia—and the biggest sovereign wealth fund on the planet. 

That spring, Nicolai Tangen, the Norwegian founder of London hedge fund AKO Capital, was picked by Norway’s central bank to be the next CEO of its gargantuan oil-and-gas-financed investment fund, whose value had soared above $1 trillion. It soon emerged that months before his selection, Tangen had flown a private-planeload of guests to a gathering he had organized with his alma mater, the University of Pennsylvania’s Wharton School. The event featured seminars, fancy dinners, and a $1 million performance by Sting—all at Tangen’s expense. The then CEO of the oil fund, Norway’s trade minister, and the country’s attorney general had all