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Sovereign Wealth

SWF's are a way to push financial wealth to future generations.

Sovereign wealth funds (“SWFs”) directory highlights global SWFs by nation and region, total assets under management, and policy changes, and recent news.

 

SWF’s are state-owned investment funds formed to capture current financial wealth for use by future generations. A great many of the funds were literal monetization transfer methods, where a portion of national oil and gas revenue (wealth) has been transferred into a country SWF.   Investment from any particular sovereign wealth fund have first been intended to build these reserves for the benefit of those to come.

 

Although sovereign wealth funds are held for future generations, there is a “rain day” exception.   During 2020, the year of the Covid-19 pandemic, a number of SWF’s have pulled sovereign funds and directed the funds for use in meeting national budget deficits and for specific public health measures.

 

Some sovereign wealth funds are held by a country’s central bank as part of a central bank’s fiscal role, while other funds are simply the state savings that are invested by various entities for the purposes of investment return, and that may not have a significant role in fiscal management.

 

Sovereign wealth funds can be considered part of a nation’s economic development strategy, where asset managers seek to capture financial wealth from today’s industries (such as from fossil fuels), and reinvested in industries more sustainable for future growth.

 

 

Sovereign Wealth Funds Directory - and recent news

 

 

While the U.S. does not have a sovereign wealth fund, there are numerous U.S. states that have sovereign funds set up for the same reasons as countries.

 

The Sovereign Wealth Funds Directory, summarized below, is under continuous editing and expansion.   Information about total assets under management are based on published news reports and direct media releases from specific SWFs.  We’ll enjoy your ideas for background we may have missed or news worth including.  Thank you for that.

Sovereign Wealth Fund Directory & Recent News

Sovereign Fund / Recent ActivityCounty/RegionEstablishedAssets UM
$bn USD
Indonesia Investment Authority

October 2020 - published reports indicate the government intents to establish a $5.1 billion sovereign wealth fund. Launch planned for January 2021.		IndonesiaPending0.0
Fund for Israel Citizens
In formation		Israelpending0.0
Mozambique Sovereign Wealth Fund

In discussion, may be based upon liquefied natural gas projects.		MozambiquePending
South African Sovereign Wealth Fund

In formation.		South AfricaPending2.0
2020
Oman Investment AuthorityOman202017.7
National Investment Fund
Nicosia		Cyprus20190.0
NSW Generations Fund
52 Martin Place, Sydney, NSW, 2000, Australia		Australia2018
Ontario First Nations Sovereign WealthCanada20180.0
Sovereign Fund of Egypt
Cairo, Egypt

September 2020 - Egypt is set to transfer the ownership of seven public buildings and their land to the Sovereign Fund of Egypt.		Egypt201812.0
Natural Resource Fund of Guyana
Georgetown, Guyana		Guyana20180.0
Compañía Española de Financiación del Desarrollo, COFIDES, S.A., S.M.E.
Madrid, Spain		Spain20180.2
Fonds zur Finanzierung der kerntechnischen Entsorgung
(Nuclear Waste Disposal Fund)
Berlin, Germany		Germany2017
Monaco Investment CorpMonaco20170.0
Savings and Stabilization FundSuriname20170.0
Bhutan Economic Stabilization Fund
Thimphu, Bhutan		Bhutan20160.0
HKFF - Hong Kong Future FundHong Kong SAR201628.8
Mongolia Future Heritage Fund
Ulaanbaatar, Mongolia		Mongolia20160.2
Turkey Wealth Fund
Ankara, Turkey		Turkey201640.0
Colorado Public School Fund Investment Board
Denver, Colorado		U.S.20160.8
National Investment and Infrastructure Fund
Mumbai, India		India20153.0
NDSF - National Development and Social FundMalta20150.5
Fondo Mexicano del Petróleo
(Mexican Petroleum Fund)
Mexico City, Mexico		Mexico20151.1
Intergenerational Trust Fund for the People of the Republic of NauruNauru20150.1
Utah SITFO - Utah School & Institutions Trust Funds Office
Salt Lake City, Utah		U.S.20152.6
Petroleum Investment Fund UgandaUganda20150.1
Fonds Souverain Intergénérationnel du Luxembourg
(Luxembourg Intergenerational Sovereign Fund)
Luxembourg		Luxembourg20140.0
Silk Road FundPRC201440.0
BLF - Bureau of Labor FundsTaiwan2014120.0
West Virginia Future Fund
Charleston, West Virginia		U.S.20140.0
Zimbabwe Sovereign Wealth FundZimbabwe20140.0
BpiFranceFrance20134.7
FSDEA - Fundo Soberano de Angola
Luanda, Angola		Angola20123.4
WAFF - Western Australian Future Fund
Gordon Stephenson House, 140 William Street, Perth, WA 6000		Australia20120.9
FINPRO - Fondo para la Revolución Industrial Productiva
(Fund for Productive Industrial Revolution)
La Paz, Bolivia		Bolivia2012
Northwest Territories Heritage FundCanada20120.0
Colombia Savings and Stabilization Fund
(a/k/a FAE - Fideicomiso Fondo de Ahorro y Estabilización)
Bogota, Colombia		Colombia20123.7
National Investment Corporation of the National Bank of Kazakhstan
Almaty, Kazakhstan		Kazakhstan20120.1
FAP - Fondo de Ahorro de PanamáPanama20121.4
CNIC Corporation Limited
(formerly Guoxin International Investment Corporation Ltd.)		PRC201233.3
Agaciro Development Fund Corporate Trust Ltd.
Kigali, Rwanda		Rwanda20120.1
FONSIS - Fonds Souverain d'Investissements Stratégiques S.A.
Dakar, Senegal		Senegal20120.0
National Investment FundSyria2012
Partnership Fund Georgia20111.6
Ghana Heritage Fund
Accra, Ghana		Ghana20110.4
Ghana Stabilisation Fund
Accra, Ghana		Ghana20110.5
Elliniki Etaireia Symmetochon kai Perioysias
(Hellenic Corporation of Assets and Participations S.A.)
Athens, Greece		Greece2011
National Development Fund of Iran
Tehran, Iran

November 2020 - Up to 200 million euros to be withdrawn, the funds to be used to pay compensation to families of victims of the Ukrainian passenger plane shot down by IRGC in January 2020.

9/9/2020 - Iran's Securities and Exchange Organization may be provided 1% of the SWF to stabilize Iran's stock market which has reached an all-time market low.		Iran201168.0
CDP Equity SpA
(also known as Fondo Strategico Italiano)		Italy20114.2
Ithmar Capital

Ithmar is a sponsor of Wessal Capital, a fund backed by four other sovereign funds from the Gulf region that include the UAE, Saudi Arabia, and Kuwait		Morocco20111.8
Nigeria Sovereign Investment Authority
Abuja, Nigeria		Nigeria20111.69
Papua New Guinea SWFPapua New Guinea20110.0
RDIF - Russian Direct Investment Fund
Moscow, Russia		Russia201110.0
2010
Mauritius Sovereign Wealth Fund
Port Louis, Mauritius		Mauritius20100.0
North Dakota Legacy Fund
Bismarck, North Dakota		U.S.20106.3
1Malaysia Development Berhad

Active criminal investigation involving Goldman Sachs, a former PM, and others.
Strategic development company.		Malaysia20090.0
Alberta Investment Management Corporation
Edmonton, Canada		Canada2008118.8
France FSI - Fonds Stratégique d'InvestissementFrance2008
Fonds Souverain de la Republique Gabonaise
(Sovereign Fund of the Gabonese Republic)
Gabon2008
JSC Samruk-Kazyna
Nur-Sultan, Kazakhstan		Kazakhstan200867.4
National Welfare Fund
Moscow, Russia		Russia2008124.1
PIF - Sanabil Investments
Riyadh, Saudi Arabia

Wholly-owned by the Public Investment Fund		Saudi Arabia2008
Oil Revenue Stabilization FundSouth Sudan20080.0
Turkmenistan Stabilization FundTurkmenistan20080.0
SAMH - Sharjah Asset Management Holding LLCUAE2008
Fondo de Estabilidad Económica y Social
Economic and Social Stabilization Fund		Chile200714.2
China Investment Corp.
Beijing, China

The wealth fund has three investment subsidiaries: CIC International, for equities, bonds and alternative assets; CIC Capital Corp., for direct investments and manages bilateral, multilateral and platform funds; and Central Huijin Investment, for equity investing in state-owned financial institutions in China.		PRC2007940.6
China-Africa Development FundPRC200710.0
Emirates Investment AuthorityUAE200745.0
Bahrain Mumtalakat Holding Company
Manama, Kingdom of Bahrain		Bahrain200616.7
FGRF - Future Generation Reserve Fund

June 2020 - $450 million is to be drawn from the SWF to provide funds for the state general budget.		Bahrain20060.7
SFPI-FPIM - Société Fédérale de Participations et d'Investissement-Société Fédérale de Participations
Brussels, Belgium		Belgium20062.7
Quebec’s Generations FundCanada20065.9
Fondo de Reserva de Pensiones
Chile Pension Reserve Fund
Santiago, Chile		Chile200610.4
Libyan Investment Authority
Tripoli, Libya

The fund was first hit by an asset freeze in 2011, via a United Nations Security Council resolution.
Libya200660.0
National Fund for Hydrocarbon Reserves
Mauritania20060.2
OIF - Oman Investment Fund

June 2020 - Significant portion of assets transferred to new OIA.		Oman20060.0
Dubai WorldUAE20060.0
Investment Corporation of Dubai
Dubai, UAE		UAE2006239.4
Fund for Reconstruction and Development of the Republic of Uzbekistan
Tashkent, Uzbekistan		Uzbekistan 2006
Fonds de Stabilisation des Recettes BudgétairesCongo2005
Qatar Investment AuthorityQatar2005320.0
Korea Investment Corporation
‎Seoul, Republic of Korea		South Korea2005157.0
Timor-Leste Petroleum FundTimor-Leste200515.8
Ras Al Khaimah (RAK) Investment AuthorityUAE2005
State Capital Investment CorporationVietnam20053.6
Future Fund
Locked Bag 20010 Melbourne, VIC 3001

The Future Fund lost 0.9% in the 12 months ended June 30, 2020, the first annual decline since 2009.		Australia2004112.0
Dubai Holding LLC
Dubai, UAE

June 2020 - Meraas Holding LLC is to merge into Dubai Holding.		UAE200436.0
New Zealand Superannuation Fund
Auckland, New Zealand

NZ Super Fund posted a positive return of 1.73% for the year ended June 30, 2020, despite the COVID pandemic. Since the fund's inception, it has returned 9.63% per annum.		New Zealand200330.0
Palestine Investment Fund
Ramallah, Palestine		State of Palestine20031.0
Fonds de Réserves pour Générations Futures
(Fund for Future Generations)
Malabo, Equatorial Guinea		Equatorial Guinea20020.1
Mubadala Investment Company
Abu Dhabi		UAE2002232.1
ISIF - Irish Strategic Investment Fund
Dublin, Ireland

Ireland is creating a $2.2 billion portfolio within its sovereign wealth fund to support medium and large businesses affected by the coronavirus, the Pandemic Stabilization and Recovery Fund.
Ireland200119.7
Oklahoma Tobacco Settlement Endowment Trust
Oklahoma City, Oklahoma		U.S.2001
2000
Revenue Regulation FundAlgeria2000
Iran Oil Stabilization Fund
Tehran, Iran		Iran20000.0
National Oil Fund of Republic of KazakhstanKazakhstan200059.9
Estabilización de los Ingresos Presupuestarios
(Mexico Budgetary Income Stabilization Fund)
Mexico City, Mexico		Mexico2000
National Social Security FundPRC2000437.9
Taiwan National Stabilization Fund
Taipei, Taiwan

March 2020 - The SWF agreed to intervene to stabilize the Taiwan Stock Exchange (TWSE) 		Taiwan200017,1
HSF - Heritage and Stabilization FundTrinidad and Tobago20006.0
State Oil Fund of the Republic of AzerbaijanAzerbaijan199942.5
Fondo de Estabilización Fiscal
(Peru Fiscal Stabilization Fund)		Peru19995.8
NIC - National Investment Corporation PJSC
Abu Dhabi		UAE1999
Fonds Gabonais d’Investissements StratégiquesGabon19980.0
Fondo para la Estabilización MacroeconímicaVenezuela19980.0
SAFE Investment CompanyHong Kong SAR1997
State Administration of Foreign ExchangePRC1997690.0
UTIMCO - University of Texas Investment Management Company
Austin, Texas		U.S.199648.4
Pula Fund
Botswana		Botswana19944.9
Hong Kong Monetary Authority Investment Portfolio
(a/k/a Hong Kong Exchange Fund)		Hong Kong SAR1993529.4
Khazanah Nasional Berhad
Kuala Lumpur, Malaysia		Malaysia199332.7
Solidium Oy
Helsinki, Finland		Finland19919.3
1990
GPFG - Norges Bank Investment Management (Norwegian Oil Fund)
Oslo, Norway

Reported a portfolio return of -3.4% for the first six months of 2020, equivalent to -$21.3 billion.		Norway1990
Tuvalu Trust FundTuvalu19870.0
LEQTF - Louisiana Education Quality Trust Fund
Baton Route, Louisiana		U.S.19861.4
Louisiana Education Quality Trust Fund U.S.19861.4
Alabama Trust Fund
Montgomery, Alabama		U.S.19853.2
Brunei Investment Agency
Bandar Seri Begawan, Brunei		Brunei198339.0
Gulf Investment CorporationKuwait19823.5
GIC Private Limited
(formerly known as Government of Singapore Investment Corporation)		Singapore1981453.0
Native Hawaiian Trust Fund
Honolulu, Hawaii		U.S.19810.3
1980
SGRF - State General Reserve Fund
Sultanate of Oman

June 2020 - Significant portion of assets transferred to new OIA.		Oman19800.0
Alberta Heritage Savings Trust FundCanada197613.8
APFC - Alaska Permanent Fund Corporation
Juneau, Alaska		U.S.197666.3
Abu Dhabi Investment Authority
Abu Dhabi, UAE		UAE1976579.6
APICORP - Arab Petroleum Investments Corporation
Dammam, Saudi Arabia		Saudi Arabia19757.4
Temasek Holdings
Singapore

The SWF reported a 2.3% loss in portfolio value for the year ending March 31.		Singapore1974223.8
Permanent Wyoming Mineral Trust FundU.S.19748.07
PIF - Public Investment Fund
Riyadh, Saudi Arabia		Saudi Arabia1971390.0
1970
Idaho Endowment Fund Investment Board
Boise, Idaho		U.S.19682.5
OBAG - Österreichische Beteiligungs AG
Austria1967
GPFN - Government Pension Fund of Norway
Oslo, Norway

The fund reported a $21.3 billion loss in valuation over the first six months of 2020.		Norway19671108.0
1960
New Mexico State Investment Council
Santa Fe, New Mexico		U.S.195824.6
The Government of Kiribati Revenue Equalisation Reserve FundKiribati19561.0
RFFG - Reserve Fund for Future Generations
KIA - Kuwait Investment Authority
Kuwait City		Kuwait1953533.7
SAMA Foreign Holdings
Riyadh, Saudi Arabia

The Kingdom's central bank.		Saudi Arabia1952512.1
Texas Permanent School Fund
Austin, Texas		U.S.185446.5
Djibouti Sovereign Wealth Fund
Djibouti0.0

Global Sovereign Wealth Funds

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