sovereign wealth fund

A sovereign wealth fund (SWF), or sovereign investment fund, is a state-owned investment fund that invests in real and financial assets such as stocks, bonds, real estate, precious metals, or in alternative investments such as private equity funds or hedge funds. Sovereign wealth funds invest globally. Most SWFs are funded by revenues from commodity exports or from foreign exchange reserves held by the central bank.

Some sovereign wealth funds may be held by a central bank, which accumulates the funds in the course of its management of a nation's banking system; this type of fund is usually of major economic and fiscal importance. Other sovereign wealth funds are simply the state savings that are invested by various entities for investment return, and that may not have a significant role in fiscal management.

The accumulated funds may have their origin in, or may represent, foreign currency deposits, gold, special drawing rights (SDRs) and International Monetary Fund (IMF) reserve positions held by central banks and monetary authorities, along with other national assets such as pension investments, oil funds, or other industrial and financial holdings. These are assets of the sovereign nations that are typically held in domestic and different reserve currencies (such as the dollar, euro, pound, and yen). Such investment management entities may be set up as official investment companies, state pension funds, or sovereign funds, among others.

There have been attempts to distinguish funds held by sovereign entities from foreign-exchange reserves held by central banks. Sovereign wealth funds can be characterized as maximizing long-term return, with foreign exchange reserves serving short-term "currency stabilization", and liquidity management. Many central banks in recent years possess reserves massively in excess of needs for liquidity or foreign exchange management. Moreover, it is widely believed most have diversified hugely into assets other than short-term, highly liquid monetary ones, though almost no data is publicly available to back up this assertion.

History

The term "sovereign wealth fund" was first used in 2005 by Andrew Rozanov in an article entitled, "Who holds the wealth of nations?" in the Central Banking Journal.{{cite journal|url=http://www.ssga.com/library/esps/Who_Holds_Wealth_of_Nations_Andrew_Rozanov_8.15.05REVCCRI1145995576.pdf|title=Who holds the wealth of nations?|journal=Central Banking Journal |date=May 2005 |volume=15 |issue=4|access-date=2 September 2008 |archive-url = https://web.archive.org/web/20080529122341/http://www.ssga.com/library/esps/Who_Holds_Wealth_of_Nations_Andrew_Rozanov_8.15.05REVCCRI1145995576.pdf |archive-date = 29 May 2008}} The previous edition of the journal described the shift from traditional reserve management to sovereign wealth management; subsequently the term gained widespread use as the spending power of global officialdom has rocketed upward.{{citation needed|date=September 2023}}

China's sovereign wealth funds entered global markets in 2007.{{Rp|page=4}} Since then, their scale and scope have expanded significantly.{{Rp|page=4}}

SWFs were the first institutions to use sovereign capital in an effort to contain the financial damage in the early stages of the 2008 financial crisis.{{Cite book |last=Liu |first=Zongyuan Zoe |title=Sovereign Funds: How the Communist Party of China Finances its Global Ambitions |publisher=The Belknap Press of Harvard University Press |year=2023 |isbn=9780674271913 |pages=}}{{Rp|pages=1–2}} SWFs are able to react quickly in such circumstances because unlike regulators, SWFs actively participate in the market.{{Rp|page=2}}

SWFs grew rapidly between 2008 and 2021, with global assets under management by these funds increasing from approximately $4 trillion to more than $10 trillion.{{Rp|page=3}}

SWFs invest in a variety of asset classes such as stocks, bonds, real estate, private equity and hedge funds. Many sovereign funds are directly investing in institutional real estate. According to the Sovereign Wealth Fund Institute's transaction database around US$9.26 billion in direct sovereign wealth fund transactions were recorded in institutional real estate for the last half of 2012.{{cite web|url=https://www.swfinstitute.org/news/11593/sovereign-funds-embrace-direct-real-asset-deals|title=Sovereign Funds Embrace Direct Real Asset Deals|publisher=SWF Institute|date=1 August 2013|access-date=19 April 2019|archive-date=19 April 2019|archive-url=https://web.archive.org/web/20190419171452/https://www.swfinstitute.org/news/11593/sovereign-funds-embrace-direct-real-asset-deals|url-status=live}} In the first half of 2014, global sovereign wealth fund direct deals amounted to $50.02 billion according to the SWFI.{{cite web |last=Dunkley |first=Dan |url=https://blogs.wsj.com/privateequity/2014/08/07/sovereign-wealth-funds-pump-near-record-amount-of-cash-in-deals/ |title=Sovereign-Wealth Funds Pump Near Record Amount of Cash in Deals |work=The Wall Street Journal |access-date=8 August 2014 |date=7 August 2014 |archive-date=5 June 2019 |archive-url=https://web.archive.org/web/20190605235035/https://blogs.wsj.com/privateequity/2014/08/07/sovereign-wealth-funds-pump-near-record-amount-of-cash-in-deals/ |url-status=live }}

=Early SWFs=

Sovereign wealth funds have existed for more than a century, but since 2000, the number of sovereign wealth funds has increased dramatically. The first SWFs were non-federal U.S. state funds established in the mid-19th century to fund specific public services.M. Nicolas J. Firzli and Joshua Franzel: [https://www.academia.edu/7789625/Non-Federal_Sovereign_Wealth_Funds_in_the_United_States_and_Canada 'Non-Federal Sovereign Wealth Funds in the United States and Canada', Revue Analyse Financière, Q3 2014] {{Webarchive|url=https://web.archive.org/web/20170212111242/http://www.academia.edu/7789625/Non-Federal_Sovereign_Wealth_Funds_in_the_United_States_and_Canada |date=12 February 2017 }} The U.S. state of Texas was thus the first to establish such a scheme, to fund public education. The Permanent School Fund (PSF) was created in 1854 to benefit primary and secondary schools, with the Permanent University Fund (PUF) following in 1876 to benefit universities. The PUF was endowed with public lands, the ownership of which the state retained by terms of the 1845 annexation treaty between the Republic of Texas and the United States. While the PSF was first funded by an appropriation from the state legislature, it also received public lands at the same time that the PUF was created. The first SWF established for a sovereign state is the Kuwait Investment Authority, a commodity SWF created in 1953 from oil revenues before Kuwait gained independence from the United Kingdom. As of July 2023, Kuwait's Sovereign Wealth Fund, or locally known as Ajyal Fund, is now worth $853 billion.{{cite web | url=https://www.arabtimesonline.com/news/kuwait-sovereign-fund-ranks-fifth-in-world-2nd-regionally/ | title=Kuwait Sovereign Fund Ranks Fifth in World, 2nd Regionally - ARAB TIMES - KUWAIT NEWS | date=15 July 2023 }}

Another early registered SWF is the Revenue Equalization Reserve Fund of Kiribati. Since its creation in 1956, when the British administration of the Gilbert Islands in Micronesia put a levy on the export of phosphates used in fertilizer, the fund has grown to $520 million.{{cite news |url=http://www.economist.com/finance/displaystory.cfm?story_id=9230598 |title=The world's most expensive club |newspaper=The Economist |date=24 May 2007 |access-date=25 May 2007 |archive-date=26 May 2007 |archive-url=https://web.archive.org/web/20070526102421/http://www.economist.com/finance/displaystory.cfm?story_id=9230598 |url-status=live }}

Nature and purpose

File:Wealth fund dividend payments.webp

SWFs are typically created when governments have budgetary surpluses and have little or no international debt.{{Dubious|date=September 2023|reason=Norway holds some debt, but has massive wealth. Not sure what the benchmark for "typical" is here, if any}} It is not always possible or desirable to hold this excess liquidity as money or to channel it into immediate consumption. This is especially the case when a nation depends on raw material exports like oil, copper or diamonds. In such countries, the main reason for creating a SWF is because of the properties of resource revenue: high volatility of resource prices, unpredictability of extraction, and exhaustibility of resources.

SWFs are primarily commodity-based and many have been established by oil-rich states.{{Rp|page=5}} SWFs of China are a notable exception to this more typical model.{{Rp|page=5}}

Stabilization SWFs are created to reduce the volatility of government revenues, to counter the boom-bust cycles' adverse effect on government spending and the national economy.

Savings SWFs build up savings for future generations. One such fund is the Government Pension Fund of Norway. It is believed that SWFs in resource-rich countries can help avoid resource curse, but the literature on this question is controversial. Governments may be able to spend the money immediately, but risk causing the economy to overheat, e.g., in Hugo Chávez's Venezuela or Shah-era Iran. In such circumstances, saving money to spend during a period of low inflation is often desirable.

Other reasons for creating SWFs may be economic, or strategic, such as war chests for uncertain times. For example, the Kuwait Investment Authority during the Gulf War managed excess reserves above the level needed for currency reserves (although many central banks do that now). The Government of Singapore Investment Corporation, Temasek Holdings, or Mubadala are partially the expression of a desire to bolster their countries' standing as an international financial centre. The Korea Investment Corporation has since been similarly managed. Sovereign wealth funds invest in all types of companies and assets, including startups like Xiaomi and renewable energy companies like Bloom Energy.{{cite web

|url=https://blogs.wsj.com/privateequity/2015/01/06/sovereign-wealth-funds-went-full-steam-ahead-direct-investing-in-2014/

|title=Sovereign-Wealth Funds Went Full Steam Ahead Direct Investing in 2014

|work=The Wall Street Journal

|date=6 January 2015

|access-date=4 August 2017

|archive-date=12 February 2017

|archive-url=https://web.archive.org/web/20170212111402/http://blogs.wsj.com/privateequity/2015/01/06/sovereign-wealth-funds-went-full-steam-ahead-direct-investing-in-2014/

|url-status=live

}}

According to a 2014 study, SWFs are not created for reasons related to reserve accumulation and commodity-export specialization. Rather, the diffusion of SWF can best be understood as a fad whereby certain governments consider it fashionable to create SWFs and are influenced by what their peers are doing.{{Cite journal|last=Chwieroth|first=Jeffrey M.|date=1 December 2014|title=Fashions and Fads in Finance: The Political Foundations of Sovereign Wealth Fund Creation|journal=International Studies Quarterly|language=en|volume=58|issue=4|pages=752–763|doi=10.1111/isqu.12140|issn=0020-8833|doi-access=free}}

As market participants, SWFs influence other institutional investors, who may see investments made alongside SWFs as inherently safer.{{Rp|page=9}} This effect can be seen with increasing frequency, especially with regard to investments made by the Government Pension Fund of Norway, Abu Dhabi Investment Authority, and Temasek Holdings, and China Investment Corporation.{{Rp|page=9}} SLFs help facilitate a state's ability to use its selective equity investments to promote its industrial policies and strategic interests.{{Rp|page=9}}

Concerns about SWFs

The growth of sovereign wealth funds is attracting close attention because:

As this asset pool continues to expand in size and importance, so does its potential impact on various asset markets.
Some countries, like the United States, which passed the Foreign Investment and National Security Act of 2007, worry that foreign investment by SWFs raises national security concerns because the purpose of the investment might be to secure control of strategically important industries for political rather than financial gain.
Former U.S. Secretary of the Treasury Lawrence Summers has argued that the U.S. could potentially lose control of assets to wealthier foreign funds whose emergence "shake[s] [the] capitalist logic". These concerns have led the European Union (EU) to reconsider whether to allow its members to use "golden shares" to block certain foreign acquisitions.{{cite web

|url=http://dealbook.blogs.nytimes.com/2007/08/01/sovereign-wealth-funds-the-new-hedge-fund/

|title=Sovereign Wealth Funds: The New Hedge Fund?

|work=The New York Times

|date=1 August 2007

|access-date=3 August 2007

|archive-date=23 May 2012

|archive-url=https://web.archive.org/web/20120523183832/http://dealbook.nytimes.com/2007/08/01/sovereign-wealth-funds-the-new-hedge-fund/

|url-status=live

}} This strategy has largely been excluded as a viable option by the EU, for fear it would give rise to a resurgence in international protectionism. In the United States, these concerns are addressed by the Exon–Florio Amendment to the Omnibus Trade and Competitiveness Act of 1988, Pub. L. No. 100-418, § 5021, 102 Stat. 1107, 1426 (codified as amended at 50 U.S.C. app. § 2170 (2000)), as administered by the Committee on Foreign Investment in the United States (CFIUS).{{Explain|reason=What does the law do or say?|date=September 2023}}

Their inadequate transparency is a concern for investors and regulators: for example, size and source of funds, investment goals, internal checks and balances, disclosure of relationships, and holdings in private equity funds.
SWFs are not nearly as homogeneous as central banks or public pension funds.
A lack of transparency and hence an increase in risk to the financial system, perhaps becoming the "new hedge funds".{{cite news |url=http://business.timesonline.co.uk/tol/business/economics/article1991137.ece |title=IMF concern over 'black box' funds of reserve rich nations |work=The Times |date=27 June 2007 |location=London |first=Gary |last=Duncan |access-date=11 January 2018 |archive-date=11 June 2011 |archive-url=https://web.archive.org/web/20110611203742/http://business.timesonline.co.uk/tol/business/economics/article1991137.ece |url-status=dead }}

The governments of SWFs commit to follow certain rules:

Accumulation rule (what portion of revenue can be spent/saved)
Withdraw rule (when the Government can withdraw from the fund)
Investment (where revenue can be invested in foreign or domestic assets){{cite web |url=http://www.brookings.edu/research/papers/2011/03/11-sovereign-wealth-funds |title=Rebuilding America: The Role of Foreign Capital and Global Public Investors|publisher=The Brookings Institution |author-first1=Gordon M. |author-last1=Goldstein|author-first2=Rick|author-last2=Kimball|author-first3=Joel H. |author-last3=Moser|author-first4=Raffiq|author-last4=Nathoo|author-first5=Vijaya|author-last5=Ramachandran|author-first6=Darrell M. |author-last6=West|author-first7=Daniel|author-last7=Zwirn|date=11 March 2011 |access-date=5 October 2016 |archive-date=4 March 2016 |archive-url=https://web.archive.org/web/20160304094913/http://www.brookings.edu/research/papers/2011/03/11-sovereign-wealth-funds |url-status=dead }}

=Recent Governmental Interest=

On 5 March 2008, a joint sub-committee of the U.S. House Financial Services Committee held a hearing to discuss the role of "Foreign Government Investment in the U.S. Economy and Financial Sector". The hearing was attended by representatives of the U.S. Department of Treasury, the U.S. Securities and Exchange Commission, the Federal Reserve Board, Norway's Ministry of Finance, Singapore's Temasek Holdings, and the Canada Pension Plan Investment Board.
On 20 August 2008, Germany approved a law that requires parliamentary approval for foreign investments that endanger national interests. Specifically, it affects acquisitions of more than 25% of a German company's voting shares by non-European investors—but the economics minister Michael Glos has pledged that investment reviews would be "extremely rare". The legislation is loosely modeled on a similar one by the U.S. Committee on Foreign Investments. Sovereign wealth funds are also increasing their spending. In 2015, Qatar announced a $35 billion investment in United States assets over a period of five years.{{Cite journal|last=Global|first=IndraStra|title=How Are Sovereign Wealth Fund Decisions Made?|url=https://www.indrastra.com/2017/12/How-are-sovereign-wealth-fund-decisions-made-003-12-2017-0022.html|journal=IndraStra|issn=2381-3652|access-date=25 December 2017|archive-date=26 December 2017|archive-url=https://web.archive.org/web/20171226020808/https://www.indrastra.com/2017/12/How-are-sovereign-wealth-fund-decisions-made-003-12-2017-0022.html|url-status=live}}{{cite web |url=http://www.theworldfolio.com/news/qatar-to-invest-35bn-in-us-over-5-years/4186/ |title=Qatar to invest $35bn in U.S. over 5 years |publisher=The WorldFolio |access-date=18 October 2016 |archive-date=18 October 2016 |archive-url=https://web.archive.org/web/20161018220320/http://www.theworldfolio.com/news/qatar-to-invest-35bn-in-us-over-5-years/4186/ |url-status=live }}
On 3 February 2025, President Donald Trump signed an executive order directing the creation of a United States sovereign wealth fund within the next year.{{Cite web |date=2025-02-03 |title=Trump orders creation of US sovereign wealth fund, says it could own part of TikTok |url=https://apnews.com/article/trump-tiktok-wealth-fund-saudi-arabia-b71c92cb0deb1eb39352cd1cd4db4b98 |access-date=2025-02-03 |website=AP News |language=en|author-first1=Zeke|author-last1=Miller|author-first2=Haleluya|author-last2=Hadero}}
On 23 February 2025, Indonesian President Prabowo Subianto announced a new sovereign wealth fund Daya Anagata Nusantara, also known as Danantara, which is expected to manage $900 billion in assets.{{Cite web |last1=Sulaiman |first1=Stefanno |last2=Teresia |first2=Ananda |date=23 February 2025 |title=New Indonesia sovereign wealth fund to invest $20 billion in projects |url=https://www.reuters.com/world/asia-pacific/indonesias-prabowo-officially-establishes-new-sovereign-wealth-fund-2025-02-24/ |access-date=3 March 2025 |website=Reuters}} The $20 billion first wave of investments were announced as targeting natural resource processing, artificial intelligence, and energy and food security.{{Cite web |last1=Nangoy |first1=Fransiska |last2=Sulaiman |first2=Stefanno |date=28 February 2025 |title=Indonesia's new sovereign fund will run with commercial mindset, official says |url=https://www.reuters.com/markets/asia/indonesias-new-sovereign-fund-will-run-with-commercial-mindset-official-says-2025-02-28/ |access-date=3 March 2025 |website=Reuters}}

=Santiago Principles=

A number of transparency indices sprang up before the Santiago Principles, some more stringent than others.{{Citation needed|date=April 2017}} To address these concerns, some of the world's main SWFs came together in a summit in Santiago, Chile, on 2–3 September 2008. Under the leadership of the IMF, they formed a temporary International Working Group of Sovereign Wealth Funds. This working group then drafted the 24 Santiago Principles, to set out a common global set of international standards regarding transparency, independence, and accountability in the way that SWFs operate.[http://www.iwg-swf.org/pubs/eng/santiagoprinciples.pdf Sovereign Wealth Funds: Generally Accepted Principles and Practices (Santiago Principles)] {{Webarchive|url=https://web.archive.org/web/20161218054516/http://www.iwg-swf.org/pubs/eng/santiagoprinciples.pdf |date=18 December 2016 }}, International Working Group of Sovereign Wealth Funds, October 2008{{cite web|url=http://www.ifswf.org/santiago-principles|title=Santiago Principles|author=International Forum of Sovereign Wealth Funds|access-date=27 September 2016|archive-date=10 November 2016|archive-url=https://web.archive.org/web/20161110202917/http://www.ifswf.org/santiago-principles|url-status=live}} These were published after being presented to the IMF International Monetary Financial Committee on 11 October 2008. They also considered a standing committee to represent them, and so a new organisation, the International Forum of Sovereign Wealth Funds was set up to maintain the new standards going forward and represent them in international policy debates.{{cite web|url=http://www.ifswf.org/about-us|title=About us|author=International Forum of Sovereign Wealth Funds|access-date=27 September 2016|archive-date=9 November 2016|archive-url=https://web.archive.org/web/20161109013353/http://www.ifswf.org/about-us|url-status=live}}

As of 2016, 30 funds{{cite web|url=http://www.ifswf.org/our-members|title=Our Members|author=International Forum of Sovereign Wealth Funds|access-date=27 September 2016|archive-date=9 November 2016|archive-url=https://web.archive.org/web/20161109033616/http://www.ifswf.org/our-members|url-status=live}} have formally signed up to the Principles, representing collectively 80% of the assets managed by sovereign funds globally or US$5.5 trillion.{{cite web|url=http://www.hedgeweek.com/2016/04/04/238050/international-forum-sovereign-wealth-funds-ifswf-and-hedge-fund-standards-board-hf|title=International Forum of Sovereign Wealth Funds (IFSWF) and Hedge Fund Standards Board (HFSB) establish Mutual Observer relationship|publisher=Hedge Fund Standards Board|access-date=27 September 2016|date=4 April 2016|archive-date=27 September 2016|archive-url=https://web.archive.org/web/20160927210200/http://www.hedgeweek.com/2016/04/04/238050/international-forum-sovereign-wealth-funds-ifswf-and-hedge-fund-standards-board-hf|url-status=live}}

Natural resource-rich developing economies are typically encouraged to adopt good governance standards for sovereign wealth funds, such as the Santiago Principles, which emphasize transparency, accountability, and sound investment practices. This approach is often preferred over local content policies, which can foster corruption and rent-seeking behavior in contexts with weak governance.Bold Sandagdorj and Enerelt Enkhbold, [https://www.adb.org/sites/default/files/publication/1019676/adb-brief-326-mongolia-mining-supply-chain.pdf "Do Local Producers Contribute to Mongolia's Mining Supply Chain?"] ADB Briefs no. 326, 2024. DOI: http://dx.doi.org/10.22617/BRF240565-2

Size of SWFs

Assets under management of SWFs amounted to $7.94 trillion as of 24 December 2020.{{cite web |url=https://www.swfinstitute.org/fund-rankings/sovereign-wealth-fund |title=Sovereign Wealth Fund Rankings. Retrieved 2020-12-24 |publisher=swfinstitute.org |access-date=24 December 2020 |archive-date=8 May 2020 |archive-url=https://web.archive.org/web/20200508173939/https://www.swfinstitute.org/fund-rankings/sovereign-wealth-fund |url-status=live }}

Countries with SWFs funded by oil and gas exports, totaled $5.4 trillion as of 2020.{{cite web |url=https://www.swfinstitute.org/fund-rankings/sovereign-wealth-fund |title=Sovereign Wealth Fund Rankings |publisher=swfinstitute.org |access-date=24 December 2020 |archive-date=8 May 2020 |archive-url=https://web.archive.org/web/20200508173939/https://www.swfinstitute.org/fund-rankings/sovereign-wealth-fund |url-status=live }} Non-commodity SWFs are typically funded by transfer of assets from official foreign exchange reserves, and in some cases from government budget surpluses and privatization revenues. Middle Eastern and Asian countries account for 77% of all SWFs.

Depletion of SWFs

Numerous SWFs have gone bust throughout history. The most notable ones have been Algeria's FRR, Brazil's FSB, Ecuador's numerous SWF arrangements, Papua New Guinea's MRSF, and Venezuela's FIEM and FONDEN. The main reason why these funds have been exhausted is due to political instability, while economic determinants generally play a less important role.{{cite journal |url=https://www.tandfonline.com/doi/abs/10.1080/09692290.2023.2190601?journalCode=rrip20 |title=The demise of sovereign wealth funds." ''Leonardo Di Bonaventura Altuve (retrieved 2023-04-04)|website=Taylor & Francis |doi=10.1080/09692290.2023.2190601 |s2cid=257817535 |access-date=5 April 2023 |archive-date=5 April 2023 |archive-url=https://web.archive.org/web/20230405200247/https://www.tandfonline.com/doi/abs/10.1080/09692290.2023.2190601?journalCode=rrip20 |url-status=live }}

SWFs in unstable countries may provoke risks for recipient states of SWF investments, given that the instability in SWF-sponsor countries makes those investments uncertain and likely to be disinvested to weather political risk in the short-term.{{Citation needed|date=April 2024}}

Highly stable countries, such as Denmark, Qatar, China, or Australia are less likely to experience SWF depletion precisely because of their political stability.{{Citation needed|date=April 2024}}

Largest sovereign wealth funds

{{see also|List of sovereign wealth funds by country|List of countries by foreign-exchange reserves}}

class="wikitable sortable sticky-header" style="font-size:95%;" ! Country or region ! Abbrev. ! Fund name ! Assets{{cite web\|title=SWFI\|url=https://www.swfinstitute.org/fund-rankings/sovereign-wealth-fund\|access-date=24 December 2020\|archive-date=8 May 2020\|archive-url=https://web.archive.org/web/20200508173939/https://www.swfinstitute.org/fund-rankings/sovereign-wealth-fund\|url-status=live}} (billions US$) ! Inception ! Origin
valign="top" \| {{Flag icon\|NOR}} Norway	GPF-G	Government Pension Fund Global	1,738{{Cite web \|title=Norway Government Pension Fund Global (Norway GPFG) - Sovereign Wealth Fund, Norway - SWFI \|url=https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05b9af \|access-date=2025-03-06 \|website=Sovereign Wealth Fund Institute}}	1990	Oil & Gas
valign="top" \|{{Flag icon\|CHN}} China	CIC	China Investment Corporation	1,332{{Cite web \|title=China Investment Corporation (CIC) - Sovereign Wealth Fund, China - SWFI \|url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05ac89 \|access-date=2025-03-06 \|website=Sovereign Wealth Fund Institute}}	2007	Non-commodity
valign="top" \| {{Flag icon\|CHN}} China	SAFE	SAFE Investment Company	1,090{{Cite web \|title=SAFE Investment Company (SAFE Investment Company) - Sovereign Wealth Fund, China - SWFI \|url=https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05bd9b \|access-date=2025-03-06 \|website=Sovereign Wealth Fund Institute}}	1997	Non-commodity
valign="top" \| {{Flag icon\|UAE}} United Arab Emirates	ADIA	Abu Dhabi Investment Authority	1,057{{Cite web \|title=Investment Corporation of Dubai (ICD) - Sovereign Wealth Fund, United Arab Emirates - SWFI \|url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b49f \|access-date=2023-06-06 \|website=Sovereign Wealth Fund Institute}}	1976	Oil & Gas
valign="top" \| {{Flag icon\|KWT}} Kuwait	KIA	Kuwait Investment Authority	1,029{{Cite web \|title=Kuwait Investment Authority (KIA) - Sovereign Wealth Fund, Kuwait - SWFI \|url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b5f2 \|access-date=2025-03-20 \|website=Sovereign Wealth Fund Institute}}	1953	Oil & Gas
valign=top \|{{Flag icon\|SAU}} Saudi Arabia	PIF	Public Investment Fund	925{{Cite web \|title=Public Investment Fund (PIF) - Sovereign Wealth Fund, Saudi Arabia - SWFI \|url=https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05bc3b \|access-date=2023-06-21 \|website=Sovereign Wealth Fund Institute}}	1971	Oil & Gas
valign="top" \| {{flag icon\|INA}} Indonesia	Danantara	Daya Anagata Nusantara	900{{cite news\|url=https://nasional.kontan.co.id/news/danantara-bakal-diluncurkan-pada-24-februari-2025-kelola-dana-jumbo-us-900-miliar\|title= Danantara Bakal Diluncurkan pada 24 Februari 2025, Kelola Dana Jumbo US$ 900 Miliar\|trans-title=Danantara Will Be Launched on February 24, 2025, Manage Jumbo Funds US$ 900 Billion\|work=Kontan\|date=15 February 2025}}	2025	Non-commodity
valign="top" \| {{Flag icon\|SGP}} Singapore	GIC	GIC Private Limited	800{{Cite web \|title=GIC Private Limited (GIC) - Sovereign Wealth Fund, Singapore - SWFI \|url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b242 \|access-date=2023-09-04 \|website=Sovereign Wealth Fund Institute}}	1981	Non-commodity
{{Flag icon\|SGP}} Singapore \|MAS \|Monetary Authority of Singapore \|600{{Cite web \|title=Sovereign Wealth Fund Institute - SWFI \|url=https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05b83c \|access-date=2024-11-02 \|website=www.swfinstitute.org}} \|1971 \|Non-commodity
valign="top" \| {{Flag icon\|QAT}} Qatar	QIA	Qatar Investment Authority	526{{Cite web \|title=Qatar Investment Authority (QIA) - Sovereign Wealth Fund, Qatar - SWFI \|url=https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05bc5a \|access-date=2023-06-06 \|website=Sovereign Wealth Fund Institute}}	2005	Oil & Gas
valign=top \| {{Flag icon\|HKG}} Hong Kong	HKMA	Exchange Fund (Hong Kong)	514{{Cite web \|title=Hong Kong Monetary Authority Investment Portfolio (HKMA IP) - Sovereign Wealth Fund, Hong Kong - SWFI \|url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b3a7 \|access-date=2023-09-04 \|website=Sovereign Wealth Fund Institute}}	1935{{Cite web \|title=Hong Kong Monetary Authority Investment Portfolio (HKMA IP) - Sovereign Wealth Fund, Hong Kong - SWFI \|url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b3a7 \|url-status=live \|archive-url=https://web.archive.org/web/20200915030208/https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b3a7 \|archive-date=15 September 2020 \|access-date=28 December 2021 \|website=Sovereign Wealth Fund Institute}}	Non-commodity
valign=top \|{{Flag icon\|CHN}} China	NSSF	National Council for Social Security Fund	414{{Cite web \|title= National Council for Social Security Fund of the People's Republic of China (NSSF) - Sovereign Wealth Fund, China - SWFI \|url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05ac89 \|access-date=2023-06-06 \|website=Sovereign Wealth Fund Institute}}	2000	Non-commodity
{{Flag icon\|SGP}} Singapore \|CPF \|Central Provident Fund \|409{{Cite web \|title=Sovereign Wealth Fund Institute - SWFI \|url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05ac13 \|access-date=2024-11-02 \|website=www.swfinstitute.org}} \|1955 \|Pension fund
valign="top" \| {{Flag icon\|UAE}} United Arab Emirates	ICD	Investment Corporation of Dubai	341{{Cite web \|title=Investment Corporation of Dubai (ICD) - Sovereign Wealth Fund, United Arab Emirates - SWFI \|url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b49f \|access-date=2023-06-06 \|website=Sovereign Wealth Fund Institute}}	2006	Oil & Gas
valign="top" \| {{Flag icon\|TUR}} Turkey	TWF	Turkey Wealth Fund	317{{Cite web \|title=Turkey Wealth Fund Consolidated Financial Statement, 31 December 2023 \|url=https://www.tvf.com.tr/uploads/file/twf-consolidated-financial-statement-31-december-2023.pdf}}	2017	Non-commodity
valign="top" \| {{Flag icon\|UAE}} United Arab Emirates	PJSC	Mubadala Investment Company	302{{Cite web \|title= Mubadala Investment Company (PJSC) - Sovereign Wealth Fund, United Arab Emirates - SWFI \|url=https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05b883 \|access-date=2023-06-06 \|website=Sovereign Wealth Fund Institute}}	2002	Oil & Gas
valign="top" \| {{Flag icon\|SGP}} Singapore	TH	Temasek Holdings	287{{Cite web \|title=Portfolio Performance \|url=https://www.temasek.com.sg/content/temasek-corporate/en/our-financials/portfolio-performance \|access-date=2023-08-17 \|website=Temasek Corporate Website English \|language=en}}{{Cite web \|title=Temasek Holdings (Temasek) - Sovereign Wealth Fund, Singapore - SWFI \|url=https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05c04a \|access-date=2023-09-04 \|website=Sovereign Wealth Fund Institute}}	1974	Non-commodity
valign="top" \| {{Flag icon\|AUS}} Australia	FF	Future Fund	223.4{{Cite web \|title=Future Fund March 2024 Update, Australia \|url=https://www.futurefund.gov.au/-/media/031D3442D35C42D9B8646128C048CA80.ashx \|access-date=2024-06-06 \|website=Sovereign Wealth Fund Institute}}	2006	Non-commodity
valign="top" \|{{Flag icon\|UAE}} United Arab Emirates \|ADQ \|Abu Dhabi Developmental Holding Company \|196{{Cite web \|title=Abu Dhabi Developmental Holding Company (ADQ) - Sovereign Wealth Fund, United Arab Emirates - SWFI \|url=https://www.swfinstitute.org/profile/5d0c7854d5ad707266741fc3 \|access-date=2023-06-07 \|website=Sovereign Wealth Fund Institute}} \|2018 \|Non-commodity
valign="top" \| {{Flag icon\|KOR}} South Korea	KIC	Korea Investment Corporation	189{{Cite web\|title=Korea Investment Corporation (KIC) - Sovereign Wealth Fund, South Korea - SWFI\|url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b5cb\|access-date=28 December 2021\|website=Sovereign Wealth Fund Institute\|archive-date=15 September 2020\|archive-url=https://web.archive.org/web/20200915030314/https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b5cb\|url-status=live}}	2005	Non-commodity
valign="top" \|{{Flag icon\|IRN}} Iran	NDFI	National Development Fund	156{{Cite web \|title=National Development Fund of Iran (NDFI) - Sovereign Wealth Fund, Iran - SWFI \|url=https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05b8d2 \|access-date=2023-06-27 \|website=Sovereign Wealth Fund Institute}}	2011	Oil & Gas
valign="top" \|{{Flag icon\|RUS}} Russia	NWF	Russian National Wealth Fund	133{{cite news \|title=Russia's National Wealth Fund at $148 billion at Jan 1 - Finance Ministry \|url=https://www.euronews.com/next/2023/01/19/russia-reserves-national-wealth-fund \|work=euronews \|date=19 January 2023 \|language=en \|access-date=13 April 2023 \|archive-date=12 April 2023 \|archive-url=https://web.archive.org/web/20230412083242/https://www.euronews.com/next/2023/01/19/russia-reserves-national-wealth-fund \|url-status=live }}{{cite web \|title=Russia {{!}} National Wealth Fund: Total Amount {{!}} CEIC \|url=https://www.ceicdata.com/en/russia/national-wealth-fund-total-amount \|website=www.ceicdata.com \|access-date=18 March 2023 \|archive-date=18 March 2023 \|archive-url=https://web.archive.org/web/20230318135919/https://www.ceicdata.com/en/russia/national-wealth-fund-total-amount \|url-status=live }}	2008	Oil & Gas
valign="top" \| {{Flag icon\|CAN}} Canada	AIMCo	Alberta Investment Management Corporation	123{{Cite web\|url=https://www.cdpq.com/en/performance/annual-reports/2021\|title=2021 Annual Report - CDPQ\|date=11 April 2022\|access-date=29 October 2022\|archive-date=10 October 2022\|archive-url=https://web.archive.org/web/20221010131637/https://www.cdpq.com/en/performance/annual-reports/2021\|url-status=live}}	2008	Non-commodity
valign="top" \|{{Flag icon\|UAE}} United Arab Emirates	EIA	Emirates Investment Authority	87{{Cite web \|title=Emirates Investment Authority (EIA) - Sovereign Wealth Fund, United Arab Emirates - SWFI \|url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05afc6 \|access-date=2023-06-07 \|website=Sovereign Wealth Fund Institute}}	2007	Oil & Gas
valign="top" \| {{Flag icon\|KAZ}} Kazakhstan	SK	Samruk-Kazyna	80.665{{Cite web\|title=Samruk-Kazyna (Samruk Kazyna) - Sovereign Wealth Fund, Kazakhstan - SWFI\|url=https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05bdc0\|access-date=30 January 2022\|website=Sovereign Wealth Fund Institute\|archive-date=30 January 2022\|archive-url=https://web.archive.org/web/20220130000346/https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05bdc0\|url-status=live}}	2008	Oil & Gas
valign="top" \|{{Flag icon\|UAE}} United Arab Emirates	DW	Dubai World	80{{Cite web \|title=Dubai World (UAE - Dubai) - Fund Profile - \|url=https://globalswf.com/fund/DUB-WRD \|access-date=2023-09-07 \|website=globalswf.com \|language=en}}	2005	Non-commodity
valign="top" \| {{Flag icon\|USA}} United States	APF	Alaska Permanent Fund	80.463{{Cite web \|title=Alaska Permanent Fund Corporation 2024 Annual Report \|url=https://apfc.org/annual-report-2024/ \|access-date=2025-01-12 \|website=Alaska Permanent Fund Corporation (APFC)}}	1976	Oil & Gas
valign="top" \| {{Flag icon\|BRN}} Brunei	BIA	Brunei Investment Agency	73{{Cite web \|title=Brunei Investment Agency (BIA) - Sovereign Wealth Fund, Brunei - SWFI \|url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05aadd \|access-date=2023-06-07 \|website=Sovereign Wealth Fund Institute}}	1983	Oil & Gas
valign="top" \| {{Flag icon\|LBY}} Libya	LIA	Libyan Investment Authority	67{{Cite web \|title=Libyan Investment Authority (LIA) - Sovereign Wealth Fund, Libya - SWFI \|url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b66a \|access-date=2023-06-07 \|website=Sovereign Wealth Fund Institute}}	2006	Oil & Gas
valign="top" \| {{Flag icon\|USA}} United States	PSF	Texas Permanent School Fund	57.291{{Cite web \|title=Annual Comprehensive Financial Report For the Fiscal Year Ended August 31, 2024 \|url=https://texaspsf.org/reports/\|access-date=2025-02-23\|website=Texas Permanent School Fund Corporation (Texas PSF)}}	1854	Land & Mineral Royalties
valign="top" \| {{Flag icon\|KAZ}} Kazakhstan	NF	Kazakhstan National Fund	55.7{{Cite web \|title=Kazakhstan National Fund (Kazakhstan National Fund) - Sovereign Wealth Fund, Kazakhstan - SWFI \|url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b556 \|access-date=2023-06-07 \|website=Sovereign Wealth Fund Institute}}	2012	Oil & Gas
valign="top" \|{{Flag icon\|OMN}} Oman	OIA	Oman Investment Fund	47	2020	Oil & Gas
valign="top" \| {{Flag icon\|AZE}} Azerbaijan	SOFAZ	State Oil Fund of the Republic of Azerbaijan{{Cite web\|url=http://www.oilfund.az/\|title=ARDNF – Azərbaycan Respublikası Dövlət Neft Fondu – Home\|website=oilfund.az\|access-date=7 August 2018\|archive-date=27 November 2018\|archive-url=https://web.archive.org/web/20181127010038/http://www.oilfund.az/\|url-status=live}}	43	1999	Oil & Gas
{{Flag icon\|AUT}} Austria	ÖBAG	Österreichische Beteiligungs AG	38.4{{Cite web \|title=Portfolio \|url=https://www.oebag.gv.at/en/organisation/portfolio/ \|url-status=live \|archive-url=https://web.archive.org/web/20210414004243/https://www.oebag.gv.at/en/organisation/portfolio/ \|archive-date=14 April 2021 \|access-date=12 April 2021}}	1967	Non-commodity
valign="top" \| {{Flag icon\|USA}} United States	PUF	Texas Permanent University Fund	36.469{{Cite web \|title=Financial Statements and Independent Auditor's Report Permanent University Fund Years Ended August 31, 2024 and 2023 \|url=https://www.utimco.org/media/4474/2024-puf-audited-financial-statements.pdf \|access-date=2025-01-12 \|website=The University of Texas/Texas A&M Investment Management Company (UTIMCO)}}	1876	Land & Mineral Royalties
valign="top" \| {{Flag icon\|MYS}} Malaysia	KN	Khazanah Nasional	36.1{{Cite web \|title=Khazanah Nasional (Khazanah) - Sovereign Wealth Fund, Malaysia - SWFI \|url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b58c \|access-date=2023-06-27 \|website=Sovereign Wealth Fund Institute}}	1993	Non-commodity
valign="top" \|{{Flag icon\|NZL}} New Zealand	NZSF	New Zealand Superannuation Fund	35.1{{Cite web \|title=New Zealand Superannuation Fund (NZ Super Fund) - Sovereign Wealth Fund, New Zealand - SWFI \|url=https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05b948 \|access-date=2023-06-07 \|website=Sovereign Wealth Fund Institute}}	2003	Non-commodity
valign="top" \|{{Flagicon\|France}} France	BPI	Bpifrance	33.5{{Cite web \|title=Bpifrance (Bpifrance) - Development Bank, France - SWFI \|url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05aa99 \|access-date=2023-06-07 \|website=Sovereign Wealth Fund Institute}}	2008	Non-commodity
valign="top" \|{{Flag icon\|USA}} United States	LGPF	New Mexico Land Grant Permanent Fund	32.093{{Cite web \|title=Report of Independent Auditors and Financial Statements with Supplementary Information, State of New Mexico Investment Council - Investment Office, A Department of the State of New Mexico, June 30, 2024 \|url=https://www.sic.state.nm.us/publications-reports/sic-annual-audit-reports/ \|access-date=2025-02-23 \|website=New Mexico State Investment Council (SIC)}}	1912	Land & Mineral Royalties
valign="top" \| {{Flagicon\|RUS}} Russia	RDIF	Russian Direct Investment Fund	25{{Cite web \|title=Russian Direct Investment Fund (RDIF) - Sovereign Wealth Fund, Russia - SWFI \|url=https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05bd89 \|access-date=2023-06-07 \|website=Sovereign Wealth Fund Institute}}	2011	Non-commodity
valign="top" \|{{Flag icon\|GER}} Germany	NWDF	Nuclear Waste Disposal Fund	25{{Cite web \|title=Nuclear Waste Disposal Fund (Kenfo) - Sovereign Wealth Fund, Germany - SWFI \|url=https://www.swfinstitute.org/profile/5ac240adce6eca492d272cb5 \|access-date=2023-06-07 \|website=Sovereign Wealth Fund Institute}}	2017	Non-commodity
valign="top" \| {{Flag icon\|NOR}} Norway	GPF-N	Government Pension Fund – Norway	22	2006	Oil & Gas
valign="top" \| {{Flag icon\|PNG}} Papua New Guinea	PNGSWF	Papua New Guinea Sovereign Wealth Fund	22	2011	Oil & Gas
valign="top" \| {{Flag icon\|BHR}} Bahrain	BMHC	Mumtalakat Holding Company	18.3{{Cite web \|title=Mumtalakat Holding (Mumtalakat) - Sovereign Wealth Fund, Bahrain - SWFI \|url=https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05b88b \|access-date=2023-06-27 \|website=Sovereign Wealth Fund Institute}}	2006	Oil & Gas
{{Flag icon\|TLS}} Timor Leste	TLPF	Timor-Leste Petroleum Fund	17{{Cite web \|title=Timor-Leste Petroleum Fund (Timor-Leste Petroleum Fund) - Sovereign Wealth Fund, East Timor - SWFI \|url=https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05c12c \|access-date=2023-06-07 \|website=Sovereign Wealth Fund Institute}}	2005	Oil & Gas
{{Flag icon\|IRL}} Ireland	ISIF	Ireland Strategic Investment Fund{{Cite web \|title=Homepage {{!}} ISIF \|url=https://isif.ie/ \|url-status=live \|archive-url=https://web.archive.org/web/20210927213646/https://isif.ie/ \|archive-date=27 September 2021 \|access-date=17 September 2021 \|website=ISIF \|language=en}}	16.1{{Cite web \|title=Ireland Strategic Investment Fund (ISIF) - Sovereign Wealth Fund, Ireland - SWFI \|url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b4b3 \|access-date=2024-11-09 \|website=Sovereign Wealth Fund Institute}}	2014	Non-commodity
{{Flag icon\|CAN}} Canada	AHSTF	Alberta Heritage Savings Trust Fund	{{#expr:(18.715 * 0.8003) round 1}}{{cite report \|url=https://open.alberta.ca/dataset/3675e470-646e-4f8a-86a7-c36c6f45471a/resource/a70d648a-4001-4293-a3a0-7fd98aedfd5a/download/2021-22-heritage-fund-annual-report.pdf \|title=Alberta Heritage Savings Trust Fund Annual Report 2021-22 \|date=June 2022 \|publisher=Heritage Fund \|page=5 \|isbn=978-1-4601-5445-8 \|quote=the net financial assets of the Fund are valued at [CAD]$18,715 million as of March 31, 2022 \|access-date=18 February 2023 \|archive-url=https://web.archive.org/web/20230315033002/https://open.alberta.ca/dataset/3675e470-646e-4f8a-86a7-c36c6f45471a/resource/a70d648a-4001-4293-a3a0-7fd98aedfd5a/download/2021-22-heritage-fund-annual-report.pdf \|archive-date=15 March 2023 \|url-status=live \|website=open.alberta.ca}}{{cite web \|date=2022-03-31 \|title=Daily exchange rates: Lookup tool \|url=https://www.bankofcanada.ca/rates/exchange/daily-exchange-rates-lookup/?lookupPage=lookup_daily_exchange_rates_2017.php&startRange=2017-01-01&series%5B%5D=FXUSDCAD&lookupPage=lookup_daily_exchange_rates_2017.php&startRange=2017-01-01&rangeType=range&rangeValue=&dFrom=2022-03-31&dTo=&submit_button=Submit \|url-status=live \|archive-url=https://web.archive.org/web/20230218160844/https://www.bankofcanada.ca/rates/exchange/daily-exchange-rates-lookup/?lookupPage=lookup_daily_exchange_rates_2017.php&startRange=2017-01-01&series%5B%5D=FXUSDCAD&lookupPage=lookup_daily_exchange_rates_2017.php&startRange=2017-01-01&rangeType=range&rangeValue=&dFrom=2022-03-31&dTo=&submit_button=Submit \|archive-date=18 February 2023 \|access-date=2023-02-18 \|publisher=Bank of Canada \|quote=Date: 2022-03-31 {{!}} CAD → USD: 0.8003}}	1976	Oil & Gas
{{Flag icon\|JPN}} Japan \|JIC \|Japan Investment Corporation \|12.2{{cite web \|title=事業報告｜公表資料｜入札結果｜JIC JAPAN INVESTMENT CORPORATION \|url=https://www.j-ic.co.jp/jp/finance/report/report01.html \|website=www.j-ic.co.jp}} \|2018 \|Non-commodity
{{Flag icon\|COL}} Colombia	FAEP	Fondo de Ahorro y Estabilización Petrolera	12	1995	Oil & Gas
valign="top" \| {{Flag icon\|CHI}} Chile	ESSF	Economic and Social Stabilization Fund{{Cite web\|title=Economic and Social Stabilization Fund (2 contenidos)\|url=http://www.hacienda.cl/english/investor-relations-office/reports/sovereign-wealth-funds-reports/economic-and-social-stabilization-fund\|access-date=22 September 2021\|website=Ministerio de Hacienda\|language=en\|archive-date=19 January 2022\|archive-url=https://web.archive.org/web/20220119105349/https://www.hacienda.cl/english/investor-relations-office/reports/sovereign-wealth-funds-reports/economic-and-social-stabilization-fund\|url-status=live}}	11	2007	Copper
valign="top" \| {{Flag icon\|CHI}} Chile	PRF	Pension Reserve Fund	11	2006	Copper
valign="top" \| {{Flag icon\|USA}} United States	PWMTF	Permanent Wyoming Mineral Trust Fund	11.130{{Cite web \|title=Wyoming State Treasurer Annual Report, July 1, 2023-June 30, 2024 \|url=https://statetreasurer.wyo.gov/wp-content/uploads/2024/11/Annual-Report-FY24pdf.pdf \|access-date=2025-01-12 \|website=Wyoming State Treasurer's Office}}	1974	Minerals
valign=top \| {{Flag icon\|PHI}} Philippines	MIF	Maharlika Investment Fund	9.2	2023	Non-commodity
valign="top"
{{Flag icon\|IRL}} Ireland	FIF	Future Ireland Fund	9.1{{Cite web\|title=Future Ireland Fund - Sovereign Wealth Fund, Ireland - SWFI\|url=https://www.swfinstitute.org/profile/66ba3678c001f7d1eecabcd0\|access-date=2024-11-09\|website=www.swfinstitute.org}}	2024	Non-commodity
{{Flag icon\|USA}} United States	NDLF	North Dakota Legacy Fund	10.879{{Cite web \|title= Investment Performance Review for North Dakota State Investment Board Legacy Fund, Period Ending: June 30, 2024 \|url=https://www.rio.nd.gov/sites/www/files/documents/PDFs/SIB/Reports/veruslegacy202406.pdf \|access-date=2025-01-12 \|website=North Dakota State Investment Board (SIB)}}	2011	Oil & Gas
valign="top" \|{{Flag icon\|USA}} United States	STPF	New Mexico Severance Tax Permanent Fund	9.747{{Cite web \|title=Report of Independent Auditors and Financial Statements with Supplementary Information, State of New Mexico Investment Council - Investment Office, A Department of the State of New Mexico, June 30, 2024 \|url=https://www.sic.state.nm.us/publications-reports/sic-annual-audit-reports/ \|access-date=2025-02-23 \|website=New Mexico State Investment Council (SIC)}}	1973	Oil & Gas
{{Flag icon\|United Kingdom}} United Kingdom \|NWF \|National Wealth Fund \|27.8{{Cite web \|title=National Wealth Fund: Mobilising Private Investment \|url=https://www.gov.uk/government/publications/national-wealth-fund-mobilising-private-investment \|access-date=2024-10-26 \|website=GOV.UK \|language=en}} \|2024 \|Non-commodity
{{Flag icon\|PAK}} Pakistan	PK	Pakistan Sovereign Wealth Fund	8.06{{Cite web \|title=Pakistan passes law to set up a sovereign wealth fund\|url=https://www.brecorder.com/news/40255872 \|access-date=2023-06-12 \|website=Business Recorder}}	2023	Non-commodity
valign="top" \| {{Flag icon\|INA}} Indonesia	INA	Indonesia Investment Authority	7.6{{Cite web \|title=Indonesia Investment Authority (Indonesia Investment Authority) - Sovereign Wealth Fund, Indonesia - SWFI \|url=https://www.swfinstitute.org/profile/5f7dde9916e98059cc6f024e \|access-date=2023-06-12 \|website=Sovereign Wealth Fund Institute}}	2021	Non-commodity
valign="top" \| {{Flag icon\|MEX}} Mexico	FMP	Fondo Mexicano del Petroleo para la Estabilizacion y el Desarrollo	7	2000	Oil & Gas
valign="top" \| {{Flag icon\|TTO}} Trinidad & Tobago	HSF	Heritage and Stabilization Fund{{Cite web\|title=Heritage and Stabilization Fund – Ministry of Finance\|url=https://www.finance.gov.tt/category/heritage-and-stabilization-fund/\|access-date=15 September 2021\|language=en-US\|archive-date=15 September 2021\|archive-url=https://web.archive.org/web/20210915144605/https://www.finance.gov.tt/category/heritage-and-stabilization-fund/\|url-status=live}}	5.6{{Cite web \|title=Heritage and Stabilization Fund (Heritage and Stabilization Fund) - Sovereign Wealth Fund, Trinidad and Tobago - SWFI \|url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b364 \|access-date=2023-06-12 \|website=Sovereign Wealth Fund Institute}}	2000	Oil & Gas
{{Flag icon\|IND}} India \|NIIF \|National Investment and Infrastructure Fund \|5.3{{Cite web \|title=National Investment and Infrastructure Fund (NIIF) - Government Fund, India - SWFI \|url=https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05b8df \|access-date=2023-06-13 \|website=Sovereign Wealth Fund Institute}} \|2015 \|Non-commodity
valign="top" \| {{Flag icon\|CHN}} China	CADF	China-Africa Development Fund	5{{Cite web \|title=China-Africa Development Fund (CAD Fund) - Government Fund, China - SWFI \|url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05acbc \|access-date=2023-06-12 \|website=Sovereign Wealth Fund Institute}}	2007	Non-commodity
valign="top" \| {{Flag icon\|PER}} Peru	FSF	Fiscal Stabilization Fund{{Cite web\|title=State Fiscal Stabilization Fund {{!}} U.S. Department of Education\|url=https://www.ed.gov/category/program/state-fiscal-stabilization-fund\|access-date=16 September 2021\|website=U.S. Department of Education\|archive-date=16 September 2021\|archive-url=https://web.archive.org/web/20210916141812/https://www.ed.gov/category/program/state-fiscal-stabilization-fund\|url-status=live}}	5	1999	Non-commodity
valign="top" \| {{Flag icon\|ITA}} Italy	CDP Equity	Cassa Depositi e Prestiti Equity{{Cite web\|title=CDP Equity\|url=https://www.cdpequity.it/cdp-equity/it/home.page\|access-date=16 September 2021\|website=CDP Equity\|language=it\|archive-date=16 September 2021\|archive-url=https://web.archive.org/web/20210916132458/https://www.cdpequity.it/cdp-equity/it/home.page\|url-status=live}}	394{{Cite web \|title=1H 2023 \|url=https://www.cdp.it/sitointernet/it/bilancio_2023.page \|access-date=2023-12-31 \|website=Cassa Depositi e Prestiti \|language=it}}	2011	Non-commodity
valign="top" \| {{Flag icon\|BOT}} Botswana	PF	Pula Fund	4.1{{Cite web \|title=Pula Fund (Pula Fund) - Sovereign Wealth Fund, Botswana - SWFI \|url=https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05bc49 \|access-date=2023-06-29 \|website=Sovereign Wealth Fund Institute}}	1994	Diamonds
valign="top" \| {{Flag icon\|USA}} United States	ATF	Alabama Trust Fund	3.4{{Cite web \|title=Alabama Trust Fund (ATF) - Sovereign Wealth Fund, United States - SWFI \|url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05a800 \|access-date=2023-06-13 \|website=Sovereign Wealth Fund Institute}}	1985	Oil & Gas
{{Flag icon\|USA}} United States	IEFIB	Idaho Endowment Fund Investment Board{{Cite web \|last=Idaho \|first=Access \|title=Home \|url=https://efib.idaho.gov/ \|url-status=live \|archive-url=https://web.archive.org/web/20210915130841/https://efib.idaho.gov/ \|archive-date=15 September 2021 \|access-date=15 September 2021 \|website=Endowment Fund Investment Board \|language=EN}}	3.2{{Cite web \|title=Idaho Endowment Fund Investment Board (Idaho EFIB) \|url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b40f \|access-date=2023-06-13 \|website=Sovereign Wealth Fund Institute}}	1969	Land & Mineral Royalties
{{Flag icon\|USA}} United States	SIFTO	Utah School and Institutional Trust Funds Office{{Cite web \|title=SITFO \|url=https://sitfo.utah.gov/ \|url-status=live \|archive-url=https://web.archive.org/web/20210915135043/https://sitfo.utah.gov/ \|archive-date=15 September 2021 \|access-date=15 September 2021 \|website=Utah School & Institutional Trust Funds Office}}	2.5	1983	Land & Mineral Royalties
{{Flag icon\|VIE}} Vietnam	SCIC	State Capital Investment Corporation	2.4{{Cite web \|title=State Capital Investment Corporation (SCIC) - Sovereign Wealth Fund, Vietnam - SWFI \|url=https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05bf53 \|access-date=2023-06-16 \|website=Sovereign Wealth Fund Institute}}	2006	Non-commodity
valign="top" \| {{Flag icon\|NGA}} Nigeria	NSIA	Nigeria Sovereign Investment Authority	2.3{{Cite web \|title=Nigeria Sovereign Investment Authority (NSIA) - Sovereign Wealth Fund, Nigeria - SWFI \|url=https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05b968 \|access-date=2023-06-29 \|website=Sovereign Wealth Fund Institute}}	2011	Oil & Gas
{{Flag icon\|ANG}} Angola	FSDEA	Fundo Soberano de Angola	2.2{{Cite web \|title=Fundo Soberano de Angola (FSDEA) - Sovereign Wealth Fund, Angola - SWFI \|url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b1a8 \|access-date=2023-06-12 \|website=Sovereign Wealth Fund Institute}}	2012	Oil & Gas
valign="top" \| {{Flag icon\|BEL}} Belgium	SFPIM	{{Ill\|Federale Participatie- en Investeringsmaatschappij\|fr\|Société Fédérale de Participations et d'Investissement}}	2	1962	Non-commodity
valign="top" \| {{Flag icon\|UAE}} United Arab Emirates	RAKIA	Ras Al Khaimah Investment Authority	2	2005	Oil & Gas
valign=top \| {{Flag icon\|UAE}} United Arab Emirates	SAM	Sharjah Asset Management Holding{{Cite web\|url=https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05be47\|title=Sharjah Asset Management (Sharjah Asset Management) - Sovereign Wealth Fund, United Arab Emirates - SWFI\|website=Sovereign Wealth Fund Institute\|access-date=7 February 2021\|archive-date=26 February 2021\|archive-url=https://web.archive.org/web/20210226154353/https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05be47\|url-status=live}}{{Cite web\|last=SAMH\|title=Sharjah Asset Management – The Investment Arm of the Government of Sharjah\|url=https://sam.ae/\|access-date=23 August 2021\|language=en-US\|archive-date=23 August 2021\|archive-url=https://web.archive.org/web/20210823143829/https://sam.ae/\|url-status=live}}	2	2008	Non-Commodity
valign=top \| {{Flag icon\|USA}} United States	CSF	Oregon Common School Fund	2	1859	Lands & Mineral Royalties
valign=top \| {{Flag icon\|KWT}} Kuwait	AWQAF	Awqaf and Islamic Affairs Fund{{cite web\|title=إلى 150 مليون دينار خسارة محفظة الأوقاف\|url=https://alqabas.com/article/114139-100-%D8%A5%D9%84%D9%89-150-%D9%85%D9%84%D9%8A%D9%88%D9%86-%D8%AF%D9%8A%D9%86%D8%A7%D8%B1-%D8%AE%D8%B3%D8%A7%D8%B1%D8%A9-%D9%85%D8%AD%D9%81%D8%B8%D8%A9-%D8%A7%D9%84%D8%A3%D9%88%D9%82%D8%A7%D9%81\|access-date=4 July 2016\|archive-date=14 January 2022\|archive-url=https://web.archive.org/web/20220114194401/https://alqabas.com/article/114139-100-%D8%A5%D9%84%D9%89-150-%D9%85%D9%84%D9%8A%D9%88%D9%86-%D8%AF%D9%8A%D9%86%D8%A7%D8%B1-%D8%AE%D8%B3%D8%A7%D8%B1%D8%A9-%D9%85%D8%AD%D9%81%D8%B8%D8%A9-%D8%A7%D9%84%D8%A3%D9%88%D9%82%D8%A7%D9%81\|url-status=live}}	1.99	1993	Non-commodity
valign=top \| {{Flag icon\|PAN}} Panama	FAP	Fondo de Ahorro de Panama{{Cite web\|title=Fondo de Ahorro de Panama\|url=https://www.fondoahorropanama.com/\|access-date=25 August 2021\|website=Fondo de Ahorro de Panama\|language=es-PA\|archive-date=25 August 2021\|archive-url=https://web.archive.org/web/20210825135046/https://www.fondoahorropanama.com/\|url-status=live}}	1.4{{Cite web \|title=Fondo de Ahorro de Panama (FAP) - Sovereign Wealth Fund, Panama - SWFI \|url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b136 \|access-date=2023-06-16 \|website=Sovereign Wealth Fund Institute}}	2012	Non-commodity
valign=top \| {{Flag icon\|USA}} United States	LEQTF	Louisiana Education Quality Trust Fund{{Cite web\|title=Investments {{!}} Louisiana State Treasurer {{!}} Louisiana\|url=https://www.treasury.la.gov/investments\|access-date=14 September 2021\|website=Louisiana Treasury\|language=en\|archive-date=14 September 2021\|archive-url=https://web.archive.org/web/20210914172357/https://www.treasury.la.gov/investments\|url-status=live}}	1.5{{Cite web \|title=Louisiana Education Quality Trust Fund (LEQTF) - Sovereign Wealth Fund, United States - SWFI \|url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b6ba \|access-date=2023-06-16 \|website=Sovereign Wealth Fund Institute}}	1986	Oil & Gas
valign=top \| {{Flag icon\|USA}} United States	BCPL	Wisconsin Board of Commissioners of Public Lands	1.4	1848	Land, Timber and Non-commodity
valign="top" \| {{Flag icon\|USA}} United States	FMP	Colorado Public School Fund Endowment Board	1.2	2016	Lands and Minerals Royalties
valign="top" \| {{Flag icon\|ISR}} Israel		Israeli Citizens' Fund	1.01	2022	Gas & Minerals
valign="top" \| {{Flag icon\|GAB}} Gabon	FGIS	Fonds Gabonais d'Investissements Strategiques	1.0	2012	Oil & Gas
valign="top" \| {{Flag icon\|PLE}} Palestine	PIF	Palestine Investment Fund	0.9{{Cite web \|title=Palestine Investment Fund (Palestine Investment Fund) - Sovereign Wealth Fund, Palestine - SWFI \|url=https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05ba86 \|access-date=2023-06-16 \|website=Sovereign Wealth Fund Institute}}	2003	Non-commodity
valign="top" \| {{Flag icon\|GHA}} Ghana	GPF	Ghana Petroleum Funds	0.9	2011	Oil & Gas
valign="top" \| {{Flag icon\|AUS}} Australia	WAFF	Western Australian Future Fund	0.9{{Cite web \|title=Western Australian Future Fund (WAFF) - Sovereign Wealth Fund, Australia - SWFI \|url=https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05c326 \|access-date=2023-06-16 \|website=Sovereign Wealth Fund Institute}}	2012	Minerals
valign="top" \| {{Flag icon\|TKM}} Turkmenistan	TSF	Turkmenistan Stabilization Fund	0.5	2008	Oil & Gas
valign="top" \| {{Flag icon\|BOL}} Bolivia	FINPRO	Fondo para la Revolución Industrial Productiva{{Cite web\|title=Ley del Fondo para la Revolución Industrial Productiva (FINPRO),...\|url=https://www.bivica.org/file/view/id/838\|access-date=24 August 2021\|website=bivica.org\|language=en\|archive-date=24 August 2021\|archive-url=https://web.archive.org/web/20210824160947/https://www.bivica.org/file/view/id/838\|url-status=live}}	0.4	2015	Non-commodity
valign=top \| {{Flag icon\|KIR}} Kiribati	RERF	Revenue Equalization Reserve Fund	0.4	1956	Phosphates
valign="top" \| {{Flag icon\|GEQ}} Equatorial Guinea	FRGF	Fonds de Réserves pour Générations Futures \| 0.2	2002	Oil & Gas
valign="top" \|{{Flag icon\|RWA}} Rwanda	AGDF	Agaciro Development Fund{{Cite web\|url=http://agaciro.rw/index.php?id=2\|title=Agaciro Development Fund\|date=24 November 2018\|website=Agaciro Development Fund\|access-date=24 November 2018\|archive-date=26 November 2018\|archive-url=https://web.archive.org/web/20181126092711/http://agaciro.rw/index.php?id=2\|url-status=live}}	0.2{{Cite web \|title=Agaciro Development Fund (Agaciro) - Sovereign Wealth Fund, Rwanda - SWFI \|url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05a7da \|access-date=2023-06-16 \|website=Sovereign Wealth Fund Institute}}	2012	Non-commodity
{{Flag icon\|USA}} United States \|WVFF \|West Virginia Future Fund \|0.1{{Cite web \|title=West Virginia Future Fund - Sovereign Wealth Fund, United States - SWFI \|url=https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05c31e \|url-status=live \|archive-url=https://web.archive.org/web/20230405194609/https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05c31e \|archive-date=5 April 2023 \|access-date=2023-03-23 \|website=Sovereign Wealth Fund Institute}} \|2014{{Cite web \|title=West Virginia Code 11-13A-5b \|url=https://code.wvlegislature.gov/11-13A-5b \|url-status=live \|archive-url=https://web.archive.org/web/20220710163821/https://code.wvlegislature.gov/11-13A-5B/ \|archive-date=10 July 2022 \|access-date=2023-03-23 \|website=West Virginia Code \|language=en-US}} \|Oil & Gas
valign="top" \| {{Flag icon\|MRT}} Mauritania	NFHR	National Fund for Hydrocarbon Reserves	0.1{{Cite web \|title=National Fund for Hydrocarbon Reserves (FNRH) - Sovereign Wealth Fund, Mauritania - SWFI \|url=https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05b8d7 \|access-date=2023-06-16 \|website=Sovereign Wealth Fund Institute}}	2006	Oil & Gas
valign="top" \| {{Flag icon\|MGL}} Mongolia	FHF	Future Heritage Fund{{Cite web\|title=Монгол Улсын Сангийн яам\|url=https://mof.gov.mn/en\|access-date=23 August 2021\|website=Монгол Улсын Сангийн яам\|language=en\|archive-date=20 August 2021\|archive-url=https://web.archive.org/web/20210820152436/https://mof.gov.mn/en/\|url-status=live}}	0.1	2011	Minerals
valign="top" \| {{Flag icon\|NGA}} Nigeria	BDIC	Bayelsa Development and Investment Corporation	0.1	2012	Non-commodity
valign=top \| {{Flag icon\|SEN}} Senegal	FONSIS	Fonds Souverain d'Investissement Strategiques{{Cite web\|title=Fonds Souverain d'Investissements Stratégiques (FONSIS)\|url=https://www.fonsis.org/fr\|access-date=24 August 2021\|website=Fonsis\|archive-date=23 August 2021\|archive-url=https://web.archive.org/web/20210823011105/https://www.fonsis.org/fr\|url-status=live}}	0.1	2012	Non-commodity