Fund List

  • Algeria - Revenue Regulation Fund
  • Angola - Reserve Fund for Oil
  • Australian Future Fund
  • Azerbaijan - State Oil Fund
  • Bahrain - Mumtalakat Holding Company
  • Bolivia - SWF planned
  • Botswana - Pula Fund
  • Brazil - SWF presumed
  • Brunei Investment Agency
  • Canada - Alberta's Heritage Fund
  • Chile - Social and Economic Stabilization Fund
  • China-Africa Development Fund
  • China Investment Corporation
  • China - SAFE Investment Company
  • Hong Kong Monetary Authority Investment Portfolio
  • India - SWF presumed
  • Iran - Oil Stabilisation Fund
  • Ireland - National Pensions Reserve Fund
  • Japan - SWF presumed
  • Kazakhstan National Fund
  • Kiribati - Revenue Stabilisation Fund
  • Korea Investment Corporation
  • Kuwait Investment Authority
  • Libyan Arab Foreign Investment Company
  • Malaysia - Khazanah Nasional
  • Mauritania - National Fund for Hydrocarbon Reserves
  • New Zealand Superannuation Fund
  • Nigeria - Excess Crude Account
  • Norway - Government Pension Fund – Global
  • Oman - State General Reserve Fund
  • Qatar Investment Authority
  • Russia - National Welfare Fund
  • Saudi Arabia - Public Investment Fund
  • Saudi Arabia - Saudi Holdings
  • Singapore - Government of Singapore Investment Corporation
  • Singapore - Temasek Holdings
  • Taiwan - National Stabilisation Fund
  • Timor-Leste Petroleum Fund
  • Trinidad and Tobago - Revenue Stabilisation Fund
  • UAE - Abu Dhabi Investment Council
  • UAE - Emirates Investment Authority
  • UAE - Investment Corporation of Dubai
  • UAE - RAK Investment Authority
  • Uganda - Poverty Action Fund
  • USA - Alaska Permanent Fund
  • USA - Alabama Trust Fund
  • USA - New Mexico State Investment Office Trust
  • USA - Permanent Wyoming Mineral Trust Fund
  • Venezuela - FIEM
  • Vietnam - State Capital Investment Corporation




  • About SWFs

    What is a Sovereign Wealth Fund?

    A Sovereign Wealth Fund (SWF) is a state-owned investment fund composed of financial assets such as stocks, bonds, real estate, or other financial instruments funded by foreign exchange assets. Some funds also invest indirectly in domestic state owned enterprises. In addition, they tend to prefer returns over liquidity, thus they have a higher risk tolerance than traditional foreign exchange reserves.

    Funds may have their origin in:

    • Commodities - Created through commodity exports, either taxed or owned by the government.
    • Non Commodities - Usually created through transfers of assets from official foreign exchange reserves.

    SWFs: Nature & Purpose

    Each fund has its own unique reason for its creation; furthermore, all funds have their own objectives.

    Some Fund Objectives:
    • Protect & stabilize the budget and economy from excess volatility in revenues/exports
    • Diversify from non-renewable commodity exports
    • Earn greater returns than on foreign exchange reserves
    • Assist monetary authorities dissipate unwanted liquidity
    • Increase savings for future generations
    • Fund social and economical development
    • Sustainable long term capital growth for target countries
    • Political strategy

    3 Types of Sovereign Investments Vehicles:

    • Sovereign Wealth Funds (SWFs) - example (Qatar Investment Authority)
    • Public Pension Schemes - example (CalPERS)
    • State Owned Enterprises - example (Chinalco)

    Current Trends

    Size and Growth
      Since 2005, 12 SWFs have been created and the US Department of Treasury estimates they control around $2.5 trillion. As other countries grow their currency reserves they will seek greater returns. Their growth has also been skyrocketed by rising commodity prices especially oil & gas.
    Transparency & Protectionism
      Has anyone ever heard of UAE's Dubai World's Port Deal or China's CNOOC's bid for Unocal?
      Or how about the latest foreign bailout for the largest US Financial Institutions such as Citigroup, Morgan Stanley, and Merrill Lynch?


      Most SWFs are non-transparent, meaning they do not report their holdings or strategies to the Public. Some experts say they are passive investments, while others fear they are a matter of national security. These are causes for concern for many people, investors, and governments; and will eventually fuel the fires of Protectionism.