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APG after 2025: weaker investment results, narrower strategy

2nd April, 2026

APG’s 2025 annual report shows a weaker investment result and a narrower future model. Assets under management fell to EUR 601 billion from EUR 616 billion, the portfolio returned -1.6%, and five-year excess return was -74 basis points across total assets and -349 basis points for actively managed portfolios.

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Fund of the Month (Apr'26): Samruk-Kazyna

1st April, 2026

The Republic of Kazakhstan has four major Sovereign Wealth Funds: the National Fund (NF), the National Investment Corporation (NIC), which operate under the central bank the National Bank of Kazakhstan (NBK), Samruk-Kazyna JSC (SK), and Baiterek NIH JSC, a state development holding focused on the banking sector.

Palestinian SWF is relevant to Gaza reconstruction, but not in control

31st March, 2026

Recent developments have reinforced a reconstruction model for Gaza in which security arrangements, transitional administration and donor oversight come before broad-based project financing. This process leaves the Palestine Investment Fund (PIF) in an important but secondary position.

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Temasek uses Manipal IPO to recapitalise a scaled India healthcare platform

30th March, 2026

Manipal Health’s proposed IPO shows Temasek moving a scaled India healthcare platform from private build-out to public-market funding rather than pursuing a broad exit. The transaction is weighted toward fresh capital, with proceeds directed to debt reduction and the integration of Sahyadri Hospitals, which points to recapitalisation after an acquisition-led expansion phase.

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PIF’s global investing will continue, but on a tighter domestic leash

26th March, 2026

Yasir Al-Rumayyan’s claim that PIF remains committed to investments around the world is true in the narrow sense that Saudi Arabia has not halted outbound dealmaking.

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CIC reopens the US manager channel without reversing the 2025 pullback

25th March, 2026

China Investment Corporation’s recent talks with Blackstone and TPG suggest that its 2025 retreat from US private equity was a pause in form of access rather than a full exit.

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ADIA’s CRC deal adds bank capital relief to a wider private credit build-out

24th March, 2026

ADIA’s investment in a new Christofferson Robb & Company (CRC) fund focused on significant risk transfer (STR) transactions extends a broader private credit strategy that has been taking shape across the Abu Dhabi sovereign wealth fund.

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UK National Wealth Fund broadens from industrial vehicle to strategic capital platform

23rd March, 2026

The National Wealth Fund’s GBP500 million (US$664 million) backing for Greater Manchester’s Good Growth Fund shows how the institution has changed since launch.

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Prologis and GIC’s US$1.6 billion logistics JV fits a broader GIC playbook

20th March, 2026

GIC’s new US$1.6 billion build-to-suit logistics joint venture with Prologis is a continuation of GIC’s long-standing preference for scaled platforms and operating partners with a reawakening of a relationship with Prologis after a 17-year abeyance. It also serves as another sign that the US$936 billion Singaporean sovereign wealth fund wants real estate exposure through specialised, pre-leased assets.

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Future Fund’s private markets reset: senior exits, strong returns, and Abu Dhabi’s growing pull

19th March, 2026

David Bluff and Tammi Fisher, the Future Fund’s co-managing directors of real assets, are leaving at the end of March. Between them, they oversaw private equity, credit, property, infrastructure and energy transition at Australia’s A$267.4 billion sovereign wealth fund – equating to around 45% of assets under management.

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Mubadala Energy’s strategic role is growing as geopolitical turmoil hits energy markets

18th March, 2026

Mubadala Energy is becoming more important to Mubadala, not less. The company is now a gas-weighted international platform with exposure across Southeast Asian upstream gas, US LNG and the Eastern Mediterranean, giving Mubadala a hydrocarbon business that is better aligned with energy security and transition narratives than a pure oil producer would be.

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Aware Super’s scale reset: merger, infrastructure strategy, and the search for consistent outperformance

17th March, 2026

Aware Super’s merger with TelstraSuper and its evolving infrastructure strategy point indicate the fund is seeking scale to improve origination and portfolio execution and not just to cut costs.

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