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The Global SWF Year in Review 2025: The Ideas, Power Shifts and Structures That Defined Sovereign Capital

30th December, 2025

As 2025 draws to a close, Global SWF’s most-read analysis reveals a clear pattern: audiences were far less interested in short-term returns or league tables, and far more engaged by how sovereign capital is being organised, governed, and deployed. Across Abu Dhabi, the Gulf, Asia, and beyond, the most-popular themes among our readers shared a common thread: power, structure, intent, and institutional design.

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China’s CIC Puts a Price on Its Retreat from US Private Equity

3rd December, 2025

China Investment Corporation’s plan to sell about US$1 billion of US private equity fund stakes is a small transaction relative to its US$1.3 trillion balance sheet – but it captures a much larger shift in how Chinese sovereign capital engages with Wall Street.

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Saudi Arabia’s PIF Shifts From Big Spending to Capital Recycling as Vision 2030 Tightens

2nd December, 2025

Saudi Arabia’s sovereign wealth fund is at the centre of two very different stories. Abroad, the Public Investment Fund (PIF) is backing the record US$55bn leveraged buyout of video-game publisher Electronic Arts (EA), reinforcing its image as a bold global investor. At home, large domestic “giga-projects” are being written down, timelines are slipping and the fund is borrowing more heavily than in the early years of Vision 2030.

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Temasek Tightens Its Asset Management Platform Model with Pavilion-Seviora Integration

26th November, 2025

Singapore state investor Temasek is tightening the lines between its in-house investment arms, folding private equity specialist Pavilion Capital into asset manager Seviora Group in a move that underlines its push to build a larger, more coherent Asian private-markets business.

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Mubadala’s Public Equity Strategy: Chips, Credit and Crypto, Revisited

19th November, 2025

Mubadala’s latest 13F filing for Q3 2025 shows a US-listed equity portfolio that is still dominated by a single strategic holding, but with a steadily more developed supporting cast around it.

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Temasek’s Quiet High-Conviction Bet on Big Finance, Big Tech and Asian Platforms

18th November, 2025

Temasek’s US-listed equity portfolio has grown steadily more concentrated, more technology-heavy and more tied to global financial infrastructure over the past 18 months, according to its quarterly 13F filings.

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From US$56 Billion to Six Stocks: What PIF’s Brutal 13F Shrink Really Means

17th November, 2025

Saudi Arabia’s Public Investment Fund has just done something that, on paper, looks like a rapid exit from US public equities.

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NPS weighs tactical boost to Korean equities as rally tests policy limits

11th November, 2025

South Korea’s National Pension Service (NPS) is weighing a tactical increase in its domestic equity exposure after this year’s sharp stock market rally pushed the fund up against its own allocation limits, forcing a collision between long-term diversification policy and short-term political and market pressures.

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When the Umpire Takes the Field: How Norway’s Oil Fund Became a Cautious ESG Enforcer

10th November, 2025

For years, Norway’s sovereign wealth fund has tried to be predictable. It has presented itself as a long-term, rules-based investor whose job is to turn oil and gas revenues into broad, steady exposure to the global economy.

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PIFSS’s Return to Private Equity: Strategy and a Role for Wafra?

4th November, 2025

Kuwait’s Public Institution for Social Security (PIFSS) is preparing to restart private equity commitments after a three-year pause, a move that could re-introduce a large, long-duration LP into a market still wrestling with slow exits and uneven fundraising.

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SOFAZ’s Record Year Comes With a Caveat: Gold Concentration is Key Risk

24th October, 2025

Azerbaijan’s State Oil Fund (SOFAZ) has powered through 2025 with the strongest balance-sheet expansion in its history, but the very engines of that growth – notably its high concentration in gold – also sharpen the downside if conditions turn.

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Panama’s Sovereign Wealth Fund Trades IOUs for Bonds - and Gains Room to Move

10th October, 2025

Panama’s Fondo de Ahorro de Panamá (FAP) has quietly undergone a major structural upgrade. The sovereign wealth fund exchanged a portfolio of non-tradable government promissory notes for liquid Republic of Panama bonds, thereby turning paper promises into real, marketable assets.

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