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Zambia and Botswana Turn to Mineral Wealth for New Fiscal Stabilization SWFs

3rd October, 2024

Facing revenue and spending pressures, two southern African countries – Zambia and Botswana – are examining proposals for sovereign wealth funds with a stabilization mandate, but given their structural challenges and spending pressures the plans maybe too little, too late.

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Could Ireland’s US$14bn Apple Tax Windfall from ECJ Ruling Scupper SWF Plans?

19th September, 2024

A ruling by the EU’s highest court, the European Court of Justice (ECJ), has demanded that tech giant Apple pays the Irish government EUR13 billion (US$14 billion) in back taxes, claiming that it benefitted from an illegal tax break.

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US Federal SWF Mooted by Biden and Trump Raises More Qs than As

10th September, 2024

Despite being the world’s biggest economy attracting the bulk of sovereign capital, the US lacks a federal-level sovereign wealth fund of its own – but this could all be about the change with rivals in the presidential election pitching their visions of state capitalism.

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India’s Proposed SWF Could be Rival to China’s Silk Road Fund

2nd September, 2024

India’s central bank the Reserve Bank of India (RBI), stock exchange regulator the Securities and Exchange Board of India (SEBI) and officials from the new finance hub, GIFT City, are reportedly exploring the launch of a new sovereign wealth fund, in addition to the existing National Investment and Infrastructure Fund (NIIF).

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Mozambique's LNG-Backed SWF Declares US$114mn Initial Inflow

20th August, 2024

The Mozambique Sovereign Fund (FSM) has started receiving modest inflows with US$114 million of gas revenue funnelled into its coffers over the first half of 2024.

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The Philippines New SWF has Grand Ambitions, but Needs Co-Investors and Foreign Capital

6th August, 2024

The Philippines’ sovereign wealth fund, the Maharlika Investment Corporation (MIC), is now firmly established and about to originate deals for the Maharlika Investment Fund (MIF) focusing on domestic infrastructure and impact investment.

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UK Government Pressed to Consolidate Pensions, Yet Institutional Capacity is in Doubt

29th July, 2024

While the new Labour government is still finding its feet with the creation of a National Wealth Fund to invest in transition infrastructure, it has yet to get to grips with a fragmented and convoluted local government pension system while the existing “future fund” operated by the British Business Bank has failed to impress.

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IMF Demands Pakistan Scraps SWF as a Condition for Support

11th July, 2024

Governance concerns have reportedly prompted the IMF to demand the abolition of the Pakistan Sovereign Wealth Fund as a condition for any new financial bailouts, in what is the biggest challenge to the country’s bid to create a state-owned investor.

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UK Repurposes State Investors for US$9bn National Wealth Fund

10th July, 2024

The UK’s new Labour administration is set to hit the ground running with its new GBP7.3 billion (US$9.3 billion) National Wealth Fund (NWF) by utilizing existing governance structures and capital to start immediate investment in “green” infrastructure.

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New African SWFs Stumble Over Governance

8th July, 2024

Governance issues are an enduring concern for nascent African sovereign wealth funds and while Mozambique is looking for best practice in establishing a commodity-backed SWF, neighboring Zimbabwe is accused by anti-corruption watchdogs of failing to meet adequate standards in the operations of the Mutapa Investment Fund.

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Irish Government Dilemma: Jam Today or Tomorrow?

5th July, 2024

Ireland’s government is being pulled in two directions as a result of a corporation tax windfall, tempted by pre-election giveaways but mindful of its objective for long-term savings in two new sovereign wealth funds.

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British General Election Sees Parties Set Out Sovereign Wealth Fund Plans

6th June, 2024

Most political parties competing in the UK general election have pledged some form of sovereign wealth fund if they win power on June 4th, but like all manifesto commitments they are light on detail.

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