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# Investor Country Est. Type AuM ($b)* Alternatives (%)** Domestic (%)
1 PBoC China 1948 CB 3,724 0% 0%
2 NBIM Norway 1997 SWF 2,048 2% 0%
3 SAFE IC China 1997 SWF 1,952 28% 74%
4 GPIF Japan 2006 PPF 1,868 2% 51%
5 CIC China 2007 SWF 1,567 28% 65%
6 BoJ Japan 1882 CB 1,341 0% 0%
7 ADIA UAE - Abu Dhabi 1967 SWF 1,187 33% 0%
8 PIF Saudi Arabia 1971 SWF 1,151 55% 80%
9 SNB Switzerland 1907 CB 1,054 0% 0%
10 KIA Kuwait 1953 SWF 1,002 25% 10%
11 NPS South Korea 1988 PPF 973 17% 45%
12 FRTIB USA 1986 PPF 963 0% 100%
13 GIC Singapore 1981 SWF 936 39% 0%
14 CBR Russia 1990 CB 742 0% 0%
15 RBI India 1935 CB 687 0% 0%
16 APG Netherlands 1922 PPF 641 24% 5%
17 CBC Taiwan 1924 CB 600 0% 0%
18 CalPERS USA - CA 1932 PPF 596 34% 74%
19 QIA Qatar 2005 SWF 580 45% 29%
20 DB Germany 1957 CB 559 0% 0%
21 CPP Canada 1997 PPF 559 60% 10%
22 HKMA EF China - HKSAR 1993 CB 534 0% 0%
23 CPF Singapore 1955 PPF 504 0% 100%
24 NSSF China 2000 PPF 455 14% 91%
25 SAMA Saudi Arabia 1952 CB 442 0% 0%
26 BoK South Korea 1950 CB 431 0% 0%
27 ICD UAE - Dubai 2006 SWF 429 66% 49%
28 BdI Italy 1893 CB 424 0% 0%
29 BdF France 1800 CB 419 0% 0%
30 MAS Singapore 1971 CB 400 0% 0%
31 CalSTRS USA - CA 1913 PPF 390 42% 67%
32 GOSI Saudi Arabia 1958 PPF 374 33% 85%
33 La Caisse Canada - QC 1965 PPF 363 42% 30%
34 BCBr Brazil 1964 CB 361 0% 0%
35 TWF Turkiye 2017 SWF 360 80% 100%
36 Mubadala UAE - Abu Dhabi 1984 SWF 358 65% 23%
37 EPFO India 1952 PPF 332 5% 100%
38 KWSP / EPF Malaysia 1951 PPF 325 10% 65%
39 Temasek Singapore 1974 SWF 324 50% 27%
40 NYC Compt USA - NY 1920 PPF 309 20% 81%
41 NYSCRF USA - NY 1983 PPF 291 33% 90%
42 SBA Florida USA - FL 1943 PPF 276 33% 75%
43 CBUAE UAE 1980 CB 274 0% 0%
44 BoT Thailand 1942 CB 272 0% 0%
45 PGGM Netherlands 1969 PPF 270 20% 24%
46 BLF Taiwan 2014 PPF 269 10% 48%
47 NBP Poland 1945 CB 265 0% 0%
48 Chikyoren Japan 1984 PPF 264 1% 58%
49 ADQ UAE - Abu Dhabi 2018 SWF 263 45% 85%
50 Fed USA 1913 CB 256 0% 0%
51 AustralianSuper Australia 2006 PPF 252 26% 45%
52 Banxico Mexico 1925 CB 250 0% 0%
53 BoI Israel 1954 CB 231 0% 0%
54 ART Australia - QLD 2022 PPF 229 30% 50%
55 Texas TRS USA - TX 1937 PPF 225 33% 75%
56 BoE UK 1694 CB 222 0% 0%
57 Future Fund Australia 2006 SWF 216 43% 20%
58 PSP Canada 1999 PPF 209 54% 19%
59 KIC South Korea 2005 SWF 207 22% 0%
60 BCI Canada - BC 1999 PPF 206 60% 38%
61 OTPP Canada - ON 1917 PPF 197 58% 36%
62 MN Netherlands 2014 PPF 194 25% 50%
63 TCMB Turkiye 1931 CB 186 0% 0%
64 WSIB USA - WA 2005 PPF 186 54% 60%
65 NPST India 2008 PPF 184 0% 100%
66 SWIB USA - WI 1951 PPF 177 43% 85%
67 NWF RU Russia 2008 SWF 175 20% 83%
68 CNB Czech Republic 1993 CB 173 0% 0%
69 MPFA China - HKSAR 1995 PPF 172 0% 58%
70 Danantara Indonesia 2025 SWF 172 71% 100%
71 PIC South Africa 2015 PPF 166 6% 93%
72 AP7 Sweden 2000 PPF 159 4% 10%
73 PIFSS-Wafra Kuwait 1955 PPF 159 40% 20%
74 NYS TRS USA - NY 1913 PPF 154 29% 78%
75 BCPP UK 2018 PPF 152 15% 50%
76 BI Indonesia 1953 CB 150 0% 0%
77 MSBI USA - MN 1981 PPF 147 25% 72%
78 Ohio PERS USA - OH 1935 PPF 143 28% 78%
79 LGPS Central UK 2017 PPF 135 12% 50%
80 Aware Super Australia 2020 PPF 130 26% 35%
81 ECB Eurosystem 1998 CB 130 0% 0%
82 BdE Spain 1782 CB 128 0% 0%
83 NCRS USA - NC 1941 PPF 127 23% 75%
84 BoC Canada 1935 CB 127 0% 0%
85 AIMCo Canada - AB 1976 PPF 125 38% 41%
86 BNM Malaysia 1959 CB 124 0% 0%
87 BVK Germany 1995 PPF 122 50% 50%
88 Alecta Sweden 1917 PPF 119 20% 25%
89 Georgia TRS USA - GA 1943 PPF 117 4% 80%
90 EIA UAE 2007 SWF 116 21% 60%
91 PFA DK Denmark 1917 PPF 116 39% 25%
92 MassPRIM USA - MA 1983 PPF 115 31% 80%
93 DNB Netherlands 1814 CB 115 0% 0%
94 NDF Saudi Arabia 2017 SWF 115 100% 100%
95 Virginia RS USA - VA 1942 PPF 114 36% 80%
96 BSP Philippines 1993 CB 111 0% 0%
97 ATP Groep Denmark 1964 PPF 110 35% 56%
98 Ohio STF USA - OH 1919 PPF 104 29% 79%
99 DN Denmark 1818 CB 104 0% 0%
100 UniSuper Australia 2000 PPF 103 15% 50%
101 OMERS Canada - ON 1962 PPF 103 70% 16%
102 Amitim Israel 2011 PPF 100 25% 64%
103 CBL Libya 1956 CB 99 0% 0%
104 CBIraq Iraq 1947 CB 98 0% 0%
105 Oregon PERF USA - OR 1946 PPF 96 58% 80%
106 NLGPS UK 2019 PPF 94 29% 35%
107 BCRP Peru 1922 CB 91 0% 0%
108 KLP Norway 1949 PPF 90 16% 10%
109 Aramco PF Saudi Arabia 2017 PPF 90 33% 85%
110 QIC Australia - QLD 1991 SWF 89 29% 43%
111 LACERA USA - CA 1937 PPF 88 39% 85%
112 HostPlus Australia 1987 PPF 88 41% 50%
113 SSO Thailand 1990 PPF 88 0% 93%
114 MPSERS USA - MI 1942 PPF 87 47% 80%
115 PFA JP Japan 1967 PPF 87 0% 58%
116 KEVA Finland 1988 PPF 86 34% 18%
117 HOOPP Canada - ON 1960 PPF 86 40% 50%
118 AP4 Sweden 1974 PPF 85 26% 28%
119 Alaska PFC USA - AK 1976 SWF 85 45% 75%
120 AP3 Sweden 2001 PPF 84 23% 31%
121 Samruk Kazyna Kazakhstan 2008 SWF 81 62% 100%
122 SBV Vietnam 1951 CB 81 0% 0%
123 Illinois STRS USA - IL 1939 PPF 81 21% 75%
124 DIF UAE - Dubai 2024 SWF 80 60% 100%
125 Penn PSERS USA - PA 1917 PPF 80 33% 80%
126 NJ DoI USA - NJ 1950 PPF 79 27% 75%
127 PNB Malaysia 1978 SWF 78 13% 84%
128 TCorp Australia - NSW 1983 SWF 77 17% 75%
129 BNR Romania 1880 CB 77 0% 0%
130 FGS Argentina 2008 PPF 77 0% 100%
131 NB Norway 1816 CB 75 0% 0%
132 Maryland SRA USA - MD 1941 PPF 74 42% 80%
133 BIA Brunei 1983 SWF 73 20% 20%
134 RBA Australia 1959 CB 72 0% 0%
135 DH UAE - Dubai 2004 SWF 72 94% 90%
136 QCB Qatar 1973 CB 72 0% 0%
137 Kokkyoren Japan 2017 PPF 71 0% 53%
138 SOFAZ Azerbaijan 1999 SWF 70 9% 4%
139 PKA Denmark 1954 PPF 70 8% 60%
140 SARB South Africa 1921 CB 70 0% 0%
141 CBUS Australia 1984 PPF 69 29% 50%
142 London CIV UK 2015 PPF 68 20% 100%
143 LIA Libya 2006 SWF 68 23% 35%
144 NF-NIC Kazakhstan 2000 SWF 67 10% 90%
145 COPERA USA - CO 1931 PPF 67 22% 85%
146 BanRep Colombia 1923 CB 66 0% 0%
147 Bportugal Portugal 1846 CB 64 0% 0%
148 REST Australia 1988 PPF 64 49% 50%
149 SRB Sweden 1668 CB 63 0% 0%
150 HESTA Australia 1999 PPF 63 25% 60%
151 VFMC Australia - VIC 1994 SWF 62 41% 54%
152 New Mexico SIC USA - NM 1958 SWF 60 30% 80%
153 NBK Kazakhstan 1993 CB 60 0% 0%
154 IMCO Canada - ON 2016 PPF 60 45% 35%
155 Bpifrance France 2008 SWF 60 60% 100%
156 PensionDanmark Denmark 1993 PPF 59 25% 34%
157 Texas PSF USA - TX 1854 SWF 57 53% 83%
158 AP2 Sweden 2001 PPF 57 39% 18%
159 ADPF UAE - Abu Dhabi 2000 PPF 57 40% 50%
160 NBB Belgium 1850 CB 55 0% 0%
161 NBU Ukraine 1839 CB 55 0% 0%
162 GPSSA UAE 1999 PPF 54 40% 50%
163 OIA Oman 1980 SWF 53 42% 62%
164 OENB Austria 1816 CB 52 0% 0%
165 ESSS Indonesia 1977 PPF 52 5% 70%
166 NZ Super Fund New Zealand 2001 SWF 52 27% 13%
167 KTCU South Korea 1971 PPF 51 56% 40%
168 BdL Lebanon 1964 CB 49 0% 0%
169 CBE Egypt 1961 CB 49 0% 0%
170 Bcentral Chile 1925 CB 49 0% 0%
171 CBU Uzbekistan 1991 CB 49 0% 0%
172 MNB Hungary 1924 CB 48 0% 0%
173 BNB Bulgaria 1879 CB 48 0% 0%
174 PUBLICA Switzerland 2001 PPF 47 24% 90%
175 CBK Kuwait 1969 CB 47 0% 0%
176 EIH Ethiopia 2022 SWF 46 100% 100%
177 VSS Vietnam 1995 PPF 46 5% 70%
178 UAPF Kazakhstan 2013 PPF 46 10% 90%
179 BKAM Morocco 1959 CB 46 0% 0%
180 GPF Thailand 1997 PPF 46 23% 62%
181 PREVI Brazil 1904 PPF 45 5% 99%
182 Texas MRS USA - TX 1947 PPF 44 53% 80%
183 CBN Nigeria 1958 CB 43 0% 0%
184 CSC Australia 1976 PPF 43 17% 50%
185 AIH Azerbaijan 2021 SWF 43 93% 100%
186 CDG Morocco 1959 PPF 42 35% 50%
187 BCRA Argentina 1935 CB 42 0% 0%
188 Texas PUF USA - TX 1876 SWF 42 64% 80%
189 KWAP Malaysia 2007 PPF 42 14% 75%
190 FTF Norway 2006 SWF 41 0% 82%
191 BoA Algeria 1962 CB 40 0% 0%
192 GRSIA (Daman) Qatar 2002 PPF 37 11% 99%
193 NWF UK UK 2024 SWF 36 100% 100%
194 NBSr Serbia 1884 CB 34 0% 0%
195 CBIran Iran 1960 CB 34 0% 0%
196 GSIS Philippines 1936 PPF 33 5% 50%
197 RBNZ New Zealand 1934 CB 33 0% 0%
198 Wyoming STO USA - WY 1975 SWF 33 46% 90%
199 BanGuat Guatemala 1945 CB 32 0% 0%
200 Khazanah Malaysia 1993 SWF 32 29% 66%
201 BB Bangladesh 1971 CB 31 0% 0%
202 OBAG Austria 1967 SWF 31 27% 100%
203 Baiterek Kazakhstan 2014 SWF 31 100% 100%
204 LIMAD UAE - Abu Dhabi 2026 SWF 30 50% 50%
205 AMCM China - MSAR 1999 CB 30 0% 0%
206 ISIF Ireland 2014 SWF 28 32% 73%
207 RDIF Russia 2011 SWF 28 100% 96%
208 SPF Oman 2023 PPF 27 40% 50%
209 NDFI Iran 2011 SWF 27 80% 100%
210 KENFO Germany 2017 SWF 26 30% 17%
211 NBC Cambodia 1954 CB 25 0% 0%
212 CBJ Jordan 1964 CB 25 0% 0%
213 BCEAO West African System 1959 CB 23 0% 0%
214 SP Finland 1811 CB 22 0% 0%
215 FRR France 2001 SWF 21 5% 40%
216 BCU Uruguay 1967 CB 21 0% 0%
217 NRB Nepal 1956 CB 20 0% 0%
218 PFR Poland 2016 SWF 20 95% 100%
219 TtE Greece 1927 CB 20 0% 0%
220 Bouwinvest Netherlands 2002 PPF 20 100% 74%
221 CBO Oman 1974 CB 19 0% 0%
222 OPTrust Canada - ON 1995 PPF 19 64% 35%
223 TL PF Timor Leste 2005 SWF 18 5% 0%
224 NBSl Slovakia 1993 CB 18 0% 0%
225 Mumtalakat Bahrain 2006 SWF 18 79% 62%
226 SK CIC Canada - SK 1947 SWF 17 100% 100%
227 UFRD Uzbekistan 2006 SWF 17 34% 100%
228 Mutapa IF Zimbabwe 2024 SWF 16 100% 100%
229 BCCR Costa Rica 1950 CB 16 0% 0%
230 BNA Angola 1926 CB 16 0% 0%
231 POBA South Korea 1975 PPF 15 58% 60%
232 SBP Pakistan 1947 CB 15 0% 0%
233 BCRD Dominican Republic 1947 CB 14 0% 0%
234 Chile ESSF-PRF Chile 2006 SWF 14 0% 0%
235 CBIreland Ireland 1943 CB 14 0% 0%
236 BEAC Central African System 1972 CB 13 0% 0%
237 BCV Venezuela 1939 CB 13 0% 0%
238 SIO-MPF Bahrain 1976 PPF 13 30% 25%
239 GrowthFund Greece 2016 SWF 12 95% 100%
240 SFPIM Belgium 2006 SWF 12 66% 100%
241 SDH / SSH Slovenia 1993 SWF 12 75% 100%
242 ND LF USA - ND 2010 SWF 12 20% 75%
243 CDP Equity Italy 2011 SWF 12 82% 100%
244 CBAR Azerbaijan 1992 CB 11 0% 0%
245 CBKy Kenya 1966 CB 11 0% 0%
246 BCP Paraguay 1952 CB 10 0% 0%
247 INA Indonesia 2020 SWF 10 97% 100%
248 CADF China 2007 SWF 10 50% 0%
249 BCH Honduras 1950 CB 10 0% 0%
250 BCE Ecuador 1927 CB 10 0% 0%
251 BoM Mauritius 1967 CB 10 0% 0%
252 NBRB Belarus 1990 CB 9 0% 0%
253 BCT Tunisia 1958 CB 8 0% 0%
254 BoG Ghana 1957 CB 8 0% 0%
255 SCIC Vietnam 2006 SWF 8 100% 100%
256 HKIC China - HKSAR 2023 SWF 8 75% 100%
257 FRC Monaco 1962 SWF 8 55% 100%
258 Solidium Finland 1991 SWF 7 100% 100%
259 BeS Albania 1992 CB 7 0% 0%
260 SBI Iceland 1961 CB 7 0% 0%
261 T&T HSF Trinidad & Tobago 2000 SWF 6 0% 0%
262 BBB IP UK 2014 SWF 6 100% 100%
263 COFIDES Spain 1988 SWF 6 90% 5%
264 CBTT Trinidad & Tobago 1964 CB 6 0% 0%
265 LiB Lithuania 1990 CB 6 0% 0%
266 MB Mongolia 1991 CB 6 0% 0%
267 LaB Latvia 1993 CB 5 0% 0%
268 NIIF India 2015 SWF 5 100% 100%
269 FEIP+FMPED Mexico 2000 SWF 5 0% 0%
270 CBB Bahrain 2006 CB 5 0% 0%
271 KWAN / NTF Malaysia 1988 SWF 4 0% 50%
272 FAE+FAEP Colombia 1995 SWF 4 0% 100%
273 FSDEA Angola 2012 SWF 4 22% 93%
274 DHI Bhutan 2007 SWF 4 90% 90%
275 BdM Mozambique 1975 CB 4 0% 0%
276 SAM UAE - Sharjah 2008 SWF 4 85% 100%
277 BCBo Bolivia 1928 CB 3 0% 0%
278 FEF Peru 1999 SWF 3 0% 100%
279 NRF Guyana 2019 SWF 3 0% 0%
280 FAP Panama 2012 SWF 3 7% 0%
281 HNB Croatia 1990 CB 3 0% 0%
282 NSIA Nigeria 2011 SWF 3 60% 80%
283 MGI Malta 2015 SWF 3 100% 100%
284 Maharlika Philippines 2023 SWF 2 90% 100%
285 CIF Israel 2022 SWF 2 0% 5%
286 FFSB Brazil 2021 SWF 2 0% 100%
287 ECCB East Caribbean System 1983 CB 2 0% 0%
288 TSFE Egypt 2018 SWF 2 23% 100%
289 Pula Fund Botswana 1994 SWF 2 0% 0%
290 Sarawak Malaysia 2024 SWF 2 0% 100%
291 Ithmar Capital Morocco 2011 SWF 2 52% 100%
292 Chinggis Fund Mongolia 2025 SWF 2 0% 0%
293 GHF+GSF Ghana 2011 SWF 1 0% 100%
294 FONSIS Senegal 2012 SWF 1 100% 100%
295 Palestine Palestine 2003 SWF 1.0 100% 100%
296 FGR Bahrain 2006 SWF 0.9 36% 6%
297 FGIS Gabon 2012 SWF 0.5 100% 100%
298 GIIF Ghana 2016 SWF 0.4 100% 100%
299 Agaciro Fund Rwanda 2012 SWF 0.3 12% 100%
300 Nauru Nauru 2015 SWF 0.2 15% 0%

Source: Global SWF. Last updated January 2026

* Assets under management: Latest period USD figure if available, estimation otherwise

** Allocation to Alternative Assets, incl. real estate, infrastructure, private equity and hedge funds