# Fund Country Est. SWF/PPF AuM ($b)* AAA (%)**
1 GPIF Japan 2006 PPF 1,733 1%
2 NBIM Norway 1997 SWF 1,362 3%
3 CIC China 2007 SWF 1,222 25%
4 ADIA UAE - Abu Dhabi 1967 SWF 829 25%
5 SAFE IC China 1997 SWF 813 10%
6 GIC Singapore 1981 SWF 799 25%
7 FRTIB USA 1986 PPF 795 0%
8 NPS South Korea 1988 PPF 757 10%
9 APG Netherlands 1922 PPF 720 21%
10 KIA Kuwait 1953 SWF 693 23%
11 PIF Saudi Arabia 1971 SWF 600 56%
12 HKMA EF China - HK 1993 SWF 587 8%
13 CalPERS USA - CA 1932 PPF 482 18%
14 NSSF China 2000 SWF 452 14%
15 QIA Qatar 2005 SWF 445 41%
16 CPP Canada 1997 PPF 432 52%
17 CPF Singapore 1955 PPF 374 0%
18 PGGM Netherlands 1969 PPF 330 18%
19 CDPQ Canada - QC 1965 PPF 329 42%
20 AP1-7 Sweden 2001 PPF 325 18%
21 CalSTRS USA - CA 1913 PPF 320 33%
22 ICD UAE - Dubai 2006 SWF 302 65%
23 Mubadala UAE - Abu Dhabi 1984 SWF 284 48%
24 Temasek Singapore 1974 SWF 283 43%
25 NYSCRF USA - NY 1983 PPF 280 24%
26 NYC Compt USA - NY 1920 PPF 275 23%
27 SBA Florida USA - FL 1943 PPF 260 25%
28 GOSI+PPA Saudi Arabia 2022 PPF 250 33%
29 KWSP Malaysia 1951 PPF 237 6%
30 EPFO India 1952 PPF 215 5%
31 MN Netherlands 2014 PPF 208 15%
32 Texas TRS USA - TX 1937 PPF 202 41%
33 BLF Taiwan 2014 PPF 202 11%
34 KIC South Korea 2005 SWF 201 15%
35 OTPP Canada - ON 1917 PPF 190 58%
36 AustralianSuper Australia 2006 PPF 189 21%
37 Future Fund Australia 2006 SWF 183 40%
38 WSIB USA - WA 2005 PPF 181 38%
39 CDC France 1816 PPF 181 23%
40 AustralianRetirement Australia - QLD 2022 PPF 168 26%
41 UC Investments USA - CA 1961 PPF 168 17%
42 SWIB USA - WI 1951 PPF 166 16%
43 PSP Canada 1999 PPF 162 47%
44 BCI Canada - BC 1999 PPF 158 39%
45 PIC South Africa 2015 PPF 157 6%
46 NWF Russia 2008 SWF 155 20%
47 MPFA China - HKSAR 1995 PPF 150 0%
48 NYS TRS USA - NY 1913 PPF 148 26%
49 ATP Denmark 1964 PPF 144 35%
50 PIFSS-Wafra Kuwait 1976 PPF 134 40%
51 MSBI USA - MN 1981 PPF 129 25%
52 Amitim Israel 2011 PPF 122 25%
53 NCRS USA - NC 1941 PPF 121 19%
54 BVK Germany 1995 PPF 120 47%
55 Ohio PERS USA - OH 1935 PPF 114 23%
56 PFA Japan 1967 PPF 113 0%
57 Aware Super Australia 2020 PPF 111 20%
58 AIMCo Canada - AB 1976 PPF 108 29%
59 ADQ UAE - Abu Dhabi 2018 SWF 108 58%
60 Virginia RS USA - VA 1942 PPF 104 34%
61 KLP Norway 1949 PPF 102 16%
62 Georgia TRS USA - GA 1943 PPF 102 3%
63 MassPRIM USA - MA 1983 PPF 101 35%
64 Oregon PERF USA - OR 1946 PPF 99 49%
65 NJ DoI USA - NJ 1950 PPF 99 28%
66 Ohio STF USA - OH 1919 PPF 98 31%
67 Chikyoren Japan 1984 PPF 96 1%
68 Michigan ORS USA - MI 1942 PPF 95 47%
69 OMERS Canada - ON 1962 PPF 95 52%
70 NDF Saudi Arabia 2017 SWF 93 100%
71 HOOPP Canada - ON 1960 PPF 90 30%
72 EIA UAE 2007 SWF 86 21%
73 TCorp Australia - NSW 1983 SWF 82 12%
74 Alaska PFC USA - AK 1976 SWF 81 38%
75 PNB Malaysia 1978 SWF 80 8%
76 BCPP UK 2018 PPF 77 12%
77 UniSuper Australia 2000 PPF 76 10%
78 KEVA Finland 1988 PPF 76 25%
79 NPST India 2008 PPF 76 0%
80 LACERA USA - CA 1937 PPF 73 35%
81 Northern LGPS UK 2017 PPF 73 20%
82 Penn PSERS USA - PA 1917 PPF 73 35%
83 Kokkyoren Japan 2017 PPF 71 0%
84 SSO Thailand 1990 PPF 71 0%
85 QIC Australia - QLD 1991 SWF 69 29%
86 Samruk Kazyna Kazakhstan 2008 SWF 69 62%
87 UTIMCO USA - TX 1876 SWF 68 59%
88 LIA Libya 2006 SWF 67 23%
89 Illinois STRS USA - IL 1939 PPF 64 24%
90 Colorado PERA USA - CO 1931 PPF 62 20%
91 NBK (NOF+NIC) Kazakhstan 2000 SWF 58 0%
92 IMCO Canada - ON 2016 PPF 57 31%
93 SamPension Denmark 1999 PPF 56 29%
94 VFMC Australia - VIC 1994 SWF 56 30%
95 PKA Denmark 1954 PPF 56 8%
96 Pooled Super Australia 2021 PPF 56 45%
97 Texas PSF USA - TX 1854 SWF 56 35%
98 BIA Brunei 1983 SWF 55 18%
99 CSC Australia 1976 PPF 54 28%
100 SERAMA Japan 1959 PPF 51 0%
101 Bpifrance France 2008 SWF 51 61%
102 FGS Argentina 2008 PPF 51 0%
103 PensionDanmark Denmark 1993 PPF 50 25%
104 REST Australia 1988 PPF 49 27%
105 CBUS Australia 1984 PPF 49 25%
106 JMAAPST Japan 1971 PPF 49 0%
107 PUBLICA Switzerland 2001 PPF 48 20%
108 HESTA Australia 1999 PPF 48 30%
109 Compenswiss Switzerland 1948 PPF 45 14%
110 BVK Zurich Switzerland 1926 PPF 45 20%
111 PREVI Brazil 1904 PPF 45 5%
112 SOFAZ Azerbaijan 1999 SWF 45 9%
113 Dubai World UAE - Dubai 2005 SWF 42 100%
114 KTCU South Korea 1971 PPF 42 56%
115 FTF Norway 2006 SWF 40 0%
116 NZ Super Fund New Zealand 2001 SWF 39 20%
117 BVV Germany 1909 PPF 39 1%
118 KWAP Malaysia 2007 PPF 37 11%
119 New Mexico SIC USA - NM 1958 SWF 36 29%
120 Dubai Holding UAE - Dubai 2004 SWF 35 97%
121 ESSS Indonesia 1977 PPF 35 5%
122 CDG Morocco 1959 PPF 33 33%
123 GPF Thailand 1997 PPF 33 18%
124 FRR France 2001 PPF 32 5%
125 Khazanah Malaysia 1993 SWF 31 29%
126 UAPF Kazakhstan 2013 PPF 31 0%
127 GSIS Philippines 1936 PPF 30 5%
128 OIA Oman 2020 SWF 29 31%
129 FDC Luxembourg 2004 PPF 28 5%
130 RDIF Russia 2011 SWF 28 100%
131 VER Finland 1990 PPF 27 11%
132 Taiwan PSPF Taiwan 1943 PPF 26 5%
133 PMAC Japan 1954 PPF 26 0%
134 INA Indonesia 2020 SWF 26 100%
135 ADPF UAE - Abu Dhabi 2000 PPF 25 40%
136 WYO USA - WY 1974 SWF 25 12%
137 UFRD Uzbekistan 2006 SWF 23 34%
138 KENFO Germany 2017 SWF 22 10%
139 AIH Azerbaijan 2020 SWF 22 100%
140 OCERS USA - CA 1945 PPF 22 35%
141 TVF Turkey 2017 SWF 22 80%
142 NDFI Iran 2011 SWF 21 82%
143 Aramco PF Saudi Arabia 2017 PPF 21 33%
144 OPTrust Canada - ON 1995 PPF 20 53%
145 ND RIO USA - ND 1989 SWF 20 8%
146 Petros Brazil 1970 PPF 19 7%
147 TL PF Timor-Leste 2005 SWF 19 4%
148 Mumtalakat Bahrain 2006 SWF 18 79%
149 SK CIC Canada - SK 1947 SWF 17 100%
150 Bouwinvest Netherlands 2002 PPF 17 100%
151 ISIF Ireland 2014 SWF 16 31%
152 POBA South Korea 1952 PPF 15 58%
153 TSFE Egypt 2018 SWF 11 23%
154 Solidium Finland 1991 SWF 10 100%
155 Texas ESF USA - TX 2014 SWF 10 0%
156 CADF China 2007 SWF 10 41%
157 Chile (ESSF+PRF) Chile 2007 SWF 10 0%
158 Baiterek Kazakhstan 2014 SWF 9 100%
159 HCAP Greece 2016 SWF 7 95%
160 FRC Monaco 1962 SWF 6 70%
161 T&T HSF Trinidad and Tobago 2000 SWF 6 0%
162 CDP Equity Italy 2011 SWF 5 81%
163 NIIF India 2015 SWF 4 100%
164 BBB IP UK 2014 SWF 4 100%
165 EMGL Mongolia 2007 SWF 4 100%
166 Pula Fund Botswana 1994 SWF 4 0%
167 Alabama USA - AL 1985 SWF 4 14%
168 FEIP+FMPED Mexico 2000 SWF 4 0%
169 NSIA Nigeria 2011 SWF 4 60%
170 KWAN Malaysia 1988 SWF 3 0%
171 CDC TN Tunisia 2011 SWF 3 100%
172 FSDEA Angola 2012 SWF 3 22%
173 FAE+FAEP Colombia 1995 SWF 3 0%
174 SFPI / FPIM Belgium 2006 SWF 2 60%
175 EIH Ethiopia 2022 SWF 2 100%
176 BIDF Bangladesh 2021 SWF 2 100%
177 SCIC Vietnam 2006 SWF 2 100%
178 SAM UAE - Sharjah 2008 SWF 2 85%
179 FGIS Gabon 2012 SWF 2 100%
180 Ithmar Capital Morocco 2011 SWF 2 52%
181 FAP Panama 2012 SWF 1 0%
182 COFIDES Spain 1988 SWF 1 100%
183 ANIF Armenia 2019 SWF 1 100%
184 FHRIF Australia - WA 2012 SWF 1.0 100%
185 GPF (GSF+GHF) Ghana 2011 SWF 1.0 0%
186 Palestine Palestine 2003 SWF 0.9 100%
187 NIF Cyprus 2019 SWF 0.8 0%
188 RERF Kiribati 1956 SWF 0.7 0%
189 SFT Turkmenistan 2008 SWF 0.5 0%
190 FINPRO Bolivia 2015 SWF 0.4 100%
191 Agaciro Fund Rwanda 2012 SWF 0.2 6%
192 FSD Djibouti 2020 SWF 0.2 100%
193 Nauru Trust Fund Nauru 2015 SWF 0.2 12%
194 FSF Mongolia 2010 SWF 0.1 0%
195 FSGIP Cape Verde 2021 SWF 0.1 0%
196 FHF Mongolia 2019 SWF 0.1 0%
197 NRF Guyana 2019 SWF 0.1 0%
198 FONSIS Senegal 2012 SWF 0.1 100%
199 FEF Peru 1999 SWF 0 0%
200 NSF Taiwan 2000 SWF 0 0%

Source: Global SWF. Last updated May 2022

* Assets under management: Latest end-year USD figure if available, estimation otherwise

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