# | Fund | Country | Est. | SWF/PPF | AuM ($b)* | AAA (%)** |
---|---|---|---|---|---|---|
1 | GPIF | Japan | 2006 | PPF | 1,425 | 1% |
2 | CIC | China | 2007 | SWF | 1,351 | 25% |
3 | NBIM | Norway | 1997 | SWF | 1,258 | 3% |
4 | ADIA | UAE - Abu Dhabi | 1967 | SWF | 993 | 29% |
5 | SAFE IC | China | 1997 | SWF | 980 | 22% |
6 | KIA | Kuwait | 1953 | SWF | 769 | 23% |
7 | NPS | South Korea | 1988 | PPF | 730 | 15% |
8 | GIC | Singapore | 1981 | SWF | 690 | 25% |
9 | FRTIB | USA | 1986 | PPF | 690 | 0% |
10 | PIF | Saudi Arabia | 1971 | SWF | 620 | 37% |
11 | APG | Netherlands | 1922 | PPF | 555 | 21% |
12 | HKMA EF | China - HK | 1993 | SWF | 514 | 8% |
13 | NSSF | China | 2000 | SWF | 474 | 14% |
14 | QIA | Qatar | 2005 | SWF | 450 | 41% |
15 | CalPERS | USA - CA | 1932 | PPF | 442 | 18% |
16 | CPP | Canada | 1997 | PPF | 395 | 52% |
17 | CPF | Singapore | 1955 | PPF | 377 | 0% |
18 | PGGM | Netherlands | 1969 | PPF | 332 | 18% |
19 | CalSTRS | USA - CA | 1913 | PPF | 302 | 33% |
20 | GOSI | Saudi Arabia | 1969 | PPF | 300 | 33% |
21 | ICD | UAE - Dubai | 2006 | SWF | 300 | 65% |
22 | Temasek | Singapore | 1974 | SWF | 298 | 53% |
23 | CDPQ | Canada - QC | 1965 | PPF | 297 | 42% |
24 | Mubadala | UAE - Abu Dhabi | 2002 | SWF | 284 | 66% |
25 | AP1-7 | Sweden | 2001 | PPF | 254 | 18% |
26 | NYSCRF | USA - NY | 1983 | PPF | 242 | 24% |
27 | NYC Compt | USA - NY | 1920 | PPF | 242 | 23% |
28 | KWSP | Malaysia | 1951 | PPF | 208 | 6% |
29 | MN | Netherlands | 2014 | PPF | 208 | 15% |
30 | BLF | Taiwan | 2014 | PPF | 195 | 11% |
31 | EPFO | India | 1952 | PPF | 194 | 5% |
32 | OTPP | Canada - ON | 1917 | PPF | 188 | 58% |
33 | PSP | Canada | 1999 | PPF | 185 | 47% |
34 | Texas TRS | USA - TX | 1937 | PPF | 184 | 41% |
35 | SBA Florida | USA - FL | 1943 | PPF | 182 | 25% |
36 | AustralianSuper | Australia | 2006 | PPF | 178 | 21% |
37 | PIC | South Africa | 2015 | PPF | 176 | 6% |
38 | CDC | France | 1816 | PPF | 175 | 23% |
39 | KIC | South Korea | 2005 | SWF | 169 | 17% |
40 | BCI | Canada - BC | 1999 | PPF | 169 | 39% |
41 | UC Investments | USA - CA | 1961 | PPF | 168 | 17% |
42 | Future Fund | Australia | 2006 | SWF | 165 | 40% |
43 | ADQ | UAE - Abu Dhabi | 2018 | SWF | 157 | 45% |
44 | NWF | Russia | 2008 | SWF | 148 | 20% |
45 | AustralianRetirement | Australia - QLD | 2022 | PPF | 148 | 26% |
46 | WSIB | USA - WA | 2005 | PPF | 147 | 38% |
47 | MPFA | China - HKSAR | 1995 | PPF | 143 | 0% |
48 | NDFI | Iran | 2011 | SWF | 139 | 79% |
49 | PIFSS-Wafra | Kuwait | 1976 | PPF | 137 | 40% |
50 | NYS TRS | USA - NY | 1913 | PPF | 132 | 26% |
51 | AIMCo | Canada - AB | 1976 | PPF | 129 | 29% |
52 | Ohio PERS | USA - OH | 1935 | PPF | 127 | 23% |
53 | MSBI | USA - MN | 1981 | PPF | 124 | 25% |
54 | SWIB | USA - WI | 1951 | PPF | 123 | 16% |
55 | Amitim | Israel | 2011 | PPF | 122 | 25% |
56 | BVK | Germany | 1995 | PPF | 122 | 47% |
57 | PFA | Japan | 1967 | PPF | 113 | 0% |
58 | NCRS | USA - NC | 1941 | PPF | 111 | 19% |
59 | Virginia RS | USA - VA | 1942 | PPF | 101 | 34% |
60 | Aware Super | Australia | 2020 | PPF | 100 | 20% |
61 | ATP | Denmark | 1964 | PPF | 97 | 35% |
62 | NPST | India | 2008 | PPF | 97 | 0% |
63 | Michigan ORS | USA - MI | 1942 | PPF | 95 | 47% |
64 | Oregon PERF | USA - OR | 1946 | PPF | 95 | 49% |
65 | NDF | Saudi Arabia | 2017 | SWF | 93 | 100% |
66 | OMERS | Canada - ON | 1962 | PPF | 92 | 52% |
67 | KLP | Norway | 1949 | PPF | 91 | 16% |
68 | EIA | UAE | 2007 | SWF | 91 | 21% |
69 | MassPRIM | USA - MA | 1983 | PPF | 90 | 35% |
70 | HOOPP | Canada - ON | 1960 | PPF | 90 | 30% |
71 | Georgia TRS | USA - GA | 1943 | PPF | 87 | 3% |
72 | NJ DoI | USA - NJ | 1950 | PPF | 85 | 28% |
73 | Ohio STF | USA - OH | 1919 | PPF | 83 | 31% |
74 | PNB | Malaysia | 1978 | SWF | 81 | 8% |
75 | Chikyoren | Japan | 1984 | PPF | 81 | 1% |
76 | Northern LGPS | UK | 2017 | PPF | 76 | 20% |
77 | Penn PSERS | USA - PA | 1917 | PPF | 76 | 35% |
78 | Alaska PFC | USA - AK | 1976 | SWF | 75 | 38% |
79 | Kokkyoren | Japan | 2017 | PPF | 71 | 0% |
80 | Samruk Kazyna | Kazakhstan | 2008 | SWF | 71 | 62% |
81 | UniSuper | Australia | 2000 | PPF | 70 | 10% |
82 | LIA | Libya | 2006 | SWF | 68 | 23% |
83 | LACERA | USA - CA | 1937 | PPF | 68 | 35% |
84 | QIC | Australia - QLD | 1991 | SWF | 67 | 29% |
85 | TCorp | Australia - NSW | 1983 | SWF | 66 | 12% |
86 | KEVA | Finland | 1988 | PPF | 66 | 25% |
87 | UTIMCO | USA - TX | 1876 | SWF | 66 | 59% |
88 | Colorado PERA | USA - CO | 1931 | PPF | 66 | 20% |
89 | SSO | Thailand | 1990 | PPF | 66 | 0% |
90 | HostPlus | Australia | 2021 | PPF | 64 | 45% |
91 | Illinois STRS | USA - IL | 1939 | PPF | 62 | 24% |
92 | IMCO | Canada - ON | 2016 | PPF | 62 | 31% |
93 | PKA | Denmark | 1954 | PPF | 61 | 8% |
94 | NBK (NOF+NIC) | Kazakhstan | 2000 | SWF | 59 | 0% |
95 | Texas PSF | USA - TX | 1854 | SWF | 56 | 35% |
96 | BIA | Brunei | 1983 | SWF | 55 | 18% |
97 | FGS | Argentina | 2008 | PPF | 52 | 0% |
98 | SERAMA | Japan | 1959 | PPF | 51 | 0% |
99 | BCPP | UK | 2018 | PPF | 50 | 12% |
100 | Bpifrance | France | 2008 | SWF | 50 | 61% |
101 | VFMC | Australia - VIC | 1994 | SWF | 50 | 30% |
102 | JMAAPST | Japan | 1971 | PPF | 49 | 0% |
103 | CBUS | Australia | 1984 | PPF | 49 | 25% |
104 | PUBLICA | Switzerland | 2001 | PPF | 48 | 20% |
105 | SamPension | Denmark | 1999 | PPF | 46 | 29% |
106 | HESTA | Australia | 1999 | PPF | 46 | 30% |
107 | EIH | Ethiopia | 2022 | SWF | 46 | 100% |
108 | PREVI | Brazil | 1904 | PPF | 45 | 5% |
109 | SOFAZ | Azerbaijan | 1999 | SWF | 45 | 9% |
110 | BVK Zurich | Switzerland | 1926 | PPF | 45 | 20% |
111 | PensionDanmark | Denmark | 1993 | PPF | 45 | 25% |
112 | KTCU | South Korea | 1971 | PPF | 44 | 56% |
113 | REST | Australia | 1988 | PPF | 43 | 27% |
114 | Dubai World | UAE - Dubai | 2005 | SWF | 42 | 100% |
115 | OIA | Oman | 2020 | SWF | 42 | 31% |
116 | CSC | Australia | 1976 | PPF | 41 | 28% |
117 | BVV | Germany | 1909 | PPF | 39 | 1% |
118 | KWAP | Malaysia | 2007 | PPF | 38 | 11% |
119 | Compenswiss | Switzerland | 1948 | PPF | 38 | 14% |
120 | New Mexico SIC | USA - NM | 1958 | SWF | 37 | 29% |
121 | NZ Super Fund | New Zealand | 2001 | SWF | 37 | 20% |
122 | Dubai Holding | UAE - Dubai | 2004 | SWF | 35 | 97% |
123 | CDG | Morocco | 1959 | PPF | 35 | 33% |
124 | ESSS | Indonesia | 1977 | PPF | 35 | 5% |
125 | FTF | Norway | 2006 | SWF | 32 | 0% |
126 | Khazanah | Malaysia | 1993 | SWF | 31 | 29% |
127 | GSIS | Philippines | 1936 | PPF | 30 | 5% |
128 | FDC | Luxembourg | 2004 | PPF | 30 | 5% |
129 | FRR | France | 2001 | PPF | 29 | 5% |
130 | RDIF | Russia | 2011 | SWF | 28 | 100% |
131 | KENFO | Germany | 2017 | SWF | 27 | 10% |
132 | Taiwan PSPF | Taiwan | 1943 | PPF | 26 | 5% |
133 | PMAC | Japan | 1954 | PPF | 26 | 0% |
134 | ADPF | UAE - Abu Dhabi | 2000 | PPF | 25 | 40% |
135 | WYO | USA - WY | 1974 | SWF | 25 | 12% |
136 | UFRD | Uzbekistan | 2006 | SWF | 23 | 34% |
137 | Aramco PF | Saudi Arabia | 2017 | PPF | 23 | 33% |
138 | OCERS | USA - CA | 1945 | PPF | 23 | 35% |
139 | Baiterek | Kazakhstan | 2014 | SWF | 22 | 100% |
140 | AIH | Azerbaijan | 2020 | SWF | 22 | 100% |
141 | TVF | Turkey | 2017 | SWF | 22 | 80% |
142 | VER | Finland | 1990 | PPF | 21 | 11% |
143 | Petros | Brazil | 1970 | PPF | 20 | 7% |
144 | OPTrust | Canada - ON | 1995 | PPF | 20 | 53% |
145 | Mumtalakat | Bahrain | 2006 | SWF | 19 | 79% |
146 | Bouwinvest | Netherlands | 2002 | PPF | 18 | 100% |
147 | ND RIO | USA - ND | 1989 | SWF | 17 | 8% |
148 | TL PF | Timor-Leste | 2005 | SWF | 17 | 4% |
149 | ISIF | Ireland | 2014 | SWF | 16 | 31% |
150 | POBA | South Korea | 1952 | PPF | 16 | 58% |
151 | SK CIC | Canada - SK | 1947 | SWF | 16 | 100% |
152 | Chile (ESSF+PRF) | Chile | 2007 | SWF | 14 | 0% |
153 | CDP Equity | Italy | 2011 | SWF | 13 | 81% |
154 | GPF | Thailand | 1997 | PPF | 12 | 18% |
155 | CADF | China | 2007 | SWF | 10 | 41% |
156 | Texas ESF | USA - TX | 2014 | SWF | 10 | 0% |
157 | GPSSA | UAE - Abu Dhabi | 1999 | PPF | 8 | 40% |
158 | Solidium | Finland | 1991 | SWF | 8 | 100% |
159 | HCAP | Greece | 2016 | SWF | 7 | 95% |
160 | FRC | Monaco | 1962 | SWF | 6 | 70% |
161 | INA | Indonesia | 2020 | SWF | 6 | 100% |
162 | T&T HSF | Trinidad and Tobago | 2000 | SWF | 5 | 0% |
163 | FEF | Peru | 1999 | SWF | 5 | 0% |
164 | NIIF | India | 2015 | SWF | 4 | 100% |
165 | BBB IP | UK | 2014 | SWF | 4 | 100% |
166 | EMGL | Mongolia | 2007 | SWF | 4 | 100% |
167 | COFIDES | Spain | 1988 | SWF | 4 | 100% |
168 | KWAN / NTF | Malaysia | 1988 | SWF | 3 | 0% |
169 | Pula Fund | Botswana | 1994 | SWF | 3 | 0% |
170 | Alabama | USA - AL | 1985 | SWF | 3 | 14% |
171 | NSIA | Nigeria | 2011 | SWF | 3 | 60% |
172 | FAE+FAEP | Colombia | 1995 | SWF | 3 | 0% |
173 | FSDEA | Angola | 2012 | SWF | 3 | 22% |
174 | SFPI / FPIM | Belgium | 2006 | SWF | 2 | 60% |
175 | MGI | Malta | 2015 | SWF | 2 | 100% |
176 | FEIP+FMPED | Mexico | 2000 | SWF | 2 | 0% |
177 | TSFE | Egypt | 2018 | SWF | 2 | 23% |
178 | SCIC | Vietnam | 2006 | SWF | 2 | 100% |
179 | SAM | UAE - Sharjah | 2008 | SWF | 2 | 85% |
180 | FGIS | Gabon | 2012 | SWF | 2 | 100% |
181 | Ithmar Capital | Morocco | 2011 | SWF | 2 | 52% |
182 | FAP | Panama | 2012 | SWF | 1 | 0% |
183 | Mauritius IC | Mauritius | 2020 | SWF | 1 | 100% |
184 | ANIF | Armenia | 2019 | SWF | 1 | 100% |
185 | GSF+GHF | Ghana | 2011 | SWF | 1.0 | 0% |
186 | Palestine | Palestine | 2003 | SWF | 1.0 | 100% |
187 | NIF | Cyprus | 2019 | SWF | 0.8 | 0% |
188 | RERF | Kiribati | 1956 | SWF | 0.7 | 0% |
189 | FINPRO | Bolivia | 2015 | SWF | 0.4 | 100% |
190 | Citizens Fund | Israel | 2022 | SWF | 0.3 | 0% |
191 | GIIF | Ghana | 2016 | SWF | 0.3 | 100% |
192 | Agaciro Fund | Rwanda | 2012 | SWF | 0.2 | 6% |
193 | FSD | Djibouti | 2020 | SWF | 0.2 | 100% |
194 | Nauru Trust Fund | Nauru | 2015 | SWF | 0.2 | 12% |
195 | FSF | Mongolia | 2010 | SWF | 0.1 | 0% |
196 | FSGIP | Cape Verde | 2021 | SWF | 0.1 | 0% |
197 | FHF | Mongolia | 2019 | SWF | 0.1 | 0% |
198 | NRF | Guyana | 2019 | SWF | 0.1 | 0% |
199 | FONSIS | Senegal | 2012 | SWF | 0.1 | 100% |
200 | Welwitschia Fund | Namibia | 2022 | SWF | 0.0 | 0% |
Source: Global SWF. Last updated March 2023
* 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