# | Fund | Country | Est. | SWF/PPF | AuM ($b)* | AAA (%)** |
---|---|---|---|---|---|---|
1 | GPIF | Japan | 2006 | PPF | 1,612 | 1% |
2 | NBIM | Norway | 1997 | SWF | 1,362 | 3% |
3 | CIC | China | 2007 | SWF | 1,222 | 25% |
4 | SAFE IC | China | 1997 | SWF | 980 | 22% |
5 | ADIA | UAE - Abu Dhabi | 1967 | SWF | 829 | 25% |
6 | GIC | Singapore | 1981 | SWF | 799 | 25% |
7 | FRTIB | USA | 1986 | PPF | 795 | 0% |
8 | KIA | Kuwait | 1953 | SWF | 769 | 23% |
9 | NPS | South Korea | 1988 | PPF | 757 | 10% |
10 | APG | Netherlands | 1922 | PPF | 720 | 21% |
11 | PIF | Saudi Arabia | 1971 | SWF | 620 | 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 | 332 | 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 | 300 | 65% |
23 | Temasek | Singapore | 1974 | SWF | 298 | 53% |
24 | Mubadala | UAE - Abu Dhabi | 1984 | SWF | 284 | 48% |
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 | Saudi Arabia | 2022 | PPF | 250 | 33% |
29 | KWSP | Malaysia | 1951 | PPF | 237 | 6% |
30 | EPFO | India | 1952 | PPF | 215 | 5% |
31 | NWF | Russia | 2008 | SWF | 211 | 20% |
32 | MN | Netherlands | 2014 | PPF | 208 | 15% |
33 | KIC | South Korea | 2005 | SWF | 205 | 17% |
34 | Texas TRS | USA - TX | 1937 | PPF | 202 | 41% |
35 | BLF | Taiwan | 2014 | PPF | 202 | 11% |
36 | OTPP | Canada - ON | 1917 | PPF | 190 | 58% |
37 | AustralianSuper | Australia | 2006 | PPF | 189 | 21% |
38 | Future Fund | Australia | 2006 | SWF | 187 | 40% |
39 | PSP | Canada | 1999 | PPF | 185 | 47% |
40 | WSIB | USA - WA | 2005 | PPF | 181 | 38% |
41 | CDC | France | 1816 | PPF | 181 | 23% |
42 | AustralianRetirement | Australia - QLD | 2022 | PPF | 168 | 26% |
43 | UC Investments | USA - CA | 1961 | PPF | 168 | 17% |
44 | SWIB | USA - WI | 1951 | PPF | 166 | 16% |
45 | BCI | Canada - BC | 1999 | PPF | 158 | 39% |
46 | PIC | South Africa | 2015 | PPF | 157 | 6% |
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 | NDFI | Iran | 2011 | SWF | 139 | 79% |
51 | PIFSS-Wafra | Kuwait | 1976 | PPF | 134 | 40% |
52 | MSBI | USA - MN | 1981 | PPF | 129 | 25% |
53 | Amitim | Israel | 2011 | PPF | 122 | 25% |
54 | NCRS | USA - NC | 1941 | PPF | 121 | 19% |
55 | BVK | Germany | 1995 | PPF | 120 | 47% |
56 | Ohio PERS | USA - OH | 1935 | PPF | 114 | 23% |
57 | PFA | Japan | 1967 | PPF | 113 | 0% |
58 | Aware Super | Australia | 2020 | PPF | 111 | 20% |
59 | AIMCo | Canada - AB | 1976 | PPF | 108 | 29% |
60 | ADQ | UAE - Abu Dhabi | 2018 | SWF | 108 | 58% |
61 | Virginia RS | USA - VA | 1942 | PPF | 104 | 34% |
62 | KLP | Norway | 1949 | PPF | 102 | 16% |
63 | Georgia TRS | USA - GA | 1943 | PPF | 102 | 3% |
64 | MassPRIM | USA - MA | 1983 | PPF | 101 | 35% |
65 | Oregon PERF | USA - OR | 1946 | PPF | 99 | 49% |
66 | NJ DoI | USA - NJ | 1950 | PPF | 99 | 28% |
67 | Ohio STF | USA - OH | 1919 | PPF | 98 | 31% |
68 | Chikyoren | Japan | 1984 | PPF | 96 | 1% |
69 | Michigan ORS | USA - MI | 1942 | PPF | 95 | 47% |
70 | OMERS | Canada - ON | 1962 | PPF | 95 | 52% |
71 | NDF | Saudi Arabia | 2017 | SWF | 93 | 100% |
72 | HOOPP | Canada - ON | 1960 | PPF | 90 | 30% |
73 | EIA | UAE | 2007 | SWF | 86 | 21% |
74 | Alaska PFC | USA - AK | 1976 | SWF | 81 | 38% |
75 | TCorp | Australia - NSW | 1983 | SWF | 80 | 12% |
76 | PNB | Malaysia | 1978 | SWF | 80 | 8% |
77 | BCPP | UK | 2018 | PPF | 77 | 12% |
78 | UniSuper | Australia | 2000 | PPF | 76 | 10% |
79 | KEVA | Finland | 1988 | PPF | 76 | 25% |
80 | NPST | India | 2008 | PPF | 76 | 0% |
81 | LACERA | USA - CA | 1937 | PPF | 73 | 35% |
82 | Northern LGPS | UK | 2017 | PPF | 73 | 20% |
83 | Penn PSERS | USA - PA | 1917 | PPF | 73 | 35% |
84 | Kokkyoren | Japan | 2017 | PPF | 71 | 0% |
85 | SSO | Thailand | 1990 | PPF | 71 | 0% |
86 | QIC | Australia - QLD | 1991 | SWF | 69 | 29% |
87 | Samruk Kazyna | Kazakhstan | 2008 | SWF | 69 | 62% |
88 | LIA | Libya | 2006 | SWF | 68 | 23% |
89 | UTIMCO | USA - TX | 1876 | SWF | 68 | 59% |
90 | Illinois STRS | USA - IL | 1939 | PPF | 64 | 24% |
91 | Colorado PERA | USA - CO | 1931 | PPF | 62 | 20% |
92 | NBK (NOF+NIC) | Kazakhstan | 2000 | SWF | 58 | 0% |
93 | IMCO | Canada - ON | 2016 | PPF | 57 | 31% |
94 | SamPension | Denmark | 1999 | PPF | 56 | 29% |
95 | VFMC | Australia - VIC | 1994 | SWF | 56 | 30% |
96 | PKA | Denmark | 1954 | PPF | 56 | 8% |
97 | Pooled Super | Australia | 2021 | PPF | 56 | 45% |
98 | Texas PSF | USA - TX | 1854 | SWF | 56 | 35% |
99 | BIA | Brunei | 1983 | SWF | 55 | 18% |
100 | CSC | Australia | 1976 | PPF | 54 | 28% |
101 | SERAMA | Japan | 1959 | PPF | 51 | 0% |
102 | Bpifrance | France | 2008 | SWF | 51 | 61% |
103 | FGS | Argentina | 2008 | PPF | 51 | 0% |
104 | PensionDanmark | Denmark | 1993 | PPF | 50 | 25% |
105 | REST | Australia | 1988 | PPF | 49 | 27% |
106 | CBUS | Australia | 1984 | PPF | 49 | 25% |
107 | JMAAPST | Japan | 1971 | PPF | 49 | 0% |
108 | PUBLICA | Switzerland | 2001 | PPF | 48 | 20% |
109 | HESTA | Australia | 1999 | PPF | 48 | 30% |
110 | Compenswiss | Switzerland | 1948 | PPF | 45 | 14% |
111 | BVK Zurich | Switzerland | 1926 | PPF | 45 | 20% |
112 | PREVI | Brazil | 1904 | PPF | 45 | 5% |
113 | SOFAZ | Azerbaijan | 1999 | SWF | 45 | 9% |
114 | Dubai World | UAE - Dubai | 2005 | SWF | 42 | 100% |
115 | KTCU | South Korea | 1971 | PPF | 42 | 56% |
116 | FTF | Norway | 2006 | SWF | 40 | 0% |
117 | NZ Super Fund | New Zealand | 2001 | SWF | 39 | 20% |
118 | BVV | Germany | 1909 | PPF | 39 | 1% |
119 | EIH | Ethiopia | 2022 | SWF | 39 | 100% |
120 | KWAP | Malaysia | 2007 | PPF | 37 | 11% |
121 | New Mexico SIC | USA - NM | 1958 | SWF | 36 | 29% |
122 | Dubai Holding | UAE - Dubai | 2004 | SWF | 35 | 97% |
123 | ESSS | Indonesia | 1977 | PPF | 35 | 5% |
124 | CDG | Morocco | 1959 | PPF | 33 | 33% |
125 | GPF | Thailand | 1997 | PPF | 33 | 18% |
126 | FRR | France | 2001 | PPF | 32 | 5% |
127 | Khazanah | Malaysia | 1993 | SWF | 31 | 29% |
128 | GSIS | Philippines | 1936 | PPF | 30 | 5% |
129 | OIA | Oman | 2020 | SWF | 29 | 31% |
130 | FDC | Luxembourg | 2004 | PPF | 28 | 5% |
131 | RDIF | Russia | 2011 | SWF | 28 | 100% |
132 | VER | Finland | 1990 | PPF | 27 | 11% |
133 | Taiwan PSPF | Taiwan | 1943 | PPF | 26 | 5% |
134 | PMAC | Japan | 1954 | PPF | 26 | 0% |
135 | INA | Indonesia | 2020 | SWF | 26 | 100% |
136 | ADPF | UAE - Abu Dhabi | 2000 | PPF | 25 | 40% |
137 | WYO | USA - WY | 1974 | SWF | 25 | 12% |
138 | UFRD | Uzbekistan | 2006 | SWF | 23 | 34% |
139 | KENFO | Germany | 2017 | SWF | 22 | 10% |
140 | AIH | Azerbaijan | 2020 | SWF | 22 | 100% |
141 | OCERS | USA - CA | 1945 | PPF | 22 | 35% |
142 | TVF | Turkey | 2017 | SWF | 22 | 80% |
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 | MGI | Malta | 2015 | SWF | 12 | 100% |
154 | TSFE | Egypt | 2018 | SWF | 11 | 23% |
155 | Solidium | Finland | 1991 | SWF | 10 | 100% |
156 | CADF | China | 2007 | SWF | 10 | 41% |
157 | Texas ESF | USA - TX | 2014 | SWF | 10 | 0% |
158 | Chile (ESSF+PRF) | Chile | 2007 | SWF | 10 | 0% |
159 | Baiterek | Kazakhstan | 2014 | SWF | 9 | 100% |
160 | GPSSA | UAE - Abu Dhabi | 1999 | PPF | 8 | 40% |
161 | HCAP | Greece | 2016 | SWF | 7 | 95% |
162 | FRC | Monaco | 1962 | SWF | 6 | 70% |
163 | T&T HSF | Trinidad and Tobago | 2000 | SWF | 6 | 0% |
164 | CDP Equity | Italy | 2011 | SWF | 5 | 81% |
165 | NIIF | India | 2015 | SWF | 4 | 100% |
166 | BBB IP | UK | 2014 | SWF | 4 | 100% |
167 | EMGL | Mongolia | 2007 | SWF | 4 | 100% |
168 | Pula Fund | Botswana | 1994 | SWF | 4 | 0% |
169 | Alabama | USA - AL | 1985 | SWF | 4 | 14% |
170 | FEIP+FMPED | Mexico | 2000 | SWF | 4 | 0% |
171 | NSIA | Nigeria | 2011 | SWF | 4 | 60% |
172 | KWAN / NTF | Malaysia | 1988 | SWF | 3 | 0% |
173 | FSDEA | Angola | 2012 | SWF | 3 | 22% |
174 | FAE+FAEP | Colombia | 1995 | SWF | 3 | 0% |
175 | SFPI / FPIM | Belgium | 2006 | SWF | 2 | 60% |
176 | SCIC | Vietnam | 2006 | SWF | 2 | 100% |
177 | SAM | UAE - Sharjah | 2008 | SWF | 2 | 85% |
178 | FGIS | Gabon | 2012 | SWF | 2 | 100% |
179 | Ithmar Capital | Morocco | 2011 | SWF | 2 | 52% |
180 | FAP | Panama | 2012 | SWF | 1 | 0% |
181 | COFIDES | Spain | 1988 | SWF | 1 | 100% |
182 | GPF (GSF+GHF) | Ghana | 2011 | SWF | 1.0 | 0% |
183 | Palestine | Palestine | 2003 | SWF | 0.9 | 100% |
184 | NIF | Cyprus | 2019 | SWF | 0.8 | 0% |
185 | RERF | Kiribati | 1956 | SWF | 0.7 | 0% |
186 | SFT | Turkmenistan | 2008 | SWF | 0.5 | 0% |
187 | FINPRO | Bolivia | 2015 | SWF | 0.4 | 100% |
188 | Citizens Fund | Israel | 2022 | SWF | 0.3 | 0% |
189 | GIIF | Ghana | 2016 | SWF | 0.3 | 100% |
190 | Agaciro Fund | Rwanda | 2012 | SWF | 0.2 | 6% |
191 | FSD | Djibouti | 2020 | SWF | 0.2 | 100% |
192 | Nauru Trust Fund | Nauru | 2015 | SWF | 0.2 | 12% |
193 | FSF | Mongolia | 2010 | SWF | 0.1 | 0% |
194 | FSGIP | Cape Verde | 2021 | SWF | 0.1 | 0% |
195 | NRF | Guyana | 2019 | SWF | 0.1 | 0% |
196 | FHF | Mongolia | 2019 | SWF | 0.1 | 0% |
197 | FONSIS | Senegal | 2012 | SWF | 0.1 | 100% |
198 | Welwitschia Fund | Namibia | 2022 | SWF | 0.0 | 0% |
199 | NSF | Taiwan | 2000 | SWF | 0 | 0% |
200 | FEF | Peru | 1999 | SWF | 0 | 0% |
Source: Global SWF. Last updated August 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