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# Investor Country Est. Type AuM ($b)* Alternatives (%)**
1 PBoC China 1948 CB 3,534 0%
2 NBIM Norway 1997 SWF 1,767 2%
3 GPIF Japan 2006 PPF 1,656 1%
4 SAFE IC China 1997 SWF 1,417 22%
5 CIC China 2007 SWF 1,332 25%
6 ECB Eurosystem 1998 CB 1,319 0%
7 BoJ Japan 1882 CB 1,231 0%
8 ADIA UAE - Abu Dhabi 1967 SWF 1,110 32%
9 SNB Switzerland 1907 CB 950 0%
10 PIF Saudi Arabia 1971 SWF 925 37%
11 KIA Kuwait 1953 SWF 920 23%
12 FRTIB USA 1986 PPF 857 0%
13 GIC Singapore 1981 SWF 847 33%
14 NPS South Korea 1988 PPF 847 15%
15 APG Netherlands 1922 PPF 641 25%
16 RBI India 1935 CB 639 0%
17 CBR Russia 1990 CB 633 0%
18 CBC Taiwan 1924 CB 578 0%
19 CalPERS USA - CA 1932 PPF 544 18%
20 HKMA EF China - HKSAR 1993 CB 526 0%
21 QIA Qatar 2005 SWF 524 41%
22 CPP Canada 1997 PPF 499 55%
23 SAMA Saudi Arabia 1952 CB 470 0%
24 CPF Singapore 1955 PPF 456 0%
25 NSSF China 2000 PPF 424 14%
26 BoK South Korea 1950 CB 416 0%
27 ICD UAE - Dubai 2006 SWF 400 65%
28 MAS Singapore 1971 CB 379 0%
29 GOSI Saudi Arabia 1958 PPF 374 33%
30 BCBr Brazil 1964 CB 372 0%
31 CalSTRS USA - CA 1913 PPF 350 33%
32 DB Germany 1957 CB 345 0%
33 CDPQ Canada - QC 1965 PPF 330 42%
34 Mubadala UAE - Abu Dhabi 1984 SWF 330 67%
35 EPFO India 1952 PPF 297 5%
36 Temasek Singapore 1974 SWF 288 53%
37 BdF France 1800 CB 288 0%
38 KWSP / EPF Malaysia 1951 PPF 280 11%
39 NYC Compt USA - NY 1920 PPF 279 23%
40 SBA Florida USA - FL 1943 PPF 275 25%
41 NYSCRF USA - NY 1983 PPF 273 34%
42 PGGM Netherlands 1969 PPF 270 18%
43 BoT Thailand 1942 CB 268 0%
44 BdI Italy 1893 CB 264 0%
45 ADQ UAE - Abu Dhabi 2018 SWF 251 45%
46 Fed USA 1913 CB 251 0%
47 TVF Turkey 2017 SWF 240 80%
48 BLF Taiwan 2014 PPF 238 11%
49 Banxico Mexico 1925 CB 231 0%
50 AustralianSuper Australia 2006 PPF 231 21%
51 BoI Israel 1954 CB 220 0%
52 NBP Poland 1945 CB 219 0%
53 KIC South Korea 2005 SWF 207 17%
54 ART Australia - QLD 2022 PPF 205 26%
55 CBUAE UAE 1980 CB 204 0%
56 PSP Canada 1999 PPF 196 53%
57 BoE UK 1694 CB 194 0%
58 Future Fund Australia 2006 SWF 193 40%
59 AP1-6 Sweden 1974 PPF 193 26%
60 Texas TRS USA - TX 1937 PPF 187 41%
61 OTPP Canada - ON 1917 PPF 186 69%
62 BCI Canada - BC 1999 PPF 185 39%
63 Chikyoren Japan 1984 PPF 183 1%
64 CDC France 1816 PPF 182 4%
65 WSIB USA - WA 2005 PPF 173 38%
66 Danantara Indonesia 2025 SWF 172 77%
67 MN Netherlands 2014 PPF 168 26%
68 SWIB USA - WI 1951 PPF 162 16%
69 TCMB Turkey 1931 CB 159 0%
70 BI Indonesia 1953 CB 156 0%
71 CNB Czech Republic 1993 CB 155 0%
72 MPFA China - HKSAR 1995 PPF 151 0%
73 MSBI USA - MN 1981 PPF 146 25%
74 NYS TRS USA - NY 1913 PPF 146 26%
75 PIC South Africa 2015 PPF 142 6%
76 PIFSS-Wafra Kuwait 1955 PPF 137 40%
77 NDF Saudi Arabia 2017 SWF 132 100%
78 AP7 Sweden 2000 PPF 131 4%
79 AIMCo Canada - AB 1976 PPF 125 29%
80 BoC Canada 1935 CB 124 0%
81 NCRS USA - NC 1941 PPF 123 19%
82 BVK Germany 1995 PPF 122 47%
83 Alecta Sweden 1917 PPF 119 22%
84 Aware Super Australia 2020 PPF 118 20%
85 Ohio PERS USA - OH 1935 PPF 118 23%
86 NWF RU Russia 2008 SWF 117 20%
87 BNM Malaysia 1959 CB 116 0%
88 Virginia RS USA - VA 1942 PPF 114 34%
89 NPST India 2008 PPF 110 0%
90 MassPRIM USA - MA 1983 PPF 109 35%
91 BdE Spain 1782 CB 107 0%
92 BSP Philippines 1993 CB 107 0%
93 Georgia TRS USA - GA 1943 PPF 106 3%
94 PFA JP Japan 1967 PPF 103 0%
95 EIA UAE 2007 SWF 102 21%
96 ATP Groep Denmark 1964 PPF 100 35%
97 DN Denmark 1818 CB 99 0%
98 Michigan ORS USA - MI 1942 PPF 97 47%
99 Ohio STF USA - OH 1919 PPF 97 31%
100 Amitim Israel 2011 PPF 97 25%
101 OMERS Canada - ON 1962 PPF 96 56%
102 Oregon PERF USA - OR 1946 PPF 96 49%
103 CBIraq Iraq 1947 CB 95 0%
104 PFA DK Denmark 1917 PPF 95 39%
105 UniSuper Australia 2000 PPF 93 10%
106 Aramco PF Saudi Arabia 2017 PPF 90 33%
107 NB Norway 1816 CB 89 0%
108 HOOPP Canada - ON 1960 PPF 86 30%
109 Alaska PFC USA - AK 1976 SWF 83 41%
110 BCRP Peru 1922 CB 83 0%
111 SBV Vietnam 1951 CB 83 0%
112 KLP Norway 1949 PPF 83 16%
113 LACERA USA - CA 1937 PPF 82 35%
114 BoA Algeria 1962 CB 81 0%
115 BCPP UK 2018 PPF 81 12%
116 CBL Libya 1956 CB 81 0%
117 DIF UAE - Dubai 2024 SWF 80 56%
118 Samruk Kazyna Kazakhstan 2008 SWF 79 62%
119 PNB Malaysia 1978 SWF 78 8%
120 BNR Romania 1880 CB 78 0%
121 QIC Australia - QLD 1991 SWF 78 29%
122 NLGPS UK 2019 PPF 77 20%
123 SSO Thailand 1990 PPF 77 0%
124 Penn PSERS USA - PA 1917 PPF 75 35%
125 KEVA Finland 1988 PPF 74 25%
126 Illinois STRS USA - IL 1939 PPF 74 24%
127 DH UAE - Dubai 2004 SWF 72 93%
128 DNB Netherlands 1814 CB 72 0%
129 TCorp Australia - NSW 1983 SWF 72 12%
130 NJ DoI USA - NJ 1950 PPF 71 28%
131 HostPlus Australia 1987 PPF 71 45%
132 PKA Denmark 1954 PPF 70 8%
133 Kokkyoren Japan 2017 PPF 69 0%
134 LIA Libya 2006 SWF 68 23%
135 Maryland SRA USA - MD 1941 PPF 68 30%
136 SRB Sweden 1668 CB 65 0%
137 NF-NIC Kazakhstan 2000 SWF 65 5%
138 COPERA USA - CO 1931 PPF 65 20%
139 BIA Brunei 1983 SWF 65 18%
140 SARB South Africa 1921 CB 64 0%
141 BanRep Colombia 1923 CB 63 0%
142 SOFAZ Azerbaijan 1999 SWF 63 8%
143 CBUS Australia 1984 PPF 62 25%
144 RBA Australia 1959 CB 62 0%
145 New Mexico SIC USA - NM 1958 SWF 60 29%
146 IMCO Canada - ON 2016 PPF 60 44%
147 Bpifrance France 2008 SWF 60 61%
148 REST Australia 1988 PPF 58 27%
149 HESTA Australia 1999 PPF 58 30%
150 London CIV UK 2015 PPF 58 17%
151 VFMC Australia - VIC 1994 SWF 58 30%
152 Texas PSF USA - TX 1854 SWF 57 35%
153 QCB Qatar 1973 CB 53 0%
154 FGS Argentina 2008 PPF 52 0%
155 ADPF UAE - Abu Dhabi 2000 PPF 51 40%
156 OIA Oman 1980 SWF 50 31%
157 PensionDanmark Denmark 1993 PPF 50 25%
158 GPSSA UAE 1999 PPF 49 40%
159 PREVI Brazil 1904 PPF 48 5%
160 NBK Kazakhstan 1993 CB 48 0%
161 NZ Super Fund New Zealand 2001 SWF 47 20%
162 PUBLICA Switzerland 2001 PPF 47 20%
163 CBK Kuwait 1969 CB 47 0%
164 EIH Ethiopia 2022 SWF 46 100%
165 Bcentral Chile 1925 CB 46 0%
166 MNB Hungary 1924 CB 46 0%
167 KTCU South Korea 1971 PPF 45 56%
168 BNB Bulgaria 1879 CB 45 0%
169 CBE Egypt 1961 CB 45 0%
170 CBU Uzbekistan 1991 CB 45 0%
171 ESSS Indonesia 1977 PPF 44 5%
172 CSC Australia 1976 PPF 43 28%
173 GPF Thailand 1997 PPF 42 18%
174 NBB Belgium 1850 CB 42 0%
175 KWAP Malaysia 2007 PPF 42 11%
176 Bportugal Portugal 1846 CB 41 0%
177 Texas MRS USA - TX 1947 PPF 41 49%
178 NBU Ukraine 1839 CB 39 0%
179 Texas PUF USA - TX 1876 SWF 38 59%
180 AIH Azerbaijan 2021 SWF 37 100%
181 FTF Norway 2006 SWF 37 0%
182 BKAM Morocco 1959 CB 37 0%
183 CBN Nigeria 1958 CB 37 0%
184 NWF UK UK 2024 SWF 36 100%
185 OENB Austria 1816 CB 36 0%
186 GRSIA Qatar 2002 PPF 36 11%
187 BVV Germany 1909 PPF 35 1%
188 NBSr Serbia 1884 CB 34 0%
189 RBNZ New Zealand 1934 CB 33 0%
190 CDG Morocco 1959 PPF 33 33%
191 GSIS Philippines 1936 PPF 32 5%
192 Khazanah Malaysia 1993 SWF 32 29%
193 Wyoming STO USA - WY 1975 SWF 31 12%
194 OBAG Austria 1967 SWF 31 27%
195 AMCM China - MSAR 1999 CB 31 0%
196 Baiterek Kazakhstan 2014 SWF 30 100%
197 BCRA Argentina 1935 CB 29 0%
198 FDC Luxembourg 2004 PPF 28 5%
199 RDIF Russia 2011 SWF 28 100%
200 BdL Lebanon 1964 CB 28 0%
201 NDFI Iran 2011 SWF 27 79%
202 VER Finland 1990 PPF 26 11%
203 BB Bangladesh 1971 CB 26 0%
204 KENFO Germany 2017 SWF 26 10%
205 CBIran Iran 1960 CB 26 0%
206 BanGuat Guatemala 1945 CB 24 0%
207 FRR France 2001 PPF 23 5%
208 NBC Cambodia 1954 CB 23 0%
209 CBJ Jordan 1964 CB 21 0%
210 PFR Poland 2016 SWF 20 95%
211 Bouwinvest Netherlands 2002 PPF 20 100%
212 BCU Uruguay 1967 CB 19 0%
213 OPTrust Canada - ON 1995 PPF 19 53%
214 ISIF Ireland 2014 SWF 19 31%
215 TL PF Timor Leste 2005 SWF 18 4%
216 CBO Oman 1974 CB 18 0%
217 SP Finland 1811 CB 18 0%
218 Mumtalakat Bahrain 2006 SWF 18 79%
219 SK CIC Canada - SK 1947 SWF 17 100%
220 NRB Nepal 1956 CB 17 0%
221 UFRD Uzbekistan 2006 SWF 17 34%
222 BCEAO West African System 1959 CB 16 0%
223 TtE Greece 1927 CB 16 0%
224 POBA South Korea 1975 PPF 15 58%
225 BCRD Dominican Republic 1947 CB 15 0%
226 BEAC Central African System 1972 CB 15 0%
227 BNA Angola 1926 CB 15 0%
228 Himaya Oman 2023 PPF 15 40%
229 BCCR Costa Rica 1950 CB 14 0%
230 NBSl Slovakia 1993 CB 14 0%
231 Chile ESSF-PRF Chile 2006 SWF 13 0%
232 SIO-MPF Bahrain 1976 PPF 13 30%
233 GrowthFund Greece 2016 SWF 12 95%
234 CBIreland Ireland 1943 CB 12 0%
235 SFPIM Belgium 2006 SWF 12 60%
236 SDH / SSH Slovenia 1993 SWF 12 75%
237 ND LF USA - ND 2010 SWF 12 8%
238 SBP Pakistan 1947 CB 11 0%
239 CDP Equity Italy 2011 SWF 11 81%
240 CBAR Azerbaijan 1992 CB 11 0%
241 INA Indonesia 2020 SWF 11 26%
242 BCP Paraguay 1952 CB 10 0%
243 BCV Venezuela 1939 CB 10 0%
244 CADF China 2007 SWF 10 41%
245 CBKy Kenya 1966 CB 10 0%
246 BCE Ecuador 1927 CB 9 0%
247 BCT Tunisia 1958 CB 9 0%
248 NBRB Belarus 1990 CB 9 0%
249 BdM Mozambique 1975 CB 8 0%
250 BoM Mauritius 1967 CB 8 0%
251 SCIC Vietnam 2006 SWF 8 100%
252 HKIC China - HKSAR 2023 SWF 8 0%
253 Solidium Finland 1991 SWF 7 100%
254 BCH Honduras 1950 CB 7 0%
255 BeS Albania 1992 CB 7 0%
256 SBI Iceland 1961 CB 7 0%
257 T&T HSF Trinidad & Tobago 2000 SWF 6 0%
258 BoG Ghana 1957 CB 6 0%
259 CBB Bahrain 2006 CB 6 0%
260 CBTT Trinidad & Tobago 1964 CB 6 0%
261 LiB Lithuania 1990 CB 6 0%
262 COFIDES Spain 1988 SWF 6 100%
263 LaB Latvia 1993 CB 5 0%
264 BBB IP UK 2014 SWF 5 100%
265 NIIF India 2015 SWF 5 100%
266 MB Mongolia 1991 CB 5 0%
267 BCBo Bolivia 1928 CB 5 0%
268 FEIP+FMPED Mexico 2000 SWF 5 0%
269 KWAN / NTF Malaysia 1988 SWF 5 0%
270 FAE+FAEP Colombia 1995 SWF 4 0%
271 FSDEA Angola 2012 SWF 4 22%
272 NRF Guyana 2019 SWF 4 0%
273 DHI Bhutan 2007 SWF 3 90%
274 FEF Peru 1999 SWF 3 0%
275 HNB Croatia 1990 CB 3 0%
276 SAM UAE - Sharjah 2008 SWF 3 85%
277 NSIA Nigeria 2011 SWF 3 60%
278 Sarawak Malaysia 2024 SWF 2 0%
279 MGI Malta 2015 SWF 2 100%
280 Maharlika Philippines 2023 SWF 2 0%
281 CIF Israel 2022 SWF 2 0%
282 FFSB Brazil 2021 SWF 2 0%
283 ECCB East Caribbean System 1983 CB 2 0%
284 TSFE Egypt 2018 SWF 2 23%
285 FGIS Gabon 2012 SWF 2 100%
286 Ithmar Capital Morocco 2011 SWF 2 52%
287 Pula Fund Botswana 1994 SWF 2 0%
288 FAP Panama 2012 SWF 2 0%
289 MIC Mauritius 2020 SWF 1 100%
290 GHF+GSF Ghana 2011 SWF 1 0%
291 FONSIS Senegal 2012 SWF 1 100%
292 Chinggis Fund Mongolia 2025 SWF 1 0%
293 Palestine Palestine 2003 SWF 1.0 100%
294 FGR Bahrain 2006 SWF 0.9 36%
295 NIF Cyprus 2019 SWF 0.8 0%
296 FSI Guinea 2013 SWF 0.7 100%
297 GIIF Ghana 2016 SWF 0.3 100%
298 Agaciro Fund Rwanda 2012 SWF 0.3 6%
299 FSD Djibouti 2020 SWF 0.2 100%
300 Nauru Nauru 2015 SWF 0.2 12%

Source: Global SWF. Last updated May 2025

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

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