# 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