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# Investor Country Est. Type AuM ($b)* Alternatives (%)** Domestic (%)
1 PBoC China 1948 CB 3,724 0% 0%
2 NBIM Norway 1997 SWF 2,048 2% 0%
3 GPIF Japan 2006 PPF 1,868 1% 51%
4 SAFE IC China 1997 SWF 1,694 22% 74%
5 CIC China 2007 SWF 1,567 28% 65%
6 BoJ Japan 1882 CB 1,341 0% 0%
7 ADIA UAE - Abu Dhabi 1967 SWF 1,187 32% 0%
8 PIF Saudi Arabia 1971 SWF 1,151 37% 80%
9 SNB Switzerland 1907 CB 1,054 0% 0%
10 KIA Kuwait 1953 SWF 1,002 23% 10%
11 NPS South Korea 1988 PPF 973 16% 45%
12 FRTIB USA 1986 PPF 963 0% 100%
13 GIC Singapore 1981 SWF 936 33% 0%
14 CBR Russia 1990 CB 742 0% 0%
15 RBI India 1935 CB 687 0% 0%
16 APG Netherlands 1922 PPF 641 25% 5%
17 CBC Taiwan 1924 CB 600 0% 0%
18 CalPERS USA - CA 1932 PPF 590 34% 74%
19 QIA Qatar 2005 SWF 580 41% 29%
20 DB Germany 1957 CB 559 0% 0%
21 CPP Canada 1997 PPF 559 55% 12%
22 HKMA EF China - HKSAR 1993 CB 534 0% 0%
23 CPF Singapore 1955 PPF 504 0% 100%
24 NSSF China 2000 PPF 455 14% 91%
25 SAMA Saudi Arabia 1952 CB 442 0% 0%
26 BoK South Korea 1950 CB 431 0% 0%
27 ICD UAE - Dubai 2006 SWF 429 65% 49%
28 BdI Italy 1893 CB 424 0% 0%
29 BdF France 1800 CB 419 0% 0%
30 MAS Singapore 1971 CB 400 0% 0%
31 CalSTRS USA - CA 1913 PPF 390 42% 67%
32 GOSI Saudi Arabia 1958 PPF 374 33% 85%
33 La Caisse Canada - QC 1965 PPF 363 42% 27%
34 BCBr Brazil 1964 CB 361 0% 0%
35 TWF Turkiye 2017 SWF 360 80% 100%
36 Mubadala UAE - Abu Dhabi 1984 SWF 358 67% 23%
37 EPFO India 1952 PPF 332 5% 100%
38 KWSP / EPF Malaysia 1951 PPF 325 11% 65%
39 Temasek Singapore 1974 SWF 324 52% 27%
40 NYC Compt USA - NY 1920 PPF 309 23% 81%
41 NYSCRF USA - NY 1983 PPF 291 34% 90%
42 SBA Florida USA - FL 1943 PPF 276 25% 75%
43 CBUAE UAE 1980 CB 274 0% 0%
44 BoT Thailand 1942 CB 272 0% 0%
45 PGGM Netherlands 1969 PPF 270 18% 24%
46 BLF Taiwan 2014 PPF 269 11% 48%
47 NBP Poland 1945 CB 265 0% 0%
48 Chikyoren Japan 1984 PPF 264 1% 58%
49 Fed USA 1913 CB 256 0% 0%
50 AustralianSuper Australia 2006 PPF 252 21% 45%
51 ADQ UAE - Abu Dhabi 2018 SWF 251 45% 85%
52 Banxico Mexico 1925 CB 250 0% 0%
53 BoI Israel 1954 CB 231 0% 0%
54 ART Australia - QLD 2022 PPF 229 26% 50%
55 AP1-6 Sweden 1974 PPF 227 26% 25%
56 Texas TRS USA - TX 1937 PPF 225 41% 75%
57 BoE UK 1694 CB 222 0% 0%
58 Future Fund Australia 2006 SWF 216 40% 20%
59 PSP Canada 1999 PPF 209 53% 19%
60 KIC South Korea 2005 SWF 207 17% 0%
61 BCI Canada - BC 1999 PPF 206 39% 29%
62 OTPP Canada - ON 1917 PPF 197 69% 35%
63 MN Netherlands 2014 PPF 194 26% 50%
64 TCMB Turkiye 1931 CB 186 0% 0%
65 WSIB USA - WA 2005 PPF 186 38% 60%
66 NPST India 2008 PPF 184 0% 100%
67 SWIB USA - WI 1951 PPF 177 16% 85%
68 NWF RU Russia 2008 SWF 175 20% 83%
69 CNB Czech Republic 1993 CB 173 0% 0%
70 MPFA China - HKSAR 1995 PPF 172 0% 58%
71 Danantara Indonesia 2025 SWF 172 77% 100%
72 PIC South Africa 2015 PPF 166 6% 93%
73 PIFSS-Wafra Kuwait 1955 PPF 159 40% 20%
74 NYS TRS USA - NY 1913 PPF 154 26% 78%
75 NDF Saudi Arabia 2017 SWF 153 100% 100%
76 BI Indonesia 1953 CB 150 0% 0%
77 MSBI USA - MN 1981 PPF 147 25% 72%
78 Ohio PERS USA - OH 1935 PPF 143 23% 78%
79 AP7 Sweden 2000 PPF 131 4% 24%
80 Aware Super Australia 2020 PPF 130 20% 35%
81 ECB Eurosystem 1998 CB 130 0% 0%
82 BdE Spain 1782 CB 128 0% 0%
83 NCRS USA - NC 1941 PPF 127 19% 75%
84 BoC Canada 1935 CB 127 0% 0%
85 AIMCo Canada - AB 1976 PPF 125 29% 41%
86 BNM Malaysia 1959 CB 124 0% 0%
87 BVK Germany 1995 PPF 122 47% 50%
88 Alecta Sweden 1917 PPF 119 22% 25%
89 Georgia TRS USA - GA 1943 PPF 117 3% 80%
90 EIA UAE 2007 SWF 116 21% 60%
91 PFA DK Denmark 1917 PPF 116 39% 25%
92 MassPRIM USA - MA 1983 PPF 115 35% 80%
93 DNB Netherlands 1814 CB 115 0% 0%
94 Virginia RS USA - VA 1942 PPF 114 34% 80%
95 BSP Philippines 1993 CB 111 0% 0%
96 ATP Groep Denmark 1964 PPF 110 35% 56%
97 Ohio STF USA - OH 1919 PPF 104 31% 79%
98 DN Denmark 1818 CB 104 0% 0%
99 UniSuper Australia 2000 PPF 103 10% 50%
100 OMERS Canada - ON 1962 PPF 103 56% 24%
101 Amitim Israel 2011 PPF 100 25% 64%
102 CBL Libya 1956 CB 99 0% 0%
103 CBIraq Iraq 1947 CB 98 0% 0%
104 Oregon PERF USA - OR 1946 PPF 96 49% 80%
105 BCRP Peru 1922 CB 91 0% 0%
106 KLP Norway 1949 PPF 90 16% 10%
107 Aramco PF Saudi Arabia 2017 PPF 90 33% 85%
108 QIC Australia - QLD 1991 SWF 89 29% 43%
109 LACERA USA - CA 1937 PPF 88 35% 85%
110 HostPlus Australia 1987 PPF 88 45% 50%
111 SSO Thailand 1990 PPF 88 0% 93%
112 MPSERS USA - MI 1942 PPF 87 47% 80%
113 PFA JP Japan 1967 PPF 87 0% 58%
114 KEVA Finland 1988 PPF 86 25% 18%
115 HOOPP Canada - ON 1960 PPF 86 30% 50%
116 Alaska PFC USA - AK 1976 SWF 85 41% 73%
117 Samruk Kazyna Kazakhstan 2008 SWF 81 62% 100%
118 SBV Vietnam 1951 CB 81 0% 0%
119 Illinois STRS USA - IL 1939 PPF 81 24% 75%
120 DIF UAE - Dubai 2024 SWF 80 56% 100%
121 Penn PSERS USA - PA 1917 PPF 80 35% 80%
122 NLGPS UK 2019 PPF 79 20% 35%
123 NJ DoI USA - NJ 1950 PPF 79 28% 75%
124 PNB Malaysia 1978 SWF 78 8% 84%
125 TCorp Australia - NSW 1983 SWF 77 17% 75%
126 BNR Romania 1880 CB 77 0% 0%
127 FGS Argentina 2008 PPF 77 0% 100%
128 NB Norway 1816 CB 75 0% 0%
129 Maryland SRA USA - MD 1941 PPF 74 30% 80%
130 BIA Brunei 1983 SWF 73 18% 20%
131 RBA Australia 1959 CB 72 0% 0%
132 DH UAE - Dubai 2004 SWF 72 93% 90%
133 QCB Qatar 1973 CB 72 0% 0%
134 BCPP UK 2018 PPF 71 12% 50%
135 Kokkyoren Japan 2017 PPF 71 0% 53%
136 SOFAZ Azerbaijan 1999 SWF 70 8% 4%
137 PKA Denmark 1954 PPF 70 8% 60%
138 SARB South Africa 1921 CB 70 0% 0%
139 CBUS Australia 1984 PPF 69 25% 50%
140 LIA Libya 2006 SWF 68 23% 35%
141 NF-NIC Kazakhstan 2000 SWF 67 5% 90%
142 COPERA USA - CO 1931 PPF 67 20% 85%
143 BanRep Colombia 1923 CB 66 0% 0%
144 Bportugal Portugal 1846 CB 64 0% 0%
145 REST Australia 1988 PPF 64 27% 50%
146 SRB Sweden 1668 CB 63 0% 0%
147 HESTA Australia 1999 PPF 63 30% 60%
148 VFMC Australia - VIC 1994 SWF 62 30% 54%
149 New Mexico SIC USA - NM 1958 SWF 60 29% 80%
150 NBK Kazakhstan 1993 CB 60 0% 0%
151 IMCO Canada - ON 2016 PPF 60 44% 35%
152 Bpifrance France 2008 SWF 60 61% 100%
153 PensionDanmark Denmark 1993 PPF 59 25% 34%
154 Texas PSF USA - TX 1854 SWF 57 35% 83%
155 ADPF UAE - Abu Dhabi 2000 PPF 57 40% 50%
156 NBB Belgium 1850 CB 55 0% 0%
157 NBU Ukraine 1839 CB 55 0% 0%
158 GPSSA UAE 1999 PPF 54 40% 50%
159 OIA Oman 1980 SWF 53 31% 62%
160 OENB Austria 1816 CB 52 0% 0%
161 ESSS Indonesia 1977 PPF 52 5% 70%
162 NZ Super Fund New Zealand 2001 SWF 52 20% 13%
163 KTCU South Korea 1971 PPF 51 56% 40%
164 BdL Lebanon 1964 CB 49 0% 0%
165 CBE Egypt 1961 CB 49 0% 0%
166 Bcentral Chile 1925 CB 49 0% 0%
167 CBU Uzbekistan 1991 CB 49 0% 0%
168 MNB Hungary 1924 CB 48 0% 0%
169 BNB Bulgaria 1879 CB 48 0% 0%
170 PUBLICA Switzerland 2001 PPF 47 20% 90%
171 CBK Kuwait 1969 CB 47 0% 0%
172 EIH Ethiopia 2022 SWF 46 100% 100%
173 BKAM Morocco 1959 CB 46 0% 0%
174 GPF Thailand 1997 PPF 46 18% 62%
175 PREVI Brazil 1904 PPF 45 5% 99%
176 London CIV UK 2015 PPF 44 17% 100%
177 Texas MRS USA - TX 1947 PPF 44 49% 80%
178 BVK Zurich Switzerland 1926 PPF 44 20% 50%
179 CBN Nigeria 1958 CB 43 0% 0%
180 CSC Australia 1976 PPF 43 28% 50%
181 AIH Azerbaijan 2021 SWF 43 100% 100%
182 CDG Morocco 1959 PPF 42 33% 50%
183 BCRA Argentina 1935 CB 42 0% 0%
184 Texas PUF USA - TX 1876 SWF 42 59% 80%
185 KWAP Malaysia 2007 PPF 42 11% 75%
186 FTF Norway 2006 SWF 41 0% 85%
187 BoA Algeria 1962 CB 40 0% 0%
188 GRSIA (Daman) Qatar 2002 PPF 37 11% 99%
189 NWF UK UK 2024 SWF 36 100% 100%
190 BVV Germany 1909 PPF 35 1% 50%
191 NBSr Serbia 1884 CB 34 0% 0%
192 CBIran Iran 1960 CB 34 0% 0%
193 GSIS Philippines 1936 PPF 33 5% 50%
194 RBNZ New Zealand 1934 CB 33 0% 0%
195 Wyoming STO USA - WY 1975 SWF 33 12% 90%
196 BanGuat Guatemala 1945 CB 32 0% 0%
197 Khazanah Malaysia 1993 SWF 32 29% 66%
198 BB Bangladesh 1971 CB 31 0% 0%
199 OBAG Austria 1967 SWF 31 27% 100%
200 Baiterek Kazakhstan 2014 SWF 31 100% 100%
201 AMCM China - MSAR 1999 CB 30 0% 0%
202 FDC Luxembourg 2004 PPF 28 5% 25%
203 ISIF Ireland 2014 SWF 28 31% 73%
204 RDIF Russia 2011 SWF 28 100% 96%
205 SPF Oman 2023 PPF 27 40% 50%
206 NDFI Iran 2011 SWF 27 79% 100%
207 VER Finland 1990 PPF 26 11% 28%
208 KENFO Germany 2017 SWF 26 10% 17%
209 NBC Cambodia 1954 CB 25 0% 0%
210 CBJ Jordan 1964 CB 25 0% 0%
211 BCEAO West African System 1959 CB 23 0% 0%
212 SP Finland 1811 CB 22 0% 0%
213 FRR France 2001 SWF 21 5% 40%
214 BCU Uruguay 1967 CB 21 0% 0%
215 NRB Nepal 1956 CB 20 0% 0%
216 PFR Poland 2016 SWF 20 95% 100%
217 TtE Greece 1927 CB 20 0% 0%
218 Bouwinvest Netherlands 2002 PPF 20 100% 74%
219 CBO Oman 1974 CB 19 0% 0%
220 OPTrust Canada - ON 1995 PPF 19 53% 35%
221 TL PF Timor Leste 2005 SWF 18 4% 0%
222 NBSl Slovakia 1993 CB 18 0% 0%
223 Mumtalakat Bahrain 2006 SWF 18 79% 62%
224 SK CIC Canada - SK 1947 SWF 17 100% 100%
225 UFRD Uzbekistan 2006 SWF 17 34% 100%
226 Mutapa IF Zimbabwe 2024 SWF 16 100% 100%
227 BCCR Costa Rica 1950 CB 16 0% 0%
228 BNA Angola 1926 CB 16 0% 0%
229 POBA South Korea 1975 PPF 15 58% 60%
230 SBP Pakistan 1947 CB 15 0% 0%
231 BCRD Dominican Republic 1947 CB 14 0% 0%
232 Chile ESSF-PRF Chile 2006 SWF 14 0% 0%
233 CBIreland Ireland 1943 CB 14 0% 0%
234 BEAC Central African System 1972 CB 13 0% 0%
235 BCV Venezuela 1939 CB 13 0% 0%
236 SIO-MPF Bahrain 1976 PPF 13 30% 25%
237 GrowthFund Greece 2016 SWF 12 95% 100%
238 SFPIM Belgium 2006 SWF 12 60% 100%
239 SDH / SSH Slovenia 1993 SWF 12 75% 100%
240 ND LF USA - ND 2010 SWF 12 8% 75%
241 CDP Equity Italy 2011 SWF 12 81% 100%
242 CBAR Azerbaijan 1992 CB 11 0% 0%
243 CBKy Kenya 1966 CB 11 0% 0%
244 BCP Paraguay 1952 CB 10 0% 0%
245 INA Indonesia 2020 SWF 10 26% 100%
246 CADF China 2007 SWF 10 41% 0%
247 BCH Honduras 1950 CB 10 0% 0%
248 BCE Ecuador 1927 CB 10 0% 0%
249 BoM Mauritius 1967 CB 10 0% 0%
250 NBRB Belarus 1990 CB 9 0% 0%
251 BCT Tunisia 1958 CB 8 0% 0%
252 BoG Ghana 1957 CB 8 0% 0%
253 SCIC Vietnam 2006 SWF 8 100% 100%
254 HKIC China - HKSAR 2023 SWF 8 0% 100%
255 Solidium Finland 1991 SWF 7 100% 100%
256 BeS Albania 1992 CB 7 0% 0%
257 SBI Iceland 1961 CB 7 0% 0%
258 T&T HSF Trinidad & Tobago 2000 SWF 6 0% 0%
259 BBB IP UK 2014 SWF 6 100% 100%
260 COFIDES Spain 1988 SWF 6 100% 5%
261 CBTT Trinidad & Tobago 1964 CB 6 0% 0%
262 LiB Lithuania 1990 CB 6 0% 0%
263 MB Mongolia 1991 CB 6 0% 0%
264 LaB Latvia 1993 CB 5 0% 0%
265 NIIF India 2015 SWF 5 100% 100%
266 FEIP+FMPED Mexico 2000 SWF 5 0% 0%
267 CBB Bahrain 2006 CB 5 0% 0%
268 KWAN / NTF Malaysia 1988 SWF 4 0% 50%
269 FAE+FAEP Colombia 1995 SWF 4 0% 100%
270 FSDEA Angola 2012 SWF 4 22% 93%
271 DHI Bhutan 2007 SWF 4 90% 90%
272 BdM Mozambique 1975 CB 4 0% 0%
273 SAM UAE - Sharjah 2008 SWF 4 85% 100%
274 BCBo Bolivia 1928 CB 3 0% 0%
275 FEF Peru 1999 SWF 3 0% 100%
276 NRF Guyana 2019 SWF 3 0% 0%
277 HNB Croatia 1990 CB 3 0% 0%
278 NSIA Nigeria 2011 SWF 3 60% 80%
279 MGI Malta 2015 SWF 3 100% 100%
280 Maharlika Philippines 2023 SWF 2 0% 100%
281 RSSB Rwanda 2010 PPF 2 20% 100%
282 CIF Israel 2022 SWF 2 0% 5%
283 FFSB Brazil 2021 SWF 2 0% 100%
284 ECCB East Caribbean System 1983 CB 2 0% 0%
285 TSFE Egypt 2018 SWF 2 23% 100%
286 Pula Fund Botswana 1994 SWF 2 0% 0%
287 Sarawak Malaysia 2024 SWF 2 0% 100%
288 Ithmar Capital Morocco 2011 SWF 2 52% 100%
289 FAP Panama 2012 SWF 2 0% 0%
290 Chinggis Fund Mongolia 2025 SWF 1 0% 0%
291 GHF+GSF Ghana 2011 SWF 1 0% 100%
292 MIC Mauritius 2020 SWF 1 100% 100%
293 FONSIS Senegal 2012 SWF 1 100% 100%
294 Palestine Palestine 2003 SWF 1.0 100% 100%
295 FGR Bahrain 2006 SWF 0.9 36% 6%
296 FSI Guinea 2013 SWF 0.7 100% 100%
297 FGIS Gabon 2012 SWF 0.5 100% 100%
298 GIIF Ghana 2016 SWF 0.4 100% 100%
299 Agaciro Fund Rwanda 2012 SWF 0.3 6% 100%
300 Nauru Nauru 2015 SWF 0.2 12% 0%

Source: Global SWF. Last updated December 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