# | 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