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# Investor Country Est. Type AuM ($b)* Alternatives (%)**
1 PBoC China 1948 CB 3,431 0%
2 NBIM Norway 1997 SWF 1,634 2%
3 GPIF Japan 2006 PPF 1,624 1%
4 CIC China 2007 SWF 1,240 25%
5 BoJ Japan 1882 CB 1,232 0%
6 ECB Eurosystem 1998 CB 1,182 0%
7 SAFE IC China 1997 SWF 1,098 22%
8 ADIA UAE - Abu Dhabi 1967 SWF 993 32%
9 PIF Saudi Arabia 1971 SWF 978 37%
10 KIA Kuwait 1953 SWF 969 23%
11 SNB Switzerland 1907 CB 888 0%
12 NPS South Korea 1988 PPF 816 15%
13 GIC Singapore 1981 SWF 769 32%
14 FRTIB USA 1986 PPF 737 0%
15 RBI India 1935 CB 656 0%
16 APG Netherlands 1922 PPF 630 21%
17 CBR Russia 1990 CB 602 0%
18 CBC Taiwan 1924 CB 576 0%
19 HKMA EF China - HKSAR 1993 CB 520 9%
20 QIA Qatar 2005 SWF 510 41%
21 CalPERS USA - CA 1932 PPF 486 18%
22 CPP Canada 1997 PPF 467 55%
23 SAMA Saudi Arabia 1952 CB 467 0%
24 NSSF China 2000 PPF 414 14%
25 CPF Singapore 1955 PPF 413 0%
26 BoK South Korea 1950 CB 413 0%
27 MAS Singapore 1971 CB 371 0%
28 ICD UAE - Dubai 2006 SWF 360 65%
29 BCBr Brazil 1964 CB 356 0%
30 CalSTRS USA - CA 1913 PPF 333 33%
31 CDPQ Canada - QC 1965 PPF 328 42%
32 GOSI Saudi Arabia 1958 PPF 320 33%
33 DB Germany 1957 CB 310 0%
34 Mubadala UAE - Abu Dhabi 1984 SWF 302 67%
35 Temasek Singapore 1974 SWF 288 53%
36 BdI Italy 1893 CB 267 0%
37 PGGM Netherlands 1969 PPF 266 18%
38 NYC Compt USA - NY 1920 PPF 264 23%
39 NYSCRF USA - NY 1983 PPF 260 34%
40 BdF France 1800 CB 260 0%
41 SBA Florida USA - FL 1943 PPF 250 25%
42 ADQ UAE - Abu Dhabi 2018 SWF 249 45%
43 KWSP / EPF Malaysia 1951 PPF 248 7%
44 Fed USA 1913 CB 241 0%
45 BoT Thailand 1942 CB 224 0%
46 Banxico Mexico 1925 CB 219 0%
47 AustralianSuper Australia 2006 PPF 215 21%
48 BLF Taiwan 2014 PPF 214 11%
49 BoI Israel 1954 CB 211 0%
50 NBP Poland 1945 CB 208 0%
51 CBUAE UAE 1980 CB 203 0%
52 PSP Canada 1999 PPF 196 53%
53 AP1-6 Sweden 1974 PPF 196 26%
54 EPFO India 1952 PPF 194 5%
55 TVF Turkey 2017 SWF 190 80%
56 KIC South Korea 2005 SWF 189 17%
57 Texas TRS USA - TX 1937 PPF 187 41%
58 OTPP Canada - ON 1917 PPF 187 69%
59 MN Netherlands 2014 PPF 187 15%
60 Future Fund Australia 2006 SWF 186 40%
61 CDC France 1816 PPF 182 4%
62 ART Australia - QLD 2022 PPF 177 26%
63 BCI Canada - BC 1999 PPF 172 39%
64 UC Investments USA - CA 1933 PPF 164 17%
65 NDFI Iran 2011 SWF 162 79%
66 WSIB USA - WA 2005 PPF 161 38%
67 SWIB USA - WI 1951 PPF 156 16%
68 CNB Czech Republic 1993 CB 148 0%
69 PIC South Africa 2015 PPF 147 6%
70 TCMB Turkey 1931 CB 146 0%
71 MPFA China - HKSAR 1995 PPF 141 0%
72 BI Indonesia 1953 CB 140 0%
73 MSBI USA - MN 1981 PPF 138 25%
74 NYS TRS USA - NY 1913 PPF 137 26%
75 PIFSS-Wafra Kuwait 1955 PPF 137 40%
76 NWF Russia 2008 SWF 136 20%
77 NDF Saudi Arabia 2017 SWF 132 100%
78 BVK Germany 1995 PPF 124 47%
79 BoC Canada 1935 CB 123 0%
80 AIMCo Canada - AB 1976 PPF 121 29%
81 CBIraq Iraq 1947 CB 120 0%
82 Aware Super Australia 2020 PPF 119 20%
83 NCRS USA - NC 1941 PPF 119 19%
84 PFA DK Denmark 1917 PPF 116 39%
85 BNM Malaysia 1959 CB 113 0%
86 AP7 Sweden 2000 PPF 110 4%
87 BdE Spain 1782 CB 110 0%
88 NPST India 2008 PPF 110 0%
89 Virginia RS USA - VA 1942 PPF 109 34%
90 Alecta Sweden 1917 PPF 109 22%
91 Ohio PERS USA - OH 1935 PPF 108 23%
92 ATP Groep Denmark 1964 PPF 106 35%
93 Chikyoren Japan 1984 PPF 105 1%
94 BSP Philippines 1993 CB 104 0%
95 PFA JP Japan 1967 PPF 103 0%
96 MassPRIM USA - MA 1983 PPF 101 35%
97 KLP Norway 1949 PPF 100 16%
98 Amitim Israel 2011 PPF 98 25%
99 Oregon PERF USA - OR 1946 PPF 98 49%
100 OMERS Canada - ON 1962 PPF 97 56%
101 NJ DoI USA - NJ 1950 PPF 95 28%
102 Georgia TRS USA - GA 1943 PPF 95 3%
103 London CIV UK 2015 PPF 93 17%
104 SBV Vietnam 1951 CB 92 0%
105 Ohio STF USA - OH 1919 PPF 91 31%
106 EIA UAE 2007 SWF 91 21%
107 DN Denmark 1818 CB 86 0%
108 HOOPP Canada - ON 1960 PPF 85 30%
109 UniSuper Australia 2000 PPF 85 10%
110 CBL Libya 1956 CB 82 0%
111 NB Norway 1816 CB 82 0%
112 Samruk Kazyna Kazakhstan 2008 SWF 81 62%
113 DIF UAE - Dubai 2024 SWF 80 56%
114 Alaska PFC USA - AK 1976 SWF 79 41%
115 BCRP Peru 1922 CB 78 0%
116 Michigan PSERS USA - MI 1942 PPF 76 47%
117 TCorp Australia - NSW 1983 SWF 75 12%
118 LACERA USA - CA 1937 PPF 74 35%
119 Danica Denmark 1842 PPF 74 10%
120 KEVA Finland 1988 PPF 73 25%
121 UTIMCO USA - TX 1876 SWF 72 59%
122 BCPP UK 2018 PPF 72 12%
123 HostPlus Australia 1987 PPF 71 45%
124 Penn PSERS USA - PA 1917 PPF 71 35%
125 QIC Australia - QLD 1991 SWF 70 29%
126 PNB Malaysia 1978 SWF 69 8%
127 SSO Thailand 1990 PPF 69 0%
128 BNR Romania 1880 CB 69 0%
129 Kokkyoren Japan 2017 PPF 69 0%
130 Illinois STRS USA - IL 1939 PPF 68 24%
131 LIA Libya 2006 SWF 68 23%
132 DNB Netherlands 1814 CB 66 0%
133 PKA Denmark 1954 PPF 65 8%
134 NF-NIC Kazakhstan 2000 SWF 63 5%
135 SARB South Africa 1921 CB 61 0%
136 BoA Algeria 1962 CB 61 0%
137 BanRep Colombia 1923 CB 61 0%
138 SRB Sweden 1668 CB 60 0%
139 IMCO Canada - ON 2016 PPF 59 44%
140 RBA Australia 1959 CB 58 0%
141 CBUS Australia 1984 PPF 58 25%
142 NLGPS UK 2019 PPF 57 20%
143 SOFAZ Azerbaijan 1999 SWF 56 10%
144 HESTA Australia 1999 PPF 56 30%
145 COPERA USA - CO 1931 PPF 56 20%
146 Bpifrance France 2008 SWF 56 61%
147 REST Australia 1988 PPF 55 27%
148 VFMC Australia - VIC 1994 SWF 53 30%
149 BIA Brunei 1983 SWF 53 18%
150 Texas PSF USA - TX 1854 SWF 52 35%
151 FGS Argentina 2008 PPF 52 0%
152 QCB Qatar 1973 CB 51 0%
153 OIA Oman 1980 SWF 50 31%
154 New Mexico SIC USA - NM 1958 SWF 50 29%
155 PensionDanmark Denmark 1993 PPF 49 25%
156 PUBLICA Switzerland 2001 PPF 48 20%
157 PREVI Brazil 1904 PPF 48 5%
158 BVK Zurich Switzerland 1926 PPF 46 20%
159 EIH Ethiopia 2022 SWF 46 100%
160 CBE Egypt 1961 CB 46 0%
161 Bcentral Chile 1925 CB 46 0%
162 KTCU South Korea 1971 PPF 45 56%
163 ESSS Indonesia 1977 PPF 45 5%
164 NZ Super Fund New Zealand 2001 SWF 44 20%
165 CSC Australia 1976 PPF 43 28%
166 CBK Kuwait 1969 CB 42 0%
167 KWAP Malaysia 2007 PPF 41 11%
168 NBB Belgium 1850 CB 40 0%
169 GPSSA UAE 1999 PPF 40 40%
170 NBU Ukraine 1839 CB 39 0%
171 BNB Bulgaria 1879 CB 39 0%
172 Bportugal Portugal 1846 CB 38 0%
173 GPF Thailand 1997 PPF 38 18%
174 MNB Hungary 1924 CB 36 0%
175 BKAM Morocco 1959 CB 36 0%
176 DH UAE - Dubai 2004 SWF 35 93%
177 BVV Germany 1909 PPF 35 1%
178 FTF Norway 2006 SWF 35 0%
179 NBK Kazakhstan 1993 CB 34 0%
180 ADPF UAE - Abu Dhabi 2000 PPF 34 40%
181 CBN Nigeria 1958 CB 33 0%
182 CDG Morocco 1959 PPF 33 33%
183 CBU Uzbekistan 1991 CB 33 0%
184 OBAG Austria 1967 SWF 33 27%
185 BdL Lebanon 1964 CB 32 0%
186 GRSIA Qatar 2002 PPF 31 11%
187 GSIS Philippines 1936 PPF 31 5%
188 OENB Austria 1816 CB 30 0%
189 Khazanah Malaysia 1993 SWF 29 29%
190 BoE UK 1694 CB 29 0%
191 BCRA Argentina 1935 CB 29 0%
192 Aramco PF Saudi Arabia 2017 PPF 29 33%
193 AMCM China - MSAR 1999 CB 28 0%
194 RDIF Russia 2011 SWF 28 100%
195 AIH Azerbaijan 2021 SWF 27 100%
196 NBSr Serbia 1884 CB 26 0%
197 KENFO Germany 2017 SWF 26 10%
198 VER Finland 1990 PPF 25 11%
199 FDC Luxembourg 2004 PPF 25 5%
200 WYO USA - WY 1974 SWF 25 12%
201 CBIran Iran 1960 CB 24 0%
202 BB Bangladesh 1971 CB 24 0%
203 UFRD Uzbekistan 2006 SWF 23 34%
204 FRR France 2001 PPF 23 5%
205 Baiterek Kazakhstan 2014 SWF 22 100%
206 BanGuat Guatemala 1945 CB 21 0%
207 ND RIO USA - ND 1989 SWF 21 8%
208 PFR Poland 2016 SWF 20 95%
209 Bouwinvest Netherlands 2002 PPF 20 100%
210 OPTrust Canada - ON 1995 PPF 19 53%
211 ISIF Ireland 2014 SWF 19 31%
212 BCU Uruguay 1967 CB 18 0%
213 CBJ Jordan 1964 CB 18 0%
214 NBC Cambodia 1954 CB 18 0%
215 TL PF Timor Leste 2005 SWF 18 4%
216 Mumtalakat Bahrain 2006 SWF 18 79%
217 SK CIC Canada - SK 1947 SWF 17 100%
218 POBA South Korea 1975 PPF 17 58%
219 CBO Oman 1974 CB 17 0%
220 SP Finland 1811 CB 16 0%
221 BCRD Dominican Republic 1947 CB 15 0%
222 Chile ESSF-PRF Chile 2006 SWF 15 0%
223 BNA Angola 1926 CB 14 0%
224 BEAC Central African System 1972 CB 13 0%
225 TtE Greece 1927 CB 13 0%
226 BCCR Costa Rica 1950 CB 13 0%
227 SIO-MPF Bahrain 1976 PPF 13 30%
228 SBP Pakistan 1947 CB 13 0%
229 CBIreland Ireland 1943 CB 13 0%
230 RBNZ New Zealand 1934 CB 12 0%
231 SDH / SSH Slovenia 1993 SWF 12 75%
232 NRB Nepal 1956 CB 12 0%
233 CBAR Azerbaijan 1992 CB 12 0%
234 CDP Equity Italy 2011 SWF 11 81%
235 SFPIM Belgium 2006 SWF 11 60%
236 CBTT Trinidad & Tobago 1964 CB 11 0%
237 INA Indonesia 2020 SWF 11 26%
238 BCV Venezuela 1939 CB 10 0%
239 CADF China 2007 SWF 10 41%
240 NBSl Slovakia 1993 CB 10 0%
241 BCP Paraguay 1952 CB 10 0%
242 NBRB Belarus 1990 CB 8 0%
243 HKIC China - HKSAR 2023 SWF 8 0%
244 Solidium Finland 1991 SWF 8 100%
245 BCT Tunisia 1958 CB 7 0%
246 BCH Honduras 1950 CB 7 0%
247 CBKy Kenya 1966 CB 7 0%
248 BoM Mauritius 1967 CB 7 0%
249 FRC Monaco 1962 SWF 6 70%
250 GrowthFund Greece 2016 SWF 6 95%
251 BeS Albania 1992 CB 6 0%
252 LiB Lithuania 1990 CB 6 0%
253 COFIDES Spain 1988 SWF 6 100%
254 SBI Iceland 1961 CB 6 0%
255 LaB Latvia 1993 CB 5 0%
256 T&T HSF Trinidad & Tobago 2000 SWF 5 0%
257 ECCB East Caribbean System 1983 CB 5 0%
258 BBB IP UK 2014 SWF 5 100%
259 NIIF India 2015 SWF 5 100%
260 BCE Ecuador 1927 CB 4 0%
261 MB Mongolia 1991 CB 4 0%
262 CBB Bahrain 2006 CB 4 0%
263 Pula Fund Botswana 1994 SWF 4 0%
264 FAE+FAEP Colombia 1995 SWF 4 0%
265 Alabama TF USA - AL 1985 SWF 3 14%
266 DHI Bhutan 2007 SWF 3 90%
267 KWAN / NTF Malaysia 1988 SWF 3 0%
268 FEF Peru 1999 SWF 3 0%
269 BCEAO West African System 1959 CB 3 0%
270 FEIP+FMPED Mexico 2000 SWF 3 0%
271 BdM Mozambique 1975 CB 3 0%
272 HNB Croatia 1990 CB 3 0%
273 SAM UAE - Sharjah 2008 SWF 3 85%
274 NSIA Nigeria 2011 SWF 2 60%
275 MGI Malta 2015 SWF 2 100%
276 MIC / MIF Philippines 2023 SWF 2 0%
277 NRF Guyana 2019 SWF 2 0%
278 FSDEA Angola 2012 SWF 2 22%
279 BoG Ghana 1957 CB 2 0%
280 TSFE Egypt 2018 SWF 2 23%
281 SCIC Vietnam 2006 SWF 2 100%
282 FGIS Gabon 2012 SWF 2 100%
283 Ithmar Capital Morocco 2011 SWF 2 52%
284 FFSB Brazil 2021 SWF 2 0%
285 BCBo Bolivia 1928 CB 2 0%
286 ICF Israel 2022 SWF 1 0%
287 FAP Panama 2012 SWF 1 0%
288 GHF+GSF Ghana 2011 SWF 1 0%
289 FONSIS Senegal 2012 SWF 1 100%
290 MIC Mauritius 2020 SWF 1 100%
291 ANIF Armenia 2019 SWF 1 100%
292 Palestine Palestine 2003 SWF 1.0 100%
293 NIF Cyprus 2019 SWF 0.8 0%
294 FGR Bahrain 2006 SWF 0.7 36%
295 GIIF Ghana 2016 SWF 0.3 100%
296 Agaciro Fund Rwanda 2012 SWF 0.3 6%
297 FHF-FSF Mongolia 2010 SWF 0.2 0%
298 FSD Djibouti 2020 SWF 0.2 100%
299 Nauru Nauru 2015 SWF 0.2 12%
300 Welwitschia Namibia 2022 SWF 0.0 0%

Source: Global SWF. Last updated July 2024

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

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