# Fund Country Est. SWF/PPF AuM ($b)* AAA (%)**
1 CIC China 2007 SWF 1,351 25%
2 GPIF Japan 2006 PPF 1,325 1%
3 NBIM Norway 1997 SWF 1,145 3%
4 SAFE IC China 1997 SWF 980 22%
5 ADIA UAE - Abu Dhabi 1967 SWF 829 29%
6 FRTIB USA 1986 PPF 822 0%
7 KIA Kuwait 1953 SWF 769 23%
8 APG Netherlands 1922 PPF 720 21%
9 GIC Singapore 1981 SWF 690 25%
10 NPS South Korea 1988 PPF 678 15%
11 PIF Saudi Arabia 1971 SWF 620 56%
12 HKMA EF China - HK 1993 SWF 537 8%
13 NSSF China 2000 SWF 474 14%
14 QIA Qatar 2005 SWF 445 41%
15 CalPERS USA - CA 1932 PPF 440 18%
16 CPP Canada 1997 PPF 406 52%
17 CPF Singapore 1955 PPF 374 0%
18 PGGM Netherlands 1969 PPF 332 18%
19 AP1-7 Sweden 2001 PPF 314 18%
20 CalSTRS USA - CA 1913 PPF 312 33%
21 CDPQ Canada - QC 1965 PPF 304 42%
22 ICD UAE - Dubai 2006 SWF 300 65%
23 Temasek Singapore 1974 SWF 298 53%
24 Mubadala UAE - Abu Dhabi 1984 SWF 284 48%
25 NYSCRF USA - NY 1983 PPF 272 24%
26 GOSI Saudi Arabia 2022 PPF 250 33%
27 SBA Florida USA - FL 1943 PPF 240 25%
28 NYC Compt USA - NY 1920 PPF 240 23%
29 KWSP Malaysia 1951 PPF 237 6%
30 EPFO India 1952 PPF 215 5%
31 MN Netherlands 2014 PPF 208 15%
32 KIC South Korea 2005 SWF 205 17%
33 Texas TRS USA - TX 1937 PPF 202 41%
34 BLF Taiwan 2014 PPF 202 11%
35 WSIB USA - WA 2005 PPF 192 38%
36 AustralianSuper Australia 2006 PPF 189 21%
37 OTPP Canada - ON 1917 PPF 188 58%
38 PSP Canada 1999 PPF 185 47%
39 CDC France 1816 PPF 181 23%
40 NWF Russia 2008 SWF 178 20%
41 PIC South Africa 2015 PPF 176 6%
42 BCI Canada - BC 1999 PPF 169 39%
43 AustralianRetirement Australia - QLD 2022 PPF 168 26%
44 UC Investments USA - CA 1961 PPF 168 17%
45 Future Fund Australia 2006 SWF 167 40%
46 SWIB USA - WI 1951 PPF 166 16%
47 ADQ UAE - Abu Dhabi 2018 SWF 157 45%
48 NYS TRS USA - NY 1913 PPF 148 26%
49 ATP Denmark 1964 PPF 144 35%
50 MPFA China - HKSAR 1995 PPF 143 0%
51 NDFI Iran 2011 SWF 139 79%
52 PIFSS-Wafra Kuwait 1976 PPF 134 40%
53 Ohio PERS USA - OH 1935 PPF 127 23%
54 MSBI USA - MN 1981 PPF 125 25%
55 Amitim Israel 2011 PPF 122 25%
56 NCRS USA - NC 1941 PPF 121 19%
57 BVK Germany 1995 PPF 120 47%
58 PFA Japan 1967 PPF 113 0%
59 Aware Super Australia 2020 PPF 111 20%
60 AIMCo Canada - AB 1976 PPF 108 29%
61 Virginia RS USA - VA 1942 PPF 104 34%
62 KLP Norway 1949 PPF 102 16%
63 Georgia TRS USA - GA 1943 PPF 102 3%
64 Oregon PERF USA - OR 1946 PPF 99 49%
65 NJ DoI USA - NJ 1950 PPF 99 28%
66 Ohio STF USA - OH 1919 PPF 98 31%
67 MassPRIM USA - MA 1983 PPF 96 35%
68 Chikyoren Japan 1984 PPF 96 1%
69 Michigan ORS USA - MI 1942 PPF 95 47%
70 OMERS Canada - ON 1962 PPF 95 52%
71 NDF Saudi Arabia 2017 SWF 93 100%
72 EIA UAE 2007 SWF 91 21%
73 HOOPP Canada - ON 1960 PPF 90 30%
74 PNB Malaysia 1978 SWF 81 8%
75 TCorp Australia - NSW 1983 SWF 80 12%
76 Alaska PFC USA - AK 1976 SWF 77 38%
77 BCPP UK 2018 PPF 77 12%
78 UniSuper Australia 2000 PPF 76 10%
79 NPST India 2008 PPF 76 0%
80 Northern LGPS UK 2017 PPF 73 20%
81 LACERA USA - CA 1937 PPF 73 35%
82 KEVA Finland 1988 PPF 73 25%
83 Penn PSERS USA - PA 1917 PPF 73 35%
84 Kokkyoren Japan 2017 PPF 71 0%
85 SSO Thailand 1990 PPF 71 0%
86 Samruk Kazyna Kazakhstan 2008 SWF 70 62%
87 QIC Australia - QLD 1991 SWF 69 29%
88 LIA Libya 2006 SWF 68 23%
89 UTIMCO USA - TX 1876 SWF 66 59%
90 Illinois STRS USA - IL 1939 PPF 64 24%
91 Colorado PERA USA - CO 1931 PPF 62 20%
92 IMCO Canada - ON 2016 PPF 62 31%
93 NBK (NOF+NIC) Kazakhstan 2000 SWF 58 0%
94 SamPension Denmark 1999 PPF 56 29%
95 PKA Denmark 1954 PPF 56 8%
96 Pooled Super Australia 2021 PPF 56 45%
97 Texas PSF USA - TX 1854 SWF 56 35%
98 BIA Brunei 1983 SWF 55 18%
99 CSC Australia 1976 PPF 54 28%
100 SERAMA Japan 1959 PPF 51 0%
101 FGS Argentina 2008 PPF 51 0%
102 VFMC Australia - VIC 1994 SWF 50 30%
103 Bpifrance France 2008 SWF 50 61%
104 PensionDanmark Denmark 1993 PPF 50 25%
105 REST Australia 1988 PPF 49 27%
106 CBUS Australia 1984 PPF 49 25%
107 JMAAPST Japan 1971 PPF 49 0%
108 PUBLICA Switzerland 2001 PPF 48 20%
109 HESTA Australia 1999 PPF 48 30%
110 Compenswiss Switzerland 1948 PPF 45 14%
111 SOFAZ Azerbaijan 1999 SWF 45 9%
112 BVK Zurich Switzerland 1926 PPF 45 20%
113 PREVI Brazil 1904 PPF 45 5%
114 KTCU South Korea 1971 PPF 44 56%
115 Dubai World UAE - Dubai 2005 SWF 42 100%
116 OIA Oman 2020 SWF 42 31%
117 FTF Norway 2006 SWF 40 0%
118 BVV Germany 1909 PPF 39 1%
119 EIH Ethiopia 2022 SWF 39 100%
120 KWAP Malaysia 2007 PPF 37 11%
121 New Mexico SIC USA - NM 1958 SWF 36 29%
122 Dubai Holding UAE - Dubai 2004 SWF 35 97%
123 ESSS Indonesia 1977 PPF 35 5%
124 NZ Super Fund New Zealand 2001 SWF 35 20%
125 CDG Morocco 1959 PPF 33 33%
126 GPF Thailand 1997 PPF 33 18%
127 FRR France 2001 PPF 32 5%
128 Khazanah Malaysia 1993 SWF 31 29%
129 GSIS Philippines 1936 PPF 30 5%
130 FDC Luxembourg 2004 PPF 28 5%
131 RDIF Russia 2011 SWF 28 100%
132 KENFO Germany 2017 SWF 27 10%
133 VER Finland 1990 PPF 27 11%
134 Taiwan PSPF Taiwan 1943 PPF 26 5%
135 PMAC Japan 1954 PPF 26 0%
136 ADPF UAE - Abu Dhabi 2000 PPF 25 40%
137 WYO USA - WY 1974 SWF 25 12%
138 UFRD Uzbekistan 2006 SWF 23 34%
139 OCERS USA - CA 1945 PPF 23 35%
140 AIH Azerbaijan 2020 SWF 22 100%
141 TVF Turkey 2017 SWF 22 80%
142 Aramco PF Saudi Arabia 2017 PPF 21 33%
143 OPTrust Canada - ON 1995 PPF 20 53%
144 ND RIO USA - ND 1989 SWF 20 8%
145 Petros Brazil 1970 PPF 19 7%
146 Mumtalakat Bahrain 2006 SWF 19 79%
147 TL PF Timor-Leste 2005 SWF 18 4%
148 SK CIC Canada - SK 1947 SWF 17 100%
149 Bouwinvest Netherlands 2002 PPF 17 100%
150 ISIF Ireland 2014 SWF 16 31%
151 POBA South Korea 1952 PPF 16 58%
152 Chile (ESSF+PRF) Chile 2007 SWF 14 0%
153 CADF China 2007 SWF 10 41%
154 Texas ESF USA - TX 2014 SWF 10 0%
155 Solidium Finland 1991 SWF 9 100%
156 Baiterek Kazakhstan 2014 SWF 9 100%
157 GPSSA UAE - Abu Dhabi 1999 PPF 8 40%
158 HCAP Greece 2016 SWF 7 95%
159 CDP Equity Italy 2011 SWF 6 81%
160 FRC Monaco 1962 SWF 6 70%
161 T&T HSF Trinidad and Tobago 2000 SWF 6 0%
162 INA Indonesia 2020 SWF 6 100%
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 Pula Fund Botswana 1994 SWF 4 0%
168 Alabama USA - AL 1985 SWF 4 14%
169 NSIA Nigeria 2011 SWF 4 60%
170 KWAN / NTF Malaysia 1988 SWF 3 0%
171 FAE+FAEP Colombia 1995 SWF 3 0%
172 FSDEA Angola 2012 SWF 3 22%
173 SFPI / FPIM Belgium 2006 SWF 2 60%
174 MGI Malta 2015 SWF 2 100%
175 TSFE Egypt 2018 SWF 2 23%
176 SCIC Vietnam 2006 SWF 2 100%
177 SAM UAE - Sharjah 2008 SWF 2 85%
178 FGIS Gabon 2012 SWF 2 100%
179 Ithmar Capital Morocco 2011 SWF 2 52%
180 FEIP+FMPED Mexico 2000 SWF 2 0%
181 FAP Panama 2012 SWF 1 0%
182 COFIDES Spain 1988 SWF 1 100%
183 Mauritius IC Mauritius 2020 SWF 1 100%
184 ANIF Armenia 2019 SWF 1 100%
185 GPF (GSF+GHF) Ghana 2011 SWF 1.0 0%
186 Palestine Palestine 2003 SWF 0.9 100%
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 December 2022

* 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