# Fund Country Est. SWF/PPF AuM ($b)* AAA (%)**
1 GPIF Japan 2006 PPF 1,747 1%
2 NBIM Norway 1997 SWF 1,332 3%
3 CIC China 2007 SWF 1,222 25%
4 ADIA UAE - Abu Dhabi 1967 SWF 829 25%
5 SAFE IC China 1997 SWF 817 10%
6 NPS South Korea 1988 PPF 776 10%
7 GIC Singapore 1981 SWF 744 25%
8 FRTIB USA 1986 PPF 735 0%
9 APG Netherlands 1922 PPF 727 21%
10 KIA Kuwait 1953 SWF 693 18%
11 HKMA EF China - HK 1993 SWF 520 8%
12 CalPERS USA - CA 1932 PPF 490 18%
13 PIF Saudi Arabia 1971 SWF 480 56%
14 NSSF China 2000 SWF 452 14%
15 CPP Canada 1997 PPF 427 52%
16 QIA Qatar 2005 SWF 366 41%
17 CPF Singapore 1955 PPF 361 0%
18 PGGM Netherlands 1969 PPF 330 18%
19 AP1-7 Sweden 2001 PPF 325 18%
20 CalSTRS USA - CA 1913 PPF 322 33%
21 CDPQ Canada - QC 1965 PPF 315 38%
22 ICD UAE - Dubai 2006 SWF 302 65%
23 Temasek Singapore 1974 SWF 283 43%
24 NYSCRF USA - NY 1983 PPF 268 24%
25 NYC Compt USA - NY 1920 PPF 267 23%
26 GOSI+PPA Saudi Arabia 2022 PPF 250 33%
27 SBA Florida USA - FL 1943 PPF 247 25%
28 Mubadala UAE - Abu Dhabi 1984 SWF 243 48%
29 KWSP Malaysia 1951 PPF 237 6%
30 MN Netherlands 2014 PPF 208 15%
31 Texas TRS USA - TX 1937 PPF 202 41%
32 KIC South Korea 2005 SWF 201 15%
33 BLF Taiwan 2014 PPF 198 11%
34 NWF Russia 2008 SWF 185 20%
35 OTPP Canada - ON 1917 PPF 184 51%
36 WSIB USA - WA 2005 PPF 181 38%
37 CDC France 1816 PPF 181 23%
38 Future Fund Australia 2006 SWF 178 40%
39 AustralianSuper Australia 2006 PPF 176 21%
40 UC Investments USA - CA 1961 PPF 168 17%
41 EPFO India 1952 PPF 165 5%
42 PSP Canada 1999 PPF 162 48%
43 BCI Canada - BC 1999 PPF 158 41%
44 PIC South Africa 2015 PPF 157 6%
45 AustralianRetirement Australia - QLD 2022 PPF 152 26%
46 MPFA China - HKSAR 1995 PPF 150 0%
47 NYS TRS USA - NY 1913 PPF 148 26%
48 ATP Denmark 1964 PPF 148 35%
49 PIFSS-Wafra Kuwait 1976 PPF 134 40%
50 MSBI USA - MN 1981 PPF 129 25%
51 NCRS USA - NC 1941 PPF 121 19%
52 SWIB USA - WI 1951 PPF 120 16%
53 BVK Germany 1995 PPF 120 47%
54 Ohio PERS USA - OH 1935 PPF 114 23%
55 PFA Japan 1967 PPF 113 0%
56 Aware Super Australia 2020 PPF 112 20%
57 ADQ UAE - Abu Dhabi 2018 SWF 110 58%
58 Virginia RS USA - VA 1942 PPF 104 34%
59 AIMCo Canada - AB 1976 PPF 103 29%
60 Georgia TRS USA - GA 1943 PPF 102 3%
61 MassPRIM USA - MA 1983 PPF 101 35%
62 Amitim Israel 2011 PPF 100 25%
63 KLP Norway 1949 PPF 100 16%
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 Chikyoren Japan 1984 PPF 96 1%
68 Michigan ORS USA - MI 1942 PPF 95 47%
69 NDF Saudi Arabia 2017 SWF 93 100%
70 OMERS Canada - ON 1962 PPF 92 48%
71 NPST India 2008 PPF 88 0%
72 EIA UAE 2007 SWF 86 21%
73 TCorp Australia - NSW 1983 SWF 82 12%
74 HOOPP Canada - ON 1960 PPF 82 28%
75 Alaska PFC USA - AK 1976 SWF 81 38%
76 PNB Malaysia 1978 SWF 80 8%
77 BCPP UK 2018 PPF 77 12%
78 KEVA Finland 1988 PPF 75 25%
79 UniSuper Australia 2000 PPF 75 10%
80 SSO Thailand 1990 PPF 73 0%
81 LACERA USA - CA 1937 PPF 73 35%
82 Northern LGPS UK 2017 PPF 73 20%
83 Penn PSERS USA - PA 1917 PPF 73 35%
84 Kokkyoren Japan 2017 PPF 71 0%
85 QIC Australia - QLD 1991 SWF 69 29%
86 Samruk Kazyna Kazakhstan 2008 SWF 69 62%
87 UTIMCO USA - TX 1876 SWF 68 59%
88 LIA Libya 2006 SWF 67 23%
89 Illinois STRS USA - IL 1939 PPF 64 24%
90 Colorado PERA USA - CO 1931 PPF 58 20%
91 IMCO Canada - ON 2016 PPF 57 32%
92 NBK (NOF+NIC) Kazakhstan 2000 SWF 57 0%
93 PKA Denmark 1954 PPF 56 8%
94 VFMC Australia - VIC 1994 SWF 53 30%
95 SERAMA Japan 1959 PPF 51 0%
96 Bpifrance France 2008 SWF 51 61%
97 Pooled Super Australia 2021 PPF 51 45%
98 PensionDanmark Denmark 1993 PPF 50 25%
99 REST Australia 1988 PPF 49 27%
100 BIA Brunei 1983 SWF 49 18%
101 SamPension Denmark 1999 PPF 49 29%
102 ESSS Indonesia 1977 PPF 49 5%
103 PUBLICA Switzerland 2001 PPF 48 20%
104 HESTA Australia 1999 PPF 48 30%
105 Texas PSF USA - TX 1854 SWF 47 35%
106 PREVI Brazil 1904 PPF 46 5%
107 SOFAZ Azerbaijan 1999 SWF 44 9%
108 Compenswiss Switzerland 1948 PPF 44 14%
109 CBUS Australia 1984 PPF 43 25%
110 FGS Argentina 2008 PPF 42 0%
111 BVK Zurich Switzerland 1926 PPF 42 20%
112 NZ Super Fund New Zealand 2001 SWF 41 20%
113 KTCU South Korea 1971 PPF 41 56%
114 FTF Norway 2006 SWF 40 0%
115 CSC Australia 1976 PPF 40 28%
116 TVF Turkey 2017 SWF 39 80%
117 BVV Germany 1909 PPF 39 1%
118 KWAP Malaysia 2007 PPF 37 11%
119 Dubai Holding UAE - Dubai 2004 SWF 35 97%
120 New Mexico SIC USA - NM 1958 SWF 35 29%
121 CDG Morocco 1959 PPF 33 33%
122 FRR France 2001 PPF 32 5%
123 OIA Oman 2020 SWF 32 31%
124 UAPF Kazakhstan 2013 PPF 31 0%
125 Khazanah Malaysia 1993 SWF 31 29%
126 GSIS Philippines 1936 PPF 30 5%
127 FDC Luxembourg 2004 PPF 28 5%
128 RDIF Russia 2011 SWF 28 100%
129 VER Finland 1990 PPF 27 11%
130 PMAC Japan 1954 PPF 26 0%
131 WVIMB USA - WV 1997 SWF 25 30%
132 ADPF UAE - Abu Dhabi 2000 PPF 25 40%
133 WYO USA - WY 1974 SWF 25 12%
134 JMAAPST Japan 1971 PPF 24 0%
135 UFRD Uzbekistan 2006 SWF 23 34%
136 Taiwan PSPF Taiwan 1943 PPF 23 5%
137 KENFO Germany 2017 SWF 22 10%
138 AIH Azerbaijan 2020 SWF 22 100%
139 OCERS USA - CA 1945 PPF 22 35%
140 NDFI Iran 2011 SWF 21 82%
141 Aramco PF Saudi Arabia 2017 PPF 21 33%
142 Petros Brazil 1970 PPF 19 7%
143 TL PF Timor-Leste 2005 SWF 19 4%
144 Chile (ESSF+PRF) Chile 2007 SWF 19 0%
145 ND RIO USA - ND 1989 SWF 19 8%
146 OPTrust Canada - ON 1995 PPF 18 46%
147 Mumtalakat Bahrain 2006 SWF 18 79%
148 SK CIC Canada - SK 1947 SWF 17 100%
149 Bouwinvest Netherlands 2002 PPF 17 100%
150 POBA South Korea 1952 PPF 16 58%
151 ISIF Ireland 2014 SWF 16 31%
152 Dubai World UAE - Dubai 2005 SWF 15 100%
153 GPF Thailand 1997 PPF 14 18%
154 INA Indonesia 2020 SWF 12 100%
155 TSFE Egypt 2018 SWF 11 23%
156 Solidium Finland 1991 SWF 10 100%
157 CADF China 2007 SWF 10 41%
158 Texas ESF USA - TX 2014 SWF 10 0%
159 Baiterek Kazakhstan 2014 SWF 9 100%
160 HCAP Greece 2016 SWF 7 95%
161 FRC Monaco 1962 SWF 6 70%
162 T&T HSF Trinidad and Tobago 2000 SWF 6 0%
163 CDP Equity Italy 2011 SWF 5 81%
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 FAE+FAEP Colombia 1995 SWF 4 0%
169 NSIA Nigeria 2011 SWF 4 60%
170 KWAN Malaysia 1988 SWF 3 0%
171 CDC TN Tunisia 2011 SWF 3 100%
172 Alabama USA - AL 1985 SWF 3 14%
173 FSDEA Angola 2012 SWF 3 22%
174 SFPI / FPIM Belgium 2006 SWF 2 60%
175 BIDF Bangladesh 2021 SWF 2 100%
176 SCIC Vietnam 2006 SWF 2 100%
177 SAM UAE - Sharjah 2008 SWF 2 85%
178 FGIS Gabon 2012 SWF 2 100%
179 FEIP+FMPED Mexico 2000 SWF 2 0%
180 Ithmar Capital Morocco 2011 SWF 2 52%
181 COFIDES Spain 1988 SWF 1 100%
182 FAP Panama 2012 SWF 1 0%
183 ANIF Armenia 2019 SWF 1 100%
184 FHRIF Australia - WA 2012 SWF 1.0 100%
185 Palestine Palestine 2003 SWF 0.9 100%
186 GPF (GSF+GHF) Ghana 2011 SWF 0.8 0%
187 NIF Cyprus 2019 SWF 0.8 0%
188 RERF Kiribati 1956 SWF 0.7 0%
189 SFT Turkmenistan 2008 SWF 0.5 0%
190 FINPRO Bolivia 2015 SWF 0.4 100%
191 Agaciro Fund Rwanda 2012 SWF 0.2 6%
192 FSD Djibouti 2020 SWF 0.2 100%
193 Nauru Trust Fund Nauru 2015 SWF 0.1 12%
194 FSF Mongolia 2010 SWF 0.1 0%
195 FSGIP Cape Verde 2021 SWF 0.1 0%
196 FHF Mongolia 2019 SWF 0.1 0%
197 NRF Guyana 2019 SWF 0.1 0%
198 FONSIS Senegal 2012 SWF 0.1 100%
199 FEF Peru 1999 SWF 0 0%
200 NSF Taiwan 2000 SWF 0 0%

Source: Global SWF. Last updated January 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