# Investor Country Est. Type AuM ($b)* Alternatives (%)**
1 PBoC China 1948 CB 3,308 0%
2 GPIF Japan 2006 PPF 1,469 1%
3 NBIM Norway 1997 SWF 1,379 3%
4 CIC China 2007 SWF 1,240 25%
5 BoJ Japan 1882 CB 1,238 0%
6 ECB Eurosystem 1998 CB 1,182 0%
7 SAFE IC China 1997 SWF 1,082 22%
8 ADIA UAE - Abu Dhabi 1967 SWF 984 32%
9 SNB Switzerland 1907 CB 811 0%
10 KIA Kuwait 1953 SWF 801 23%
11 GIC Singapore 1981 SWF 769 32%
12 NPS South Korea 1988 PPF 753 15%
13 FRTIB USA 1986 PPF 737 0%
14 PIF Saudi Arabia 1971 SWF 700 37%
15 RBI India 1935 CB 590 0%
16 CBR Russia 1990 CB 577 0%
17 CBC Taiwan 1924 CB 570 0%
18 APG Netherlands 1922 PPF 546 21%
19 CalPERS USA - CA 1932 PPF 452 18%
20 QIA Qatar 2005 SWF 429 41%
21 CPP Canada 1997 PPF 427 52%
22 SAMA Saudi Arabia 1952 CB 426 0%
23 HKMA China - HKSAR 1993 CB 416 9%
24 NSSF China 2000 PPF 414 14%
25 CPF Singapore 1955 PPF 413 0%
26 BoK South Korea 1950 CB 413 0%
27 ICD UAE - Dubai 2006 SWF 341 65%
28 BCBr Brazil 1964 CB 340 0%
29 MAS Singapore 1971 CB 338 0%
30 GOSI Saudi Arabia 1958 PPF 320 33%
31 CDPQ Canada - QC 1965 PPF 320 42%
32 DB Germany 1957 CB 313 0%
33 CalSTRS USA - CA 1913 PPF 308 33%
34 Temasek Singapore 1974 SWF 288 53%
35 Mubadala UAE - Abu Dhabi 1984 SWF 276 67%
36 AP Fonden Sweden 2001 PPF 275 18%
37 CDC France 1816 PPF 260 4%
38 NYC Compt USA - NY 1920 PPF 248 23%
39 NYSCRF USA - NY 1983 PPF 246 34%
40 PGGM Netherlands 1969 PPF 243 18%
41 Fed USA 1913 CB 241 0%
42 BdI Italy 1893 CB 239 0%
43 BdF France 1800 CB 238 0%
44 KWSP Malaysia 1951 PPF 232 7%
45 SBA Florida USA - FL 1943 PPF 230 25%
46 BoT Thailand 1942 CB 213 0%
47 Banxico Mexico 1925 CB 205 0%
48 BLF Taiwan 2014 PPF 204 11%
49 ADQ UAE - Abu Dhabi 2018 SWF 199 45%
50 BoI Israel 1954 CB 199 0%
51 AustralianSuper Australia 2006 PPF 198 21%
52 EPFO India 1952 PPF 194 5%
53 OTPP Canada - ON 1917 PPF 189 58%
54 Texas TRS USA - TX 1937 PPF 187 41%
55 MN Netherlands 2014 PPF 187 15%
56 BoE UK 1694 CB 183 0%
57 KIC South Korea 2005 SWF 181 17%
58 PSP Canada 1999 PPF 180 47%
59 NBP Poland 1945 CB 176 0%
60 BCI Canada - BC 1999 PPF 172 39%
61 ART Australia - QLD 2022 PPF 172 26%
62 UC Investments USA - CA 1933 PPF 164 17%
63 Future Fund Australia 2006 SWF 164 40%
64 CBUAE UAE 1980 CB 163 0%
65 WSIB USA - WA 2005 PPF 154 38%
66 NDFI Iran 2011 SWF 150 79%
67 PIC South Africa 2015 PPF 147 6%
68 NWF Russia 2008 SWF 145 20%
69 MPFA China - HKSAR 1995 PPF 141 0%
70 PIFSS-Wafra Kuwait 1955 PPF 137 40%
71 CNB Czech Republic 1993 CB 137 0%
72 BI Indonesia 1953 CB 135 0%
73 MSBI USA - MN 1981 PPF 135 25%
74 TCMB Turkey 1931 CB 135 0%
75 NDF Saudi Arabia 2017 SWF 132 100%
76 NYS TRS USA - NY 1913 PPF 132 26%
77 SWIB USA - WI 1951 PPF 123 16%
78 CBIraq Iraq 1947 CB 120 0%
79 BoC Canada 1935 CB 114 0%
80 BVK Germany 1995 PPF 114 47%
81 BNM Malaysia 1959 CB 113 0%
82 PFA JP Japan 1967 PPF 113 0%
83 TVF Turkey 2017 SWF 111 80%
84 NCRS USA - NC 1941 PPF 111 19%
85 AIMCo Canada - AB 1976 PPF 110 29%
86 NPST India 2008 PPF 110 0%
87 Alecta Sweden 1917 PPF 109 22%
88 Ohio PERS USA - OH 1935 PPF 107 23%
89 Aware Super Australia 2020 PPF 106 20%
90 PFA DK Denmark 1917 PPF 106 39%
91 Virginia RS USA - VA 1942 PPF 105 34%
92 BSP Philippines 1993 CB 101 0%
93 ATP Groep Denmark 1964 PPF 100 35%
94 BdE Spain 1782 CB 99 0%
95 Amitim Israel 2011 PPF 98 25%
96 OMERS Canada - ON 1962 PPF 96 52%
97 Georgia TRS USA - GA 1943 PPF 95 3%
98 USS UK 1974 PPF 94 29%
99 MassPRIM USA - MA 1983 PPF 93 35%
100 NJ DoI USA - NJ 1950 PPF 93 28%
101 Oregon PERF USA - OR 1946 PPF 93 49%
102 SBV Vietnam 1951 CB 92 0%
103 KLP Norway 1949 PPF 91 16%
104 EIA UAE - Abu Dhabi 2007 SWF 91 21%
105 DN Denmark 1818 CB 86 0%
106 Ohio STF USA - OH 1919 PPF 85 31%
107 UniSuper Australia 2000 PPF 82 10%
108 CBL Libya 1956 CB 82 0%
109 NB Norway 1816 CB 82 0%
110 Chikyoren Japan 1984 PPF 81 1%
111 PNB Malaysia 1978 SWF 77 8%
112 HOOPP Canada - ON 1960 PPF 77 30%
113 BCPP UK 2018 PPF 74 12%
114 Samruk Kazyna Kazakhstan 2008 SWF 74 62%
115 Alaska PFC USA - AK 1976 SWF 74 41%
116 LACERA USA - CA 1937 PPF 74 35%
117 BCRP Peru 1922 CB 72 0%
118 Penn PSERS USA - PA 1917 PPF 72 35%
119 Kokkyoren Japan 2017 PPF 71 0%
120 TCorp Australia - NSW 1983 SWF 71 12%
121 Michigan PSERS USA - MI 1942 PPF 70 47%
122 UTIMCO USA - TX 1876 SWF 69 59%
123 LIA Libya 2006 SWF 68 23%
124 HostPlus Australia 2021 PPF 68 45%
125 KEVA Finland 1988 PPF 68 25%
126 QIC Australia - QLD 1991 SWF 68 29%
127 DNB Netherlands 1814 CB 66 0%
128 SSO Thailand 1990 PPF 66 0%
129 Illinois STRS USA - IL 1939 PPF 65 24%
130 BNR Romania 1880 CB 62 0%
131 NF-NIC Kazakhstan 2000 SWF 61 0%
132 SARB South Africa 1921 CB 61 0%
133 BoA Algeria 1962 CB 61 0%
134 SRB Sweden 1668 CB 60 0%
135 Danica Denmark 1842 PPF 60 10%
136 RBA Australia 1959 CB 59 0%
137 BanRep Colombia 1923 CB 57 0%
138 PKA Denmark 1954 PPF 57 8%
139 NLGPS UK 2019 PPF 57 20%
140 CBUS Australia 1984 PPF 56 25%
141 COPERA USA - CO 1931 PPF 56 20%
142 SOFAZ Azerbaijan 1999 SWF 56 9%
143 IMCO Canada - ON 2016 PPF 54 31%
144 Bpifrance France 2008 SWF 54 61%
145 VFMC Australia - VIC 1994 SWF 53 30%
146 FGS Argentina 2008 PPF 52 0%
147 Texas PSF USA - TX 1854 SWF 51 35%
148 QCB Qatar 1973 CB 51 0%
149 BIA Brunei 1983 SWF 50 18%
150 HESTA Australia 1999 PPF 49 30%
151 REST Australia 1988 PPF 48 27%
152 PREVI Brazil 1904 PPF 48 5%
153 PUBLICA Switzerland 2001 PPF 48 20%
154 New Mexico SIC USA - NM 1958 SWF 47 29%
155 Dubai World UAE - Dubai 2005 SWF 47 100%
156 OIA Oman 1980 SWF 47 31%
157 EIH Ethiopia 2022 SWF 46 100%
158 KTCU South Korea 1971 PPF 45 56%
159 ESSS Indonesia 1977 PPF 45 5%
160 PensionDanmark Denmark 1993 PPF 45 25%
161 Bcentral Chile 1925 CB 43 0%
162 CBK Kuwait 1969 CB 42 0%
163 CSC Australia 1976 PPF 41 28%
164 NZ Super Fund New Zealand 2001 SWF 41 20%
165 BVK Zurich Switzerland 1926 PPF 40 20%
166 KWAP Malaysia 2007 PPF 40 11%
167 NBB Belgium 1850 CB 40 0%
168 GPSSA UAE - Abu Dhabi 1999 PPF 40 40%
169 NBU Ukraine 1839 CB 39 0%
170 BNB Bulgaria 1879 CB 38 0%
171 MNB Hungary 1924 CB 36 0%
172 DH UAE - Dubai 2004 SWF 35 93%
173 GPF Thailand 1997 PPF 35 18%
174 BVV Germany 1909 PPF 35 1%
175 CBE Egypt 1961 CB 35 0%
176 BKAM Morocco 1959 CB 35 0%
177 NBK Kazakhstan 1993 CB 34 0%
178 CBN Nigeria 1958 CB 33 0%
179 CDG Morocco 1959 PPF 33 33%
180 CBU Uzbekistan 1991 CB 33 0%
181 OBAG Austria 1967 SWF 33 27%
182 Bportugal Portugal 1846 CB 33 0%
183 BdL Lebanon 1964 CB 32 0%
184 FTF Norway 2006 SWF 32 0%
185 GRSIA Qatar 2002 PPF 31 11%
186 OENB Austria 1816 CB 30 0%
187 Khazanah Malaysia 1993 SWF 30 29%
188 GSIS Philippines 1936 PPF 29 5%
189 ADPF UAE - Abu Dhabi 2000 PPF 28 40%
190 RDIF Russia 2011 SWF 28 100%
191 AMCM China - MSAR 1999 CB 28 0%
192 WYO USA - WY 1974 SWF 27 12%
193 BB Bangladesh 1971 CB 26 0%
194 NBSr Serbia 1884 CB 26 0%
195 KENFO Germany 2017 SWF 26 10%
196 FDC Luxembourg 2004 PPF 25 5%
197 UFRD Uzbekistan 2006 SWF 23 34%
198 VER Finland 1990 PPF 23 11%
199 AIH Azerbaijan 2021 SWF 23 100%
200 FRR France 2001 PPF 23 5%
201 Baiterek Kazakhstan 2014 SWF 22 100%
202 BCRA Argentina 1935 CB 21 0%
203 CBIran Iran 1960 CB 21 0%
204 BanGuat Guatemala 1945 CB 21 0%
205 PFR Poland 2016 SWF 20 95%
206 Bouwinvest Netherlands 2002 PPF 20 100%
207 Aramco PF Saudi Arabia 2017 PPF 20 33%
208 ND RIO USA - ND 1989 SWF 20 8%
209 ISIF Ireland 2014 SWF 19 31%
210 CBJ Jordan 1964 CB 18 0%
211 NBC Cambodia 1954 CB 18 0%
212 OPTrust Canada - ON 1995 PPF 18 53%
213 Mumtalakat Bahrain 2006 SWF 18 79%
214 TL PF Timor Leste 2005 SWF 18 4%
215 BCU Uruguay 1967 CB 17 0%
216 POBA South Korea 1975 PPF 17 58%
217 CBO Oman 1974 CB 17 0%
218 SK CIC Canada - SK 1947 SWF 17 100%
219 SP Finland 1811 CB 16 0%
220 BCRD Dominican Republic 1947 CB 15 0%
221 BNA Angola 1926 CB 14 0%
222 Chile ESSF-PRF Chile 2006 SWF 14 0%
223 BEAC Central African System 1972 CB 13 0%
224 TtE Greece 1927 CB 13 0%
225 BCCR Costa Rica 1950 CB 13 0%
226 SIO-MPF Bahrain 1976 PPF 13 30%
227 CBIreland Ireland 1943 CB 13 0%
228 SBP Pakistan 1947 CB 13 0%
229 RBNZ New Zealand 1934 CB 12 0%
230 SDH / SSH Slovenia 1993 SWF 12 75%
231 NRB Nepal 1956 CB 12 0%
232 CDP Equity Italy 2011 SWF 11 81%
233 SFPIM Belgium 2006 SWF 11 60%
234 CBTT Trinidad & Tobago 1964 CB 11 0%
235 CBAR Azerbaijan 1992 CB 11 0%
236 CADF China 2007 SWF 10 41%
237 NBSl Slovakia 1993 CB 10 0%
238 BCV Venezuela 1939 CB 10 0%
239 BCP Paraguay 1952 CB 10 0%
240 INA Indonesia 2020 SWF 9 26%
241 MIC / MIF Philippines 2023 SWF 9 0%
242 BCT Tunisia 1958 CB 8 0%
243 Solidium Finland 1991 SWF 8 100%
244 NBRB Belarus 1990 CB 8 0%
245 HKIC China - HKSAR 2023 SWF 8 0%
246 BCH Honduras 1950 CB 8 0%
247 CBKy Kenya 1966 CB 7 0%
248 BoM Mauritius 1967 CB 7 0%
249 BBB IP UK 2014 SWF 7 100%
250 BCE Ecuador 1927 CB 6 0%
251 FRC Monaco 1962 SWF 6 70%
252 BeS Albania 1992 CB 6 0%
253 GrowthFund Greece 2016 SWF 6 95%
254 LiB Lithuania 1990 CB 6 0%
255 T&T HSF Trinidad & Tobago 2000 SWF 6 0%
256 SBI Iceland 1961 CB 6 0%
257 LaB Latvia 1993 CB 5 0%
258 ECCB East Caribbean System 1983 CB 5 0%
259 COFIDES Spain 1988 SWF 5 100%
260 NIIF India 2015 SWF 5 100%
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 4 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 BCBo Bolivia 1928 CB 3 0%
271 BdM Mozambique 1975 CB 3 0%
272 HNB Croatia 1990 CB 3 0%
273 FEIP+FMPED Mexico 2000 SWF 3 0%
274 NSIA Nigeria 2011 SWF 2 60%
275 MGI Malta 2015 SWF 2 100%
276 SAM UAE - Sharjah 2008 SWF 2 85%
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 RSSB Rwanda 2010 PPF 2 20%
286 FAP Panama 2012 SWF 1 0%
287 FONSIS Senegal 2012 SWF 1 100%
288 MIC Mauritius 2020 SWF 1 100%
289 ICF Israel 2022 SWF 1 0%
290 ANIF Armenia 2019 SWF 1 100%
291 GHF+GSF Ghana 2011 SWF 1.0 0%
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 December 2023

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

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