# Investor Country Est. Type AuM ($b)* Alternatives (%)**
1 PBoC China 1948 CB 3,307 0%
2 GPIF Japan 2006 PPF 1,512 1%
3 NBIM Norway 1997 SWF 1,417 3%
4 CIC China 2007 SWF 1,351 25%
5 BoJ Japan 1882 CB 1,223 0%
6 ECB Eurosystem 1998 CB 1,150 0%
7 SAFE IC China 1997 SWF 1,034 22%
8 ADIA UAE - Abu Dhabi 1967 SWF 993 29%
9 SNB Switzerland 1907 CB 935 0%
10 KIA Kuwait 1953 SWF 801 23%
11 GIC Singapore 1981 SWF 769 25%
12 NPS South Korea 1988 PPF 743 15%
13 FRTIB USA 1986 PPF 710 0%
14 PIF Saudi Arabia 1971 SWF 700 37%
15 CBR Russia 1990 CB 630 0%
16 RBI India 1935 CB 563 0%
17 APG Netherlands 1922 PPF 555 21%
18 CBC Taiwan 1924 CB 555 0%
19 HKMA China - HKSAR 1993 CB 514 9%
20 NSSF China 2000 PPF 474 14%
21 CalPERS USA - CA 1932 PPF 463 18%
22 QIA Qatar 2005 SWF 450 41%
23 CPP Canada 1997 PPF 434 52%
24 BoK South Korea 1950 CB 422 0%
25 CPF Singapore 1955 PPF 413 0%
26 BCBr Brazil 1964 CB 403 0%
27 MAS Singapore 1971 CB 388 0%
28 SAMA Saudi Arabia 1952 CB 326 0%
29 CalSTRS USA - CA 1913 PPF 321 33%
30 ICD UAE - Dubai 2006 SWF 320 65%
31 GOSI Saudi Arabia 1958 PPF 320 33%
32 CDPQ Canada - QC 1965 PPF 320 42%
33 DB Germany 1957 CB 293 0%
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 NYSCRF USA - NY 1983 PPF 254 24%
38 NYC Compt USA - NY 1920 PPF 253 23%
39 Fed USA 1913 CB 244 0%
40 PGGM Netherlands 1969 PPF 243 18%
41 BdF France 1800 CB 240 0%
42 SBA Florida USA - FL 1943 PPF 235 25%
43 BdI Italy 1893 CB 223 0%
44 BoT Thailand 1942 CB 217 0%
45 KWSP Malaysia 1951 PPF 208 6%
46 Banxico Mexico 1925 CB 205 0%
47 AustralianSuper Australia 2006 PPF 199 21%
48 BLF Taiwan 2014 PPF 195 11%
49 BoI Israel 1954 CB 195 0%
50 EPFO India 1952 PPF 194 5%
51 OTPP Canada - ON 1917 PPF 189 58%
52 MN Netherlands 2014 PPF 187 15%
53 Texas TRS USA - TX 1937 PPF 184 41%
54 KIC South Korea 2005 SWF 181 17%
55 PSP Canada 1999 PPF 180 47%
56 PIC South Africa 2015 PPF 176 6%
57 BoE UK 1694 CB 176 0%
58 CDC France 1816 PPF 175 23%
59 BCI Canada - BC 1999 PPF 172 39%
60 Future Fund Australia 2006 SWF 170 40%
61 NBP Poland 1945 CB 167 0%
62 ART Australia - QLD 2022 PPF 159 26%
63 WSIB USA - WA 2005 PPF 158 38%
64 ADQ UAE - Abu Dhabi 2018 SWF 157 45%
65 UC Investments USA - CA 1933 PPF 152 17%
66 NDFI Iran 2011 SWF 150 79%
67 NWF Russia 2008 SWF 146 20%
68 MPFA China - HKSAR 1995 PPF 141 0%
69 CBIraq Iraq 1947 CB 140 0%
70 CNB Czech Republic 1993 CB 139 0%
71 PIFSS-Wafra Kuwait 1955 PPF 137 40%
72 BI Indonesia 1953 CB 137 0%
73 MSBI USA - MN 1981 PPF 135 25%
74 CBUAE UAE 1980 CB 133 0%
75 NDF Saudi Arabia 2017 SWF 132 100%
76 NYS TRS USA - NY 1913 PPF 132 26%
77 TCMB Turkey 1931 CB 129 0%
78 TVF Turkey 2017 SWF 123 80%
79 SWIB USA - WI 1951 PPF 123 16%
80 BVK Germany 1995 PPF 114 47%
81 PFA JP Japan 1967 PPF 113 0%
82 BNM Malaysia 1959 CB 112 0%
83 NCRS USA - NC 1941 PPF 111 19%
84 Alecta Sweden 1917 PPF 111 22%
85 AIMCo Canada - AB 1976 PPF 110 29%
86 SBV Vietnam 1951 CB 109 0%
87 BoC Canada 1935 CB 107 0%
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 103 34%
92 BSP Philippines 1993 CB 100 0%
93 ATP Groep Denmark 1964 PPF 100 35%
94 MassPRIM USA - MA 1983 PPF 99 35%
95 Amitim Israel 2011 PPF 98 25%
96 NPST India 2008 PPF 97 0%
97 OMERS Canada - ON 1962 PPF 96 52%
98 Oregon PERF USA - OR 1946 PPF 95 49%
99 Michigan PSERS USA - MI 1942 PPF 95 47%
100 BdE Spain 1782 CB 94 0%
101 USS UK 1974 PPF 94 29%
102 EIA UAE - Abu Dhabi 2007 SWF 91 21%
103 NJ DoI USA - NJ 1950 PPF 90 28%
104 KLP Norway 1949 PPF 89 16%
105 Georgia TRS USA - GA 1943 PPF 87 3%
106 Ohio STF USA - OH 1919 PPF 83 31%
107 Chikyoren Japan 1984 PPF 81 1%
108 UniSuper Australia 2000 PPF 79 10%
109 CBL Libya 1956 CB 78 0%
110 Alaska PFC USA - AK 1976 SWF 78 41%
111 HOOPP Canada - ON 1960 PPF 77 30%
112 PNB Malaysia 1978 SWF 76 8%
113 NLGPS UK 2019 PPF 76 20%
114 LACERA USA - CA 1937 PPF 74 35%
115 Penn PSERS USA - PA 1917 PPF 72 35%
116 BCRP Peru 1922 CB 72 0%
117 Kokkyoren Japan 2017 PPF 71 0%
118 Samruk Kazyna Kazakhstan 2008 SWF 71 62%
119 QIC Australia - QLD 1991 SWF 70 29%
120 LIA Libya 2006 SWF 68 23%
121 KEVA Finland 1988 PPF 68 25%
122 NBK Kazakhstan 1993 CB 68 0%
123 TCorp Australia - NSW 1983 SWF 66 12%
124 UTIMCO USA - TX 1876 SWF 66 59%
125 SSO Thailand 1990 PPF 66 0%
126 BNR Romania 1880 CB 66 0%
127 NB Norway 1816 CB 65 0%
128 Pooled Super Australia 2021 PPF 64 45%
129 SRB Sweden 1668 CB 64 0%
130 Illinois STRS USA - IL 1939 PPF 62 24%
131 NF-NIC Kazakhstan 2000 SWF 62 0%
132 SARB South Africa 1921 CB 61 0%
133 BoA Algeria 1962 CB 60 0%
134 Danica Denmark 1842 PPF 60 10%
135 DNB Netherlands 1814 CB 58 0%
136 PKA Denmark 1954 PPF 57 8%
137 BanRep Colombia 1923 CB 57 0%
138 Texas PSF USA - TX 1854 SWF 57 35%
139 RBA Australia 1959 CB 56 0%
140 COPERA USA - CO 1931 PPF 56 20%
141 BIA Brunei 1983 SWF 55 18%
142 IMCO Canada - ON 2016 PPF 54 31%
143 SOFAZ Azerbaijan 1999 SWF 53 9%
144 FGS Argentina 2008 PPF 52 0%
145 BCPP UK 2018 PPF 50 12%
146 VFMC Australia - VIC 1994 SWF 50 30%
147 Bpifrance France 2008 SWF 49 61%
148 CBUS Australia 1984 PPF 49 25%
149 CBK Kuwait 1969 CB 48 0%
150 PREVI Brazil 1904 PPF 48 5%
151 PUBLICA Switzerland 2001 PPF 48 20%
152 Dubai World UAE - Dubai 2005 SWF 47 100%
153 OIA Oman 1980 SWF 47 31%
154 HESTA Australia 1999 PPF 46 30%
155 EIH Ethiopia 2022 SWF 46 100%
156 PensionDanmark Denmark 1993 PPF 46 25%
157 KTCU South Korea 1971 PPF 45 56%
158 BCRA Argentina 1935 CB 45 0%
159 New Mexico SIC USA - NM 1958 SWF 43 29%
160 REST Australia 1988 PPF 43 27%
161 QCB Qatar 1973 CB 42 0%
162 CBIran Iran 1960 CB 42 0%
163 CSC Australia 1976 PPF 41 28%
164 BNB Bulgaria 1879 CB 41 0%
165 NBB Belgium 1850 CB 41 0%
166 BVK Zurich Switzerland 1926 PPF 40 20%
167 KWAP Malaysia 2007 PPF 40 11%
168 NZ Super Fund New Zealand 2001 SWF 38 20%
169 Bcentral Chile 1925 CB 37 0%
170 BVV Germany 1909 PPF 37 1%
171 CBN Nigeria 1958 CB 37 0%
172 MNB Hungary 1924 CB 36 0%
173 CBU Uzbekistan 1991 CB 36 0%
174 GPF Thailand 1997 PPF 35 18%
175 CDG Morocco 1959 PPF 35 33%
176 ESSS Indonesia 1977 PPF 35 5%
177 BB Bangladesh 1971 CB 34 0%
178 OENB Austria 1816 CB 33 0%
179 BKAM Morocco 1959 CB 33 0%
180 OBAG Austria 1967 SWF 33 27%
181 Bportugal Portugal 1846 CB 33 0%
182 FTF Norway 2006 SWF 32 0%
183 GRSIA Qatar 2002 PPF 31 11%
184 Khazanah Malaysia 1993 SWF 30 29%
185 GSIS Philippines 1936 PPF 30 5%
186 FRR France 2001 PPF 29 5%
187 NBU Ukraine 1839 CB 28 0%
188 RDIF Russia 2011 SWF 28 100%
189 WYO USA - WY 1974 SWF 27 12%
190 BdL Lebanon 1964 CB 27 0%
191 AMCM China - MSAR 1999 CB 26 0%
192 DN Denmark 1818 CB 26 0%
193 NBSr Serbia 1884 CB 26 0%
194 KENFO Germany 2017 SWF 26 10%
195 FDC Luxembourg 2004 PPF 25 5%
196 ADPF UAE - Abu Dhabi 2000 PPF 25 40%
197 VER Finland 1990 PPF 24 11%
198 HNB Croatia 1990 CB 24 0%
199 UFRD Uzbekistan 2006 SWF 23 34%
200 Aramco PF Saudi Arabia 2017 PPF 23 33%
201 Baiterek Kazakhstan 2014 SWF 22 100%
202 AIH Azerbaijan 2021 SWF 22 100%
203 PFR Poland 2016 SWF 20 95%
204 Bouwinvest Netherlands 2002 PPF 20 100%
205 BanGuat Guatemala 1945 CB 20 0%
206 CBJ Jordan 1964 CB 20 0%
207 CBO Oman 1974 CB 20 0%
208 OPTrust Canada - ON 1995 PPF 18 53%
209 Mumtalakat Bahrain 2006 SWF 18 79%
210 TL PF Timor Leste 2005 SWF 18 4%
211 NBC Cambodia 1954 CB 18 0%
212 ND RIO USA - ND 1989 SWF 17 8%
213 CBE Egypt 1961 CB 17 0%
214 POBA South Korea 1975 PPF 17 58%
215 ISIF Ireland 2014 SWF 16 31%
216 SK CIC Canada - SK 1947 SWF 16 100%
217 BCU Uruguay 1967 CB 15 0%
218 CBKy Kenya 1966 CB 15 0%
219 Chile ESSF-PRF Chile 2006 SWF 15 0%
220 RBNZ New Zealand 1934 CB 15 0%
221 BCRD Dominican Republic 1947 CB 14 0%
222 BCEAO West African System 1959 CB 14 0%
223 BNA Angola 1926 CB 14 0%
224 CBIreland Ireland 1943 CB 13 0%
225 SIO-MPF Bahrain 1976 PPF 13 30%
226 SDH / SSH Slovenia 1993 SWF 12 75%
227 SP Finland 1811 CB 11 0%
228 TtE Greece 1927 CB 11 0%
229 CDP Equity Italy 2011 SWF 11 81%
230 SFPIM Belgium 2006 SWF 11 60%
231 NBSl Slovakia 1993 CB 10 0%
232 BoG Ghana 1957 CB 10 0%
233 CADF China 2007 SWF 10 41%
234 Texas ESF USA - TX 2014 SWF 10 0%
235 BCV Venezuela 1939 CB 10 0%
236 NRB Nepal 1956 CB 10 0%
237 BEAC Central African System 1972 CB 10 0%
238 BCP Paraguay 1952 CB 10 0%
239 CBAR Azerbaijan 1992 CB 9 0%
240 INA Indonesia 2020 SWF 9 26%
241 BCE Ecuador 1927 CB 8 0%
242 NBRB Belarus 1990 CB 8 0%
243 BCH Honduras 1950 CB 8 0%
244 BdM Mozambique 1975 CB 8 0%
245 Solidium Finland 1991 SWF 8 100%
246 SBP Pakistan 1947 CB 8 0%
247 GPSSA UAE - Abu Dhabi 1999 PPF 8 40%
248 HKIC China - HKSAR 2023 SWF 8 0%
249 BoM Mauritius 1967 CB 8 0%
250 BCT Tunisia 1958 CB 8 0%
251 BCCR Costa Rica 1950 CB 7 0%
252 GrowthFund Greece 2016 SWF 7 95%
253 CBTT Trinidad & Tobago 1964 CB 7 0%
254 BBB IP UK 2014 SWF 7 100%
255 FRC Monaco 1962 SWF 6 70%
256 SBI Iceland 1961 CB 6 0%
257 BeS Albania 1992 CB 6 0%
258 LiB Lithuania 1990 CB 6 0%
259 LaB Latvia 1993 CB 5 0%
260 T&T HSF Trinidad & Tobago 2000 SWF 5 0%
261 CBB Bahrain 2006 CB 5 0%
262 BCBo Bolivia 1928 CB 5 0%
263 MB Mongolia 1991 CB 4 0%
264 NIIF India 2015 SWF 4 100%
265 COFIDES Spain 1988 SWF 4 100%
266 Pula Fund Botswana 1994 SWF 4 0%
267 FAE+FAEP Colombia 1995 SWF 4 0%
268 Alabama TF USA - AL 1985 SWF 4 14%
269 KWAN / NTF Malaysia 1988 SWF 3 0%
270 DHI Bhutan 2007 SWF 3 90%
271 FEIP+FMPED Mexico 2000 SWF 3 0%
272 NSIA Nigeria 2011 SWF 2 60%
273 MGI Malta 2015 SWF 2 100%
274 FSDEA Angola 2012 SWF 2 22%
275 TSFE Egypt 2018 SWF 2 23%
276 ECCB East Caribbean System 1983 CB 2 0%
277 SCIC Vietnam 2006 SWF 2 100%
278 SAM UAE - Sharjah 2008 SWF 2 85%
279 FGIS Gabon 2012 SWF 2 100%
280 Ithmar Capital Morocco 2011 SWF 2 52%
281 NRF Guyana 2019 SWF 2 0%
282 RSSB Rwanda 2010 PPF 2 20%
283 FEF Peru 1999 SWF 2 0%
284 FAP Panama 2012 SWF 1 0%
285 FONSIS Senegal 2012 SWF 1 100%
286 MIC Mauritius 2020 SWF 1 100%
287 ANIF Armenia 2019 SWF 1 100%
288 GHF+GSF Ghana 2011 SWF 1.0 0%
289 RERF Kiribati 1956 SWF 1.0 0%
290 Palestine Palestine 2003 SWF 1.0 100%
291 NIF Cyprus 2019 SWF 0.8 0%
292 FGR Bahrain 2006 SWF 0.6 36%
293 ICF Israel 2022 SWF 0.6 0%
294 FINPRO Bolivia 2015 SWF 0.4 100%
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 October 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