# | Fund | Country | Est. | SWF/PPF | AuM ($b)* | AAA (%)** |
---|---|---|---|---|---|---|
1 | GPIF | Japan | 2006 | PPF | 1,724 | 1% |
2 | NBIM | Norway | 1997 | SWF | 1,291 | 2% |
3 | CIC | China | 2007 | SWF | 1,208 | 29% |
4 | SAFE IC | China | 1997 | SWF | 817 | 10% |
5 | NPS | South Korea | 1988 | PPF | 751 | 12% |
6 | APG | Netherlands | 1922 | PPF | 705 | 29% |
7 | ADIA | UAE - Abu Dhabi | 1967 | SWF | 686 | 22% |
8 | KIA | Kuwait | 1953 | SWF | 588 | 18% |
9 | GIC | Singapore | 1981 | SWF | 550 | 20% |
10 | HKMA EF | China (HK) | 1993 | SWF | 517 | 20% |
11 | CalPERS | USA | 1932 | PPF | 442 | 20% |
12 | PIF | Saudi Arabia | 1971 | SWF | 400 | 60% |
13 | NSSF | China | 2000 | PPF | 376 | 14% |
14 | CPP | Canada | 1997 | PPF | 373 | 48% |
15 | QIA | Qatar | 2005 | SWF | 366 | 41% |
16 | PGGM | Netherlands | 1969 | PPF | 327 | 17% |
17 | ICD | UAE - Dubai | 2006 | SWF | 305 | 65% |
18 | AP1-7 | Sweden | 2001 | PPF | 287 | 17% |
19 | CDPQ | Canada | 1965 | PPF | 287 | 36% |
20 | CalSTRS | USA | 1913 | PPF | 283 | 32% |
21 | NYSCRF | USA | 1983 | PPF | 248 | 25% |
22 | Mubadala | UAE - Abu Dhabi | 1984 | SWF | 232 | 63% |
23 | SBA Florida | USA | 1943 | PPF | 225 | 26% |
24 | Temasek | Singapore | 1974 | SWF | 215 | 44% |
25 | NWF | Russia | 2008 | SWF | 183 | 20% |
26 | KIC | South Korea | 2005 | SWF | 183 | 15% |
27 | BLF | Taiwan | 2014 | PPF | 177 | 11% |
28 | OTPP | Canada | 1917 | PPF | 173 | 51% |
29 | Future Fund | Australia | 2006 | SWF | 168 | 35% |
30 | Texas TRS | USA | 1937 | PPF | 164 | 42% |
31 | ATP | Denmark | 1964 | PPF | 159 | 38% |
32 | AustralianSuper | Australia | 1999 | PPF | 125 | 21% |
33 | BCI | Canada | 1999 | PPF | 121 | 41% |
34 | PSP | Canada | 1999 | PPF | 120 | 49% |
35 | ADQ | UAE - Abu Dhabi | 2018 | SWF | 110 | 58% |
36 | PIC | South Africa | 2015 | PPF | 106 | 6% |
37 | QIC | Australia | 1991 | SWF | 93 | 34% |
38 | AIMCo | Canada | 1976 | PPF | 91 | 29% |
39 | TCorp | Australia | 1983 | SWF | 91 | 12% |
40 | OMERS | Canada | 1962 | PPF | 82 | 48% |
41 | HOOPP | Canada | 1960 | PPF | 82 | 29% |
42 | Alaska PFC | USA | 1976 | SWF | 73 | 33% |
43 | KEVA | Finland | 1988 | PPF | 71 | 26% |
44 | EIA | UAE - Abu Dhabi | 2007 | SWF | 69 | 26% |
45 | LIA | Libya | 2006 | SWF | 67 | 44% |
46 | NDFI | Iran | 2011 | SWF | 65 | 82% |
47 | Samruk Kazyna | Kazakhstan | 2008 | SWF | 64 | 62% |
48 | NBK (NOF+NIC) | Kazakhstan | 2000 | SWF | 59 | 0% |
49 | IMCO | Canada | 2016 | PPF | 57 | 40% |
50 | VFMC | Australia | 1994 | SWF | 50 | 30% |
51 | BIA | Brunei | 1983 | SWF | 49 | 18% |
52 | Texas PSF | USA | 1854 | SWF | 47 | 41% |
53 | SOFAZ | Azerbaijan | 1999 | SWF | 44 | 13% |
54 | PensionDanmark | Denmark | 1993 | PPF | 40 | 25% |
55 | NZ Super Fund | New Zealand | 2001 | SWF | 38 | 22% |
56 | Dubai Holding | UAE - Dubai | 2004 | SWF | 35 | 97% |
57 | OIA | Oman | 1980 | SWF | 35 | 31% |
58 | TVF | Turkey | 2017 | SWF | 34 | 80% |
59 | Bpifrance | France | 2008 | SWF | 33 | 61% |
60 | KWAP | Malaysia | 2007 | PPF | 33 | 18% |
61 | FRR | France | 2001 | PPF | 32 | 5% |
62 | New Mexico SIC | USA | 1958 | SWF | 31 | 29% |
63 | RDIF | Russia | 2011 | SWF | 31 | 100% |
64 | Khazanah | Malaysia | 1993 | SWF | 31 | 29% |
65 | Wafra | Kuwait | 1994 | SWF | 28 | 55% |
66 | VER | Finland | 1990 | PPF | 26 | 10% |
67 | UFRD | Uzbekistan | 2006 | SWF | 23 | 34% |
68 | WYO | USA | 1974 | SWF | 23 | 13% |
69 | WVIMB | USA | 1997 | SWF | 23 | 32% |
70 | Chile (ESSF+PRF) | Chile | 2007 | SWF | 19 | 0% |
71 | TL PF | Timor-Leste | 2005 | SWF | 19 | 4% |
72 | Mumtalakat | Bahrain | 2006 | SWF | 19 | 79% |
73 | OPTrust | Canada | 1995 | PPF | 18 | 46% |
74 | ND RIO | USA | 1989 | SWF | 17 | 8% |
75 | INA | Indonesia | 2020 | SWF | 16 | 100% |
76 | Dubai World | UAE - Dubai | 2005 | SWF | 13 | 100% |
77 | TSFE | Egypt | 2018 | SWF | 11 | 23% |
78 | ISIF | Ireland | 2014 | SWF | 11 | 35% |
79 | CADF | China | 2007 | SWF | 10 | 41% |
80 | T&T HSF | Trinidad & Tobago | 2000 | SWF | 6 | 0% |
81 | NIIF | India | 2015 | SWF | 4 | 100% |
82 | Pula Fund | Botswana | 1994 | SWF | 4 | 0% |
83 | CDP Equity | Italy | 2011 | SWF | 4 | 81% |
84 | FSDEA | Angola | 2012 | SWF | 3 | 22% |
85 | NSIA | Nigeria | 2011 | SWF | 3 | 60% |
86 | Ithmar Capital | Morocco | 2011 | SWF | 2 | 52% |
87 | FEIP+FMPED | Mexico | 2000 | SWF | 2 | 0% |
88 | FAP | Panama | 2012 | SWF | 1 | 0% |
89 | SCIC | Vietnam | 2006 | SWF | 1 | 3% |
90 | COFIDES | Spain | 1988 | SWF | 1 | 100% |
91 | FGIS | Gabon | 2012 | SWF | 1 | 100% |
92 | Palestine | Palestine | 2003 | SWF | 1 | 100% |
93 | GPF (GSF+GHF) | Ghana | 2011 | SWF | 0.8 | 0% |
94 | NIF | Cyprus | 2019 | SWF | 0.8 | 0% |
95 | Agaciro Fund | Rwanda | 2012 | SWF | 0.2 | 6% |
96 | FSD | Djibouti | 2020 | SWF | 0.2 | 100% |
97 | FHF | Mongolia | 2019 | SWF | 0.1 | 0% |
98 | NRF | Guyana | 2019 | SWF | 0.1 | 0% |
99 | Nauru Trust Fund | Nauru | 2015 | SWF | 0.1 | 12% |
100 | FONSIS | Senegal | 2012 | SWF | 0.1 | 100% |
Source: Global SWF. Last updated March 2021
* 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