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# Investor Country Est. Type AuM ($b)* Alternatives (%)** Domestic (%)
1 PBoC China 1948 CB 3,883 0% 0%
2 NBIM Norway 1997 SWF 2,056 2% 0%
3 SAFE IC China 1997 SWF 1,988 29% 40%
4 GPIF Japan 2006 PPF 1,876 2% 48%
5 CIC China 2007 SWF 1,567 78% 60%
6 BoJ Japan 1882 CB 1,411 0% 0%
7 ADIA UAE - Abu Dhabi 1967 SWF 1,187 33% 0%
8 PIF Saudi Arabia 1971 SWF 1,151 55% 80%
9 NPS South Korea 1988 PPF 1,124 16% 39%
10 SNB Switzerland 1907 CB 1,054 0% 0%
11 KIA Kuwait 1953 SWF 1,002 25% 6%
12 FRTIB USA 1986 PPF 963 0% 100%
13 GIC Singapore 1981 SWF 936 39% 0%
14 CBR Russia 1990 CB 742 0% 0%
15 RBI India 1935 CB 717 0% 0%
16 APG Netherlands 1922 PPF 641 24% 5%
17 CalPERS USA - CA 1932 PPF 606 34% 74%
18 CBC Taiwan 1924 CB 605 0% 0%
19 QIA Qatar 2005 SWF 580 45% 35%
20 CPP Canada 1997 PPF 570 60% 12%
21 DB Germany 1957 CB 559 0% 0%
22 HKMA EF China - HKSAR 1993 CB 533 0% 0%
23 CPF Singapore 1955 PPF 504 0% 100%
24 ICD UAE - Dubai 2006 SWF 458 66% 50%
25 NSSF China 2000 PPF 455 14% 87%
26 SAMA Saudi Arabia 1952 CB 442 0% 0%
27 BoK South Korea 1950 CB 428 0% 0%
28 BdI Italy 1893 CB 424 0% 0%
29 BdF France 1800 CB 419 0% 0%
30 MAS Singapore 1971 CB 416 0% 0%
31 CalSTRS USA - CA 1913 PPF 397 42% 80%
32 Mubadala UAE - Abu Dhabi 1984 SWF 385 65% 23%
33 La Caisse Canada - QC 1965 PPF 378 42% 30%
34 GOSI Saudi Arabia 1958 PPF 374 33% 80%
35 BCBr Brazil 1964 CB 361 0% 0%
36 TWF Turkiye 2017 SWF 360 80% 100%
37 KWSP / EPF Malaysia 1951 PPF 348 10% 65%
38 EPFO India 1952 PPF 332 5% 100%
39 Temasek Singapore 1974 SWF 324 50% 27%
40 NYC Compt USA - NY 1920 PPF 311 20% 80%
41 LIMAD UAE - Abu Dhabi 2018 SWF 300 45% 80%
42 NYSCRF USA - NY 1983 PPF 298 33% 80%
43 BoT Thailand 1942 CB 290 0% 0%
44 BLF Taiwan 2014 PPF 280 10% 38%
45 SBA Florida USA - FL 1943 PPF 276 33% 80%
46 AustralianSuper Australia 2006 PPF 275 26% 45%
47 CBUAE UAE 1980 CB 274 0% 0%
48 PGGM Netherlands 1969 PPF 270 20% 24%
49 NBP Poland 1945 CB 265 0% 0%
50 Chikyoren Japan 1984 PPF 264 1% 48%
51 Fed USA 1913 CB 256 0% 0%
52 Banxico Mexico 1925 CB 250 0% 0%
53 ART Australia - QLD 2022 PPF 236 30% 50%
54 KIC South Korea 2005 SWF 232 22% 0%
55 BoI Israel 1954 CB 231 0% 0%
56 Future Fund Australia 2006 SWF 231 43% 24%
57 Danantara Indonesia 2025 SWF 230 71% 100%
58 Texas TRS USA - TX 1937 PPF 225 33% 80%
59 BoE UK 1694 CB 222 0% 0%
60 PSP Canada 1999 PPF 209 54% 20%
61 BCI Canada - BC 1999 PPF 206 60% 38%
62 OTPP Canada - ON 1917 PPF 204 58% 36%
63 MN Netherlands 2014 PPF 194 25% 50%
64 TCMB Turkiye 1931 CB 186 0% 0%
65 WSIB USA - WA 2005 PPF 186 54% 80%
66 NPST India 2008 PPF 184 0% 100%
67 SWIB USA - WI 1951 PPF 177 43% 80%
68 CNB Czech Republic 1993 CB 173 0% 0%
69 MPFA China - HKSAR 1995 PPF 172 0% 58%
70 Aware Super Australia 2020 PPF 166 26% 50%
71 PIC South Africa 2015 PPF 166 6% 87%
72 NWF RU Russia 2008 SWF 165 20% 0%
73 AP7 Sweden 2000 PPF 163 4% 12%
74 BCPP UK 2018 PPF 162 15% 50%
75 PIFSS-Wafra Kuwait 1955 PPF 159 40% 50%
76 NYS TRS USA - NY 1913 PPF 154 29% 74%
77 BI Indonesia 1953 CB 152 0% 0%
78 MSBI USA - MN 1981 PPF 147 25% 80%
79 Ohio PERS USA - OH 1935 PPF 143 28% 80%
80 Royal Group UAE - AD 1999 RFO 141 20% 50%
81 DH UAE - Dubai 2004 SWF 136 94% 80%
82 LGPS Central UK 2017 PPF 135 12% 50%
83 ECB Eurosystem 1998 CB 130 0% 0%
84 BdE Spain 1782 CB 128 0% 0%
85 BNM Malaysia 1959 CB 128 0% 0%
86 NCRS USA - NC 1941 PPF 127 23% 80%
87 BoC Canada 1935 CB 127 0% 0%
88 AIMCo Canada - AB 1976 PPF 125 38% 41%
89 Virginia RS USA - VA 1942 PPF 124 36% 84%
90 BVK Germany 1995 PPF 122 50% 50%
91 Alecta Sweden 1917 PPF 119 20% 35%
92 Georgia TRS USA - GA 1943 PPF 117 4% 80%
93 IHC UAE - AD 1998 RFO 117 20% 50%
94 EIA UAE 2007 SWF 116 21% 50%
95 PFA DK Denmark 1917 PPF 116 39% 25%
96 MassPRIM USA - MA 1983 PPF 115 31% 84%
97 DNB Netherlands 1814 CB 115 0% 0%
98 Lunate UAE - AD 2024 RFO 115 20% 50%
99 NDF Saudi Arabia 2017 SWF 115 100% 100%
100 BSP Philippines 1993 CB 113 0% 0%
101 OMERS Canada - ON 1962 PPF 106 70% 18%
102 ATP Groep Denmark 1964 PPF 106 35% 56%
103 Ohio STF USA - OH 1919 PPF 104 29% 84%
104 DN Denmark 1818 CB 104 0% 0%
105 UniSuper Australia 2000 PPF 103 15% 50%
106 Amitim Israel 2011 PPF 100 25% 64%
107 CBL Libya 1956 CB 99 0% 0%
108 CBIraq Iraq 1947 CB 98 0% 0%
109 HOOPP Canada - ON 1960 PPF 96 40% 50%
110 Oregon PERF USA - OR 1946 PPF 96 58% 84%
111 NLGPS UK 2019 PPF 94 29% 50%
112 BCRP Peru 1922 CB 91 0% 0%
113 AP4 Sweden 1974 PPF 91 26% 30%
114 AP3 Sweden 2001 PPF 91 23% 33%
115 KLP Norway 1949 PPF 90 16% 10%
116 Aramco PF Saudi Arabia 2017 PPF 90 33% 85%
117 QIC Australia - QLD 1991 SWF 89 29% 60%
118 Samruk Kazyna Kazakhstan 2008 SWF 88 62% 96%
119 LACERA USA - CA 1937 PPF 88 39% 84%
120 HostPlus Australia 1987 PPF 88 41% 50%
121 SSO Thailand 1990 PPF 88 0% 60%
122 MPSERS USA - MI 1942 PPF 87 47% 84%
123 PFA JP Japan 1967 PPF 87 0% 48%
124 Alaska PFC USA - AK 1976 SWF 86 45% 75%
125 KEVA Finland 1988 PPF 86 34% 11%
126 SBV Vietnam 1951 CB 81 0% 0%
127 Illinois STRS USA - IL 1939 PPF 81 21% 80%
128 DIF UAE - Dubai 2024 SWF 80 60% 36%
129 Penn PSERS USA - PA 1917 PPF 80 33% 80%
130 NJ DoI USA - NJ 1950 PPF 79 27% 80%
131 PNB Malaysia 1978 SWF 78 13% 84%
132 TCorp Australia - NSW 1983 SWF 77 17% 24%
133 BNR Romania 1880 CB 77 0% 0%
134 CBU Uzbekistan 1991 CB 77 0% 0%
135 FGS Argentina 2008 PPF 77 0% 50%
136 NB Norway 1816 CB 75 0% 0%
137 NBK Kazakhstan 1993 CB 74 0% 0%
138 Maryland SRA USA - MD 1941 PPF 74 42% 80%
139 SOFAZ Azerbaijan 1999 SWF 74 9% 5%
140 BIA Brunei 1983 SWF 73 20% 20%
141 RBA Australia 1959 CB 72 0% 0%
142 QCB Qatar 1973 CB 72 0% 0%
143 Kokkyoren Japan 2017 PPF 71 0% 48%
144 New Mexico SIC USA - NM 1958 SWF 70 30% 75%
145 PKA Denmark 1954 PPF 70 8% 50%
146 SARB South Africa 1921 CB 70 0% 0%
147 CBUS Australia 1984 PPF 69 29% 50%
148 London CIV UK 2015 PPF 68 20% 50%
149 LIA Libya 2006 SWF 68 23% 35%
150 NF-NIC Kazakhstan 2000 SWF 67 10% 50%
151 NEST UK 2008 PPF 67 12% 23%
152 COPERA USA - CO 1931 PPF 67 22% 80%
153 IMCO Canada - ON 2016 PPF 66 45% 29%
154 BanRep Colombia 1923 CB 66 0% 0%
155 Bportugal Portugal 1846 CB 64 0% 0%
156 REST Australia 1988 PPF 64 49% 50%
157 NDFT Taiwan 2006 SWF 64 1% 100%
158 SRB Sweden 1668 CB 63 0% 0%
159 HESTA Australia 1999 PPF 63 25% 50%
160 VFMC Australia - VIC 1994 SWF 62 41% 50%
161 AP2 Sweden 2001 PPF 61 39% 19%
162 Texas PSF USA - TX 1854 SWF 61 53% 75%
163 OIA Oman 1980 SWF 60 42% 61%
164 Bpifrance France 2008 SWF 60 60% 100%
165 PensionDanmark Denmark 1993 PPF 59 25% 35%
166 ADFD UAE - Abu Dhabi 1971 SWF 59 90% 25%
167 Alpha Dhabi UAE - AD 2013 RFO 58 20% 50%
168 ADPF UAE - Abu Dhabi 2000 PPF 57 40% 50%
169 NBB Belgium 1850 CB 55 0% 0%
170 NBU Ukraine 1839 CB 55 0% 0%
171 GPSSA UAE 1999 PPF 54 40% 50%
172 OENB Austria 1816 CB 52 0% 0%
173 ESSS Indonesia 1977 PPF 52 5% 70%
174 KTCU South Korea 1971 PPF 51 56% 39%
175 CPB Thailand 1948 RFO 50 20% 50%
176 NZ Super Fund New Zealand 2001 SWF 50 27% 11%
177 BdL Lebanon 1964 CB 49 0% 0%
178 CBE Egypt 1961 CB 49 0% 0%
179 Bcentral Chile 1925 CB 49 0% 0%
180 MNB Hungary 1924 CB 48 0% 0%
181 BNB Bulgaria 1879 CB 48 0% 0%
182 PUBLICA Switzerland 2001 PPF 47 24% 55%
183 CBK Kuwait 1969 CB 47 0% 0%
184 Texas MRS USA - TX 1947 PPF 47 53% 85%
185 EIH Ethiopia 2022 SWF 46 100% 100%
186 VSS Vietnam 1995 PPF 46 5% 80%
187 BKAM Morocco 1959 CB 46 0% 0%
188 GPF Thailand 1997 PPF 46 23% 39%
189 PREVI Brazil 1904 PPF 45 5% 99%
190 CBN Nigeria 1958 CB 43 0% 0%
191 CSC Australia 1976 PPF 43 17% 50%
192 FTF Norway 2006 SWF 43 0% 82%
193 AIH Azerbaijan 2021 SWF 43 93% 100%
194 CDG Morocco 1959 PPF 42 35% 75%
195 BCRA Argentina 1935 CB 42 0% 0%
196 Texas PUF USA - TX 1876 SWF 42 64% 85%
197 KWAP Malaysia 2007 PPF 42 14% 80%
198 KIPCO Kuwait 1975 RFO 40 20% 50%
199 BoA Algeria 1962 CB 40 0% 0%
200 CareSuper Australia - TAS 2021 PPF 38 24% 80%
201 GRSIA (Daman) Qatar 2002 PPF 37 11% 99%
202 2PointZero UAE - AD 2024 RFO 36 20% 50%
203 NWF UK UK 2024 SWF 36 100% 100%
204 BB Bangladesh 1971 CB 35 0% 0%
205 YSHHB Brunei 1992 RFO 35 20% 50%
206 NBSr Serbia 1884 CB 34 0% 0%
207 CBIran Iran 1960 CB 34 0% 0%
208 Wyoming STO USA - WY 1975 SWF 33 46% 87%
209 GSIS Philippines 1936 PPF 33 5% 50%
210 RBNZ New Zealand 1934 CB 33 0% 0%
211 BanGuat Guatemala 1945 CB 32 0% 0%
212 Khazanah Malaysia 1993 SWF 32 29% 70%
213 OBAG Austria 1967 SWF 31 27% 100%
214 Baiterek Kazakhstan 2014 SWF 31 100% 100%
215 AMCM China - MSAR 1999 CB 30 0% 0%
216 G42 UAE - AD 2018 RFO 30 20% 50%
217 ISIF Ireland 2014 SWF 28 32% 76%
218 RDIF Russia 2011 SWF 28 100% 100%
219 NBC Cambodia 1954 CB 28 0% 0%
220 SPF Oman 2023 PPF 27 40% 50%
221 NDFI Iran 2011 SWF 27 80% 100%
222 KENFO Germany 2017 SWF 26 30% 4%
223 CBJ Jordan 1964 CB 25 0% 0%
224 BCEAO West African System 1959 CB 23 0% 0%
225 NRB Nepal 1956 CB 23 0% 0%
226 PG Bahrain 2023 RFO 22 20% 50%
227 SP Finland 1811 CB 22 0% 0%
228 BCU Uruguay 1967 CB 21 0% 0%
229 PFR Poland 2016 SWF 20 95% 100%
230 TCE UK 1961 RFO 20 20% 50%
231 TtE Greece 1927 CB 20 0% 0%
232 ADCG UAE - AD 2008 RFO 20 20% 50%
233 ADUG UAE - AD 2008 RFO 20 20% 50%
234 OPTrust Canada - ON 1995 PPF 20 64% 35%
235 CBO Oman 1974 CB 19 0% 0%
236 TL PF Timor Leste 2005 SWF 18 5% 2%
237 NBSl Slovakia 1993 CB 18 0% 0%
238 Mumtalakat Bahrain 2006 SWF 18 79% 67%
239 UFRD Uzbekistan 2006 SWF 17 34% 100%
240 SBP Pakistan 1947 CB 16 0% 0%
241 Mutapa IF Zimbabwe 2024 SWF 16 100% 100%
242 BCCR Costa Rica 1950 CB 16 0% 0%
243 BNA Angola 1926 CB 16 0% 0%
244 POBA South Korea 1975 PPF 15 58% 39%
245 Al Qassimi UAE - Sh 1992 RFO 15 20% 50%
246 QF Qatar 1995 RFO 15 20% 50%
247 BCRD Dominican Republic 1947 CB 14 0% 0%
248 Chile ESSF-PRF Chile 2006 SWF 14 0% 0%
249 KHC Saudi Arabia 1980 RFO 14 20% 50%
250 CBIreland Ireland 1943 CB 14 0% 0%
251 BEAC Central African System 1972 CB 13 0% 0%
252 BCV Venezuela 1939 CB 13 0% 0%
253 SIO-MPF Bahrain 1976 PPF 13 30% 25%
254 GrowthFund Greece 2016 SWF 12 95% 100%
255 EDGE UAE - Abu Dhabi 2019 SWF 12 100% 50%
256 SFPIM Belgium 2006 SWF 12 66% 100%
257 SDH / SSH Slovenia 1993 SWF 12 75% 100%
258 ND LF USA - ND 2010 SWF 12 20% 85%
259 JIC Japan 2018 SWF 12 100% 75%
260 CDP Equity Italy 2011 SWF 12 82% 100%
261 CBAR Azerbaijan 1992 CB 12 0% 0%
262 CBKy Kenya 1966 CB 11 0% 0%
263 BCP Paraguay 1952 CB 10 0% 0%
264 Al Mirqab Qatar 2013 RFO 10 20% 50%
265 NH UAE - AD 1993 RFO 10 20% 50%
266 QSI Qatar 2005 RFO 10 20% 50%
267 Regis-Dilmon Qatar 2013 RFO 10 20% 50%
268 BCH Honduras 1950 CB 10 0% 0%
269 BCE Ecuador 1927 CB 10 0% 0%
270 BoM Mauritius 1967 CB 10 0% 0%
271 NBRB Belarus 1990 CB 9 0% 0%
272 INA Indonesia 2020 SWF 9 97% 100%
273 BCT Tunisia 1958 CB 9 0% 0%
274 BoG Ghana 1957 CB 8 0% 0%
275 SCIC Vietnam 2006 SWF 8 100% 100%
276 HKIC China - HKSAR 2023 SWF 8 75% 90%
277 FRC Monaco 1962 SWF 8 55% 100%
278 Solidium Finland 1991 SWF 7 100% 100%
279 BeS Albania 1992 CB 7 0% 0%
280 SBI Iceland 1961 CB 7 0% 0%
281 MB Mongolia 1991 CB 7 0% 0%
282 T&T HSF Trinidad & Tobago 2000 SWF 6 0% 0%
283 BBB IP UK 2014 SWF 6 100% 100%
284 COFIDES Spain 1988 SWF 6 90% 25%
285 CBTT Trinidad & Tobago 1964 CB 6 0% 0%
286 LiB Lithuania 1990 CB 6 0% 0%
287 FM6I Morocco 2020 RFO 6 20% 50%
288 KPRJ Malaysia 2013 RFO 6 20% 50%
289 AGH Kuwait 1993 RFO 5 20% 50%
290 DREC Lands UAE - D 2007 RFO 5 20% 50%
291 Ezdan Qatar 2007 RFO 5 20% 50%
292 LaB Latvia 1993 CB 5 0% 0%
293 Shamal UAE - D 2020 RFO 5 20% 50%
294 NIIF India 2015 SWF 5 100% 100%
295 FEIP+FMPED Mexico 2000 SWF 5 0% 0%
296 CBB Bahrain 2006 CB 5 0% 0%
297 KWAN / NTF Malaysia 1988 SWF 4 0% 0%
298 FAE+FAEP Colombia 1995 SWF 4 0% 0%
299 FSDEA Angola 2012 SWF 4 22% 18%
300 DHI Bhutan 2007 SWF 4 90% 80%
301 BdM Mozambique 1975 CB 4 0% 0%
302 SAM UAE - Sharjah 2008 SWF 4 85% 100%
303 BCBo Bolivia 1928 CB 3 0% 0%
304 FEF Peru 1999 SWF 3 0% 0%
305 FAP Panama 2012 SWF 3 7% 0%
306 NRF Guyana 2019 SWF 3 0% 0%
307 Eight InvCo Saudi Arabia 2010 RFO 3 20% 50%
308 DREC UAE - D 1991 RFO 3 20% 50%
309 FBF Oman 1974 RFO 3 20% 50%
310 HNB Croatia 1990 CB 3 0% 0%
311 NIC UAE UAE - AD 1999 RFO 3 20% 50%
312 QIPCO Qatar 1999 RFO 3 20% 50%
313 Tawoos Oman 1982 RFO 3 20% 50%
314 NSIA Nigeria 2011 SWF 3 60% 50%
315 Syrian SF Syria 2025 SWF 3 100% 100%
316 Maharlika Philippines 2023 SWF 2 90% 100%
317 CIF Israel 2022 SWF 2 0% 5%
318 Al Ain UAE - AD 1996 RFO 2 20% 50%
319 Basma UAE - Sh 2005 RFO 2 20% 50%
320 Dhabi Holdings UAE - AD 1998 RFO 2 20% 50%
321 ECCB East Caribbean System 1983 CB 2 0% 0%
322 EIH UAE - AD 2022 RFO 2 20% 50%
323 Al Faisal Qatar 1964 RFO 2 20% 50%
324 Al Fajer UAE - D 1970 RFO 2 20% 50%
325 KBW Saudi Arabia 2013 RFO 2 20% 50%
326 Khalidia UAE - AD 1960 RFO 2 20% 50%
327 Mayhoola Qatar 2011 RFO 2 20% 50%
328 Sultan Saudi Arabia 2020 RFO 2 20% 50%
329 TSFE Egypt 2018 SWF 2 23% 100%
330 Pula Fund Botswana 1994 SWF 2 0% 0%
331 Sarawak Malaysia 2024 SWF 2 0% 0%
332 Ithmar Capital Morocco 2011 SWF 2 52% 100%
333 FFSB Brazil 2021 SWF 2 0% 50%
334 Chinggis SWF Mongolia 2025 SWF 2 0% 0%
335 KAFD Jordan 2001 RFO 2 20% 50%
336 GHF+GSF Ghana 2011 SWF 1 0% 0%
337 Ajman Holding UAE - Aj 2000 RFO 1 20% 50%
338 Amwal Qatar 1998 RFO 1 20% 50%
339 Al Batha UAE - Sh 1950 RFO 1 20% 50%
340 FONSIS Senegal 2012 SWF 1 100% 100%
341 GIDC Bhutan 2023 RFO 1 20% 50%
342 MKM UAE - D 1973 RFO 1 20% 50%
343 Mswati III Eswatini 1986 RFO 1 20% 50%
344 Palestine Palestine 2003 SWF 1.0 100% 100%
345 FGR Bahrain 2006 SWF 0.9 36% 6%
346 Fujairah Holding UAE - Fj 2019 RFO 0.8 20% 50%
347 FGIS Gabon 2012 SWF 0.5 100% 100%
348 GIIF Ghana 2016 SWF 0.4 100% 100%
349 Agaciro Fund Rwanda 2012 SWF 0.3 12% 100%
350 Nauru Nauru 2015 SWF 0.2 15% 0%

Source: Global SWF. Last updated June 2026

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

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