Export
| # | Investor | Country | Est. | Type | AuM ($b)* | Alternatives (%)** |
|---|---|---|---|---|---|---|
| 1 | PBoC | China | 1948 | CB | 3,534 | 0% |
| 2 | NBIM | Norway | 1997 | SWF | 1,767 | 2% |
| 3 | GPIF | Japan | 2006 | PPF | 1,669 | 1% |
| 4 | SAFE IC | China | 1997 | SWF | 1,417 | 22% |
| 5 | CIC | China | 2007 | SWF | 1,332 | 25% |
| 6 | ECB | Eurosystem | 1998 | CB | 1,319 | 0% |
| 7 | BoJ | Japan | 1882 | CB | 1,231 | 0% |
| 8 | PIF | Saudi Arabia | 1971 | SWF | 1,152 | 37% |
| 9 | ADIA | UAE - Abu Dhabi | 1967 | SWF | 1,110 | 32% |
| 10 | KIA | Kuwait | 1953 | SWF | 1,002 | 23% |
| 11 | SNB | Switzerland | 1907 | CB | 950 | 0% |
| 12 | GIC | Singapore | 1981 | SWF | 936 | 33% |
| 13 | FRTIB | USA | 1986 | PPF | 857 | 0% |
| 14 | NPS | South Korea | 1988 | PPF | 847 | 15% |
| 15 | APG | Netherlands | 1922 | PPF | 641 | 25% |
| 16 | RBI | India | 1935 | CB | 639 | 0% |
| 17 | CBR | Russia | 1990 | CB | 633 | 0% |
| 18 | CBC | Taiwan | 1924 | CB | 578 | 0% |
| 19 | CalPERS | USA - CA | 1932 | PPF | 556 | 18% |
| 20 | HKMA EF | China - HKSAR | 1993 | CB | 526 | 0% |
| 21 | QIA | Qatar | 2005 | SWF | 524 | 41% |
| 22 | CPP | Canada | 1997 | PPF | 499 | 55% |
| 23 | SAMA | Saudi Arabia | 1952 | CB | 470 | 0% |
| 24 | CPF | Singapore | 1955 | PPF | 456 | 0% |
| 25 | NSSF | China | 2000 | PPF | 424 | 14% |
| 26 | BoK | South Korea | 1950 | CB | 416 | 0% |
| 27 | ICD | UAE - Dubai | 2006 | SWF | 400 | 65% |
| 28 | MAS | Singapore | 1971 | CB | 379 | 0% |
| 29 | GOSI | Saudi Arabia | 1958 | PPF | 374 | 33% |
| 30 | BCBr | Brazil | 1964 | CB | 372 | 0% |
| 31 | CalSTRS | USA - CA | 1913 | PPF | 358 | 33% |
| 32 | DB | Germany | 1957 | CB | 345 | 0% |
| 33 | CDPQ | Canada - QC | 1965 | PPF | 330 | 42% |
| 34 | Mubadala | UAE - Abu Dhabi | 1984 | SWF | 330 | 67% |
| 35 | Temasek | Singapore | 1974 | SWF | 324 | 52% |
| 36 | EPFO | India | 1952 | PPF | 297 | 5% |
| 37 | BdF | France | 1800 | CB | 288 | 0% |
| 38 | KWSP / EPF | Malaysia | 1951 | PPF | 280 | 11% |
| 39 | NYC Compt | USA - NY | 1920 | PPF | 279 | 23% |
| 40 | SBA Florida | USA - FL | 1943 | PPF | 275 | 25% |
| 41 | NYSCRF | USA - NY | 1983 | PPF | 273 | 34% |
| 42 | PGGM | Netherlands | 1969 | PPF | 270 | 18% |
| 43 | BoT | Thailand | 1942 | CB | 268 | 0% |
| 44 | BdI | Italy | 1893 | CB | 264 | 0% |
| 45 | ADQ | UAE - Abu Dhabi | 2018 | SWF | 251 | 45% |
| 46 | Fed | USA | 1913 | CB | 251 | 0% |
| 47 | TWF | Turkiye | 2017 | SWF | 240 | 80% |
| 48 | BLF | Taiwan | 2014 | PPF | 238 | 11% |
| 49 | Banxico | Mexico | 1925 | CB | 231 | 0% |
| 50 | AustralianSuper | Australia | 2006 | PPF | 231 | 21% |
| 51 | BoI | Israel | 1954 | CB | 220 | 0% |
| 52 | NBP | Poland | 1945 | CB | 219 | 0% |
| 53 | PSP | Canada | 1999 | PPF | 209 | 53% |
| 54 | KIC | South Korea | 2005 | SWF | 207 | 17% |
| 55 | BCI | Canada - BC | 1999 | PPF | 206 | 39% |
| 56 | ART | Australia - QLD | 2022 | PPF | 205 | 26% |
| 57 | CBUAE | UAE | 1980 | CB | 204 | 0% |
| 58 | BoE | UK | 1694 | CB | 194 | 0% |
| 59 | Future Fund | Australia | 2006 | SWF | 193 | 40% |
| 60 | AP1-6 | Sweden | 1974 | PPF | 193 | 26% |
| 61 | Texas TRS | USA - TX | 1937 | PPF | 187 | 41% |
| 62 | OTPP | Canada - ON | 1917 | PPF | 186 | 69% |
| 63 | Chikyoren | Japan | 1984 | PPF | 183 | 1% |
| 64 | WSIB | USA - WA | 2005 | PPF | 173 | 38% |
| 65 | Danantara | Indonesia | 2025 | SWF | 172 | 77% |
| 66 | MN | Netherlands | 2014 | PPF | 168 | 26% |
| 67 | SWIB | USA - WI | 1951 | PPF | 162 | 16% |
| 68 | TCMB | Turkiye | 1931 | CB | 159 | 0% |
| 69 | BI | Indonesia | 1953 | CB | 156 | 0% |
| 70 | CNB | Czech Republic | 1993 | CB | 155 | 0% |
| 71 | MPFA | China - HKSAR | 1995 | PPF | 151 | 0% |
| 72 | MSBI | USA - MN | 1981 | PPF | 146 | 25% |
| 73 | NYS TRS | USA - NY | 1913 | PPF | 146 | 26% |
| 74 | PIC | South Africa | 2015 | PPF | 142 | 6% |
| 75 | PIFSS-Wafra | Kuwait | 1955 | PPF | 137 | 40% |
| 76 | NDF | Saudi Arabia | 2017 | SWF | 132 | 100% |
| 77 | AP7 | Sweden | 2000 | PPF | 131 | 4% |
| 78 | AIMCo | Canada - AB | 1976 | PPF | 125 | 29% |
| 79 | BoC | Canada | 1935 | CB | 124 | 0% |
| 80 | NCRS | USA - NC | 1941 | PPF | 123 | 19% |
| 81 | BVK | Germany | 1995 | PPF | 122 | 47% |
| 82 | Alecta | Sweden | 1917 | PPF | 119 | 22% |
| 83 | Aware Super | Australia | 2020 | PPF | 118 | 20% |
| 84 | Ohio PERS | USA - OH | 1935 | PPF | 118 | 23% |
| 85 | NWF RU | Russia | 2008 | SWF | 117 | 20% |
| 86 | BNM | Malaysia | 1959 | CB | 116 | 0% |
| 87 | Virginia RS | USA - VA | 1942 | PPF | 114 | 34% |
| 88 | NPST | India | 2008 | PPF | 110 | 0% |
| 89 | MassPRIM | USA - MA | 1983 | PPF | 109 | 35% |
| 90 | BdE | Spain | 1782 | CB | 107 | 0% |
| 91 | BSP | Philippines | 1993 | CB | 107 | 0% |
| 92 | Georgia TRS | USA - GA | 1943 | PPF | 106 | 3% |
| 93 | PFA JP | Japan | 1967 | PPF | 103 | 0% |
| 94 | EIA | UAE | 2007 | SWF | 102 | 21% |
| 95 | ATP Groep | Denmark | 1964 | PPF | 100 | 35% |
| 96 | Amitim | Israel | 2011 | PPF | 100 | 25% |
| 97 | DN | Denmark | 1818 | CB | 99 | 0% |
| 98 | Michigan ORS | USA - MI | 1942 | PPF | 97 | 47% |
| 99 | Ohio STF | USA - OH | 1919 | PPF | 97 | 31% |
| 100 | OMERS | Canada - ON | 1962 | PPF | 96 | 56% |
| 101 | Oregon PERF | USA - OR | 1946 | PPF | 96 | 49% |
| 102 | CBIraq | Iraq | 1947 | CB | 95 | 0% |
| 103 | PFA DK | Denmark | 1917 | PPF | 95 | 39% |
| 104 | UniSuper | Australia | 2000 | PPF | 93 | 10% |
| 105 | Aramco PF | Saudi Arabia | 2017 | PPF | 90 | 33% |
| 106 | NB | Norway | 1816 | CB | 89 | 0% |
| 107 | HOOPP | Canada - ON | 1960 | PPF | 86 | 30% |
| 108 | Alaska PFC | USA - AK | 1976 | SWF | 83 | 41% |
| 109 | BCRP | Peru | 1922 | CB | 83 | 0% |
| 110 | SBV | Vietnam | 1951 | CB | 83 | 0% |
| 111 | KLP | Norway | 1949 | PPF | 83 | 16% |
| 112 | LACERA | USA - CA | 1937 | PPF | 82 | 35% |
| 113 | BoA | Algeria | 1962 | CB | 81 | 0% |
| 114 | BCPP | UK | 2018 | PPF | 81 | 12% |
| 115 | CBL | Libya | 1956 | CB | 81 | 0% |
| 116 | DIF | UAE - Dubai | 2024 | SWF | 80 | 56% |
| 117 | Samruk Kazyna | Kazakhstan | 2008 | SWF | 79 | 62% |
| 118 | PNB | Malaysia | 1978 | SWF | 78 | 8% |
| 119 | BNR | Romania | 1880 | CB | 78 | 0% |
| 120 | QIC | Australia - QLD | 1991 | SWF | 78 | 29% |
| 121 | NLGPS | UK | 2019 | PPF | 77 | 20% |
| 122 | SSO | Thailand | 1990 | PPF | 77 | 0% |
| 123 | Penn PSERS | USA - PA | 1917 | PPF | 75 | 35% |
| 124 | KEVA | Finland | 1988 | PPF | 74 | 25% |
| 125 | Illinois STRS | USA - IL | 1939 | PPF | 74 | 24% |
| 126 | DH | UAE - Dubai | 2004 | SWF | 72 | 93% |
| 127 | DNB | Netherlands | 1814 | CB | 72 | 0% |
| 128 | TCorp | Australia - NSW | 1983 | SWF | 72 | 12% |
| 129 | NJ DoI | USA - NJ | 1950 | PPF | 71 | 28% |
| 130 | HostPlus | Australia | 1987 | PPF | 71 | 45% |
| 131 | PKA | Denmark | 1954 | PPF | 70 | 8% |
| 132 | Kokkyoren | Japan | 2017 | PPF | 69 | 0% |
| 133 | LIA | Libya | 2006 | SWF | 68 | 23% |
| 134 | Maryland SRA | USA - MD | 1941 | PPF | 68 | 30% |
| 135 | SRB | Sweden | 1668 | CB | 65 | 0% |
| 136 | NF-NIC | Kazakhstan | 2000 | SWF | 65 | 5% |
| 137 | COPERA | USA - CO | 1931 | PPF | 65 | 20% |
| 138 | BIA | Brunei | 1983 | SWF | 65 | 18% |
| 139 | SARB | South Africa | 1921 | CB | 64 | 0% |
| 140 | BanRep | Colombia | 1923 | CB | 63 | 0% |
| 141 | SOFAZ | Azerbaijan | 1999 | SWF | 63 | 8% |
| 142 | CBUS | Australia | 1984 | PPF | 62 | 25% |
| 143 | RBA | Australia | 1959 | CB | 62 | 0% |
| 144 | New Mexico SIC | USA - NM | 1958 | SWF | 60 | 29% |
| 145 | IMCO | Canada - ON | 2016 | PPF | 60 | 44% |
| 146 | Bpifrance | France | 2008 | SWF | 60 | 61% |
| 147 | REST | Australia | 1988 | PPF | 58 | 27% |
| 148 | HESTA | Australia | 1999 | PPF | 58 | 30% |
| 149 | London CIV | UK | 2015 | PPF | 58 | 17% |
| 150 | VFMC | Australia - VIC | 1994 | SWF | 58 | 30% |
| 151 | Texas PSF | USA - TX | 1854 | SWF | 57 | 35% |
| 152 | QCB | Qatar | 1973 | CB | 53 | 0% |
| 153 | FGS | Argentina | 2008 | PPF | 52 | 0% |
| 154 | ADPF | UAE - Abu Dhabi | 2000 | PPF | 51 | 40% |
| 155 | OIA | Oman | 1980 | SWF | 50 | 31% |
| 156 | PensionDanmark | Denmark | 1993 | PPF | 50 | 25% |
| 157 | GPSSA | UAE | 1999 | PPF | 49 | 40% |
| 158 | PREVI | Brazil | 1904 | PPF | 48 | 5% |
| 159 | NBK | Kazakhstan | 1993 | CB | 48 | 0% |
| 160 | NZ Super Fund | New Zealand | 2001 | SWF | 47 | 20% |
| 161 | PUBLICA | Switzerland | 2001 | PPF | 47 | 20% |
| 162 | CBK | Kuwait | 1969 | CB | 47 | 0% |
| 163 | BVK Zurich | Switzerland | 1926 | PPF | 46 | 20% |
| 164 | EIH | Ethiopia | 2022 | SWF | 46 | 100% |
| 165 | Bcentral | Chile | 1925 | CB | 46 | 0% |
| 166 | MNB | Hungary | 1924 | CB | 46 | 0% |
| 167 | KTCU | South Korea | 1971 | PPF | 45 | 56% |
| 168 | BNB | Bulgaria | 1879 | CB | 45 | 0% |
| 169 | CBE | Egypt | 1961 | CB | 45 | 0% |
| 170 | CBU | Uzbekistan | 1991 | CB | 45 | 0% |
| 171 | ESSS | Indonesia | 1977 | PPF | 44 | 5% |
| 172 | CSC | Australia | 1976 | PPF | 43 | 28% |
| 173 | GPF | Thailand | 1997 | PPF | 42 | 18% |
| 174 | NBB | Belgium | 1850 | CB | 42 | 0% |
| 175 | KWAP | Malaysia | 2007 | PPF | 42 | 11% |
| 176 | Bportugal | Portugal | 1846 | CB | 41 | 0% |
| 177 | Texas MRS | USA - TX | 1947 | PPF | 41 | 49% |
| 178 | NBU | Ukraine | 1839 | CB | 39 | 0% |
| 179 | Texas PUF | USA - TX | 1876 | SWF | 38 | 59% |
| 180 | AIH | Azerbaijan | 2021 | SWF | 37 | 100% |
| 181 | FTF | Norway | 2006 | SWF | 37 | 0% |
| 182 | BKAM | Morocco | 1959 | CB | 37 | 0% |
| 183 | CBN | Nigeria | 1958 | CB | 37 | 0% |
| 184 | NWF UK | UK | 2024 | SWF | 36 | 100% |
| 185 | OENB | Austria | 1816 | CB | 36 | 0% |
| 186 | GRSIA | Qatar | 2002 | PPF | 36 | 11% |
| 187 | BVV | Germany | 1909 | PPF | 35 | 1% |
| 188 | NBSr | Serbia | 1884 | CB | 34 | 0% |
| 189 | RBNZ | New Zealand | 1934 | CB | 33 | 0% |
| 190 | CDG | Morocco | 1959 | PPF | 33 | 33% |
| 191 | GSIS | Philippines | 1936 | PPF | 32 | 5% |
| 192 | Khazanah | Malaysia | 1993 | SWF | 32 | 29% |
| 193 | Wyoming STO | USA - WY | 1975 | SWF | 31 | 12% |
| 194 | OBAG | Austria | 1967 | SWF | 31 | 27% |
| 195 | AMCM | China - MSAR | 1999 | CB | 31 | 0% |
| 196 | Baiterek | Kazakhstan | 2014 | SWF | 30 | 100% |
| 197 | BCRA | Argentina | 1935 | CB | 29 | 0% |
| 198 | FDC | Luxembourg | 2004 | PPF | 28 | 5% |
| 199 | RDIF | Russia | 2011 | SWF | 28 | 100% |
| 200 | BdL | Lebanon | 1964 | CB | 28 | 0% |
| 201 | NDFI | Iran | 2011 | SWF | 27 | 79% |
| 202 | VER | Finland | 1990 | PPF | 26 | 11% |
| 203 | BB | Bangladesh | 1971 | CB | 26 | 0% |
| 204 | KENFO | Germany | 2017 | SWF | 26 | 10% |
| 205 | CBIran | Iran | 1960 | CB | 26 | 0% |
| 206 | BanGuat | Guatemala | 1945 | CB | 24 | 0% |
| 207 | FRR | France | 2001 | SWF | 23 | 5% |
| 208 | NBC | Cambodia | 1954 | CB | 23 | 0% |
| 209 | CBJ | Jordan | 1964 | CB | 21 | 0% |
| 210 | PFR | Poland | 2016 | SWF | 20 | 95% |
| 211 | Bouwinvest | Netherlands | 2002 | PPF | 20 | 100% |
| 212 | BCU | Uruguay | 1967 | CB | 19 | 0% |
| 213 | OPTrust | Canada - ON | 1995 | PPF | 19 | 53% |
| 214 | ISIF | Ireland | 2014 | SWF | 19 | 31% |
| 215 | TL PF | Timor Leste | 2005 | SWF | 18 | 4% |
| 216 | CBO | Oman | 1974 | CB | 18 | 0% |
| 217 | SP | Finland | 1811 | CB | 18 | 0% |
| 218 | Mumtalakat | Bahrain | 2006 | SWF | 18 | 79% |
| 219 | SK CIC | Canada - SK | 1947 | SWF | 17 | 100% |
| 220 | NRB | Nepal | 1956 | CB | 17 | 0% |
| 221 | UFRD | Uzbekistan | 2006 | SWF | 17 | 34% |
| 222 | BCEAO | West African System | 1959 | CB | 16 | 0% |
| 223 | TtE | Greece | 1927 | CB | 16 | 0% |
| 224 | POBA | South Korea | 1975 | PPF | 15 | 58% |
| 225 | BCRD | Dominican Republic | 1947 | CB | 15 | 0% |
| 226 | BEAC | Central African System | 1972 | CB | 15 | 0% |
| 227 | BNA | Angola | 1926 | CB | 15 | 0% |
| 228 | Himaya | Oman | 2023 | PPF | 15 | 40% |
| 229 | BCCR | Costa Rica | 1950 | CB | 14 | 0% |
| 230 | NBSl | Slovakia | 1993 | CB | 14 | 0% |
| 231 | Chile ESSF-PRF | Chile | 2006 | SWF | 13 | 0% |
| 232 | SIO-MPF | Bahrain | 1976 | PPF | 13 | 30% |
| 233 | GrowthFund | Greece | 2016 | SWF | 12 | 95% |
| 234 | CBIreland | Ireland | 1943 | CB | 12 | 0% |
| 235 | SFPIM | Belgium | 2006 | SWF | 12 | 60% |
| 236 | SDH / SSH | Slovenia | 1993 | SWF | 12 | 75% |
| 237 | ND LF | USA - ND | 2010 | SWF | 12 | 8% |
| 238 | SBP | Pakistan | 1947 | CB | 11 | 0% |
| 239 | CDP Equity | Italy | 2011 | SWF | 11 | 81% |
| 240 | CBAR | Azerbaijan | 1992 | CB | 11 | 0% |
| 241 | INA | Indonesia | 2020 | SWF | 11 | 26% |
| 242 | BCP | Paraguay | 1952 | CB | 10 | 0% |
| 243 | BCV | Venezuela | 1939 | CB | 10 | 0% |
| 244 | CADF | China | 2007 | SWF | 10 | 41% |
| 245 | CBKy | Kenya | 1966 | CB | 10 | 0% |
| 246 | BCE | Ecuador | 1927 | CB | 9 | 0% |
| 247 | BCT | Tunisia | 1958 | CB | 9 | 0% |
| 248 | NBRB | Belarus | 1990 | CB | 9 | 0% |
| 249 | BdM | Mozambique | 1975 | CB | 8 | 0% |
| 250 | BoM | Mauritius | 1967 | CB | 8 | 0% |
| 251 | SCIC | Vietnam | 2006 | SWF | 8 | 100% |
| 252 | HKIC | China - HKSAR | 2023 | SWF | 8 | 0% |
| 253 | Solidium | Finland | 1991 | SWF | 7 | 100% |
| 254 | BCH | Honduras | 1950 | CB | 7 | 0% |
| 255 | BeS | Albania | 1992 | CB | 7 | 0% |
| 256 | SBI | Iceland | 1961 | CB | 7 | 0% |
| 257 | T&T HSF | Trinidad & Tobago | 2000 | SWF | 6 | 0% |
| 258 | BoG | Ghana | 1957 | CB | 6 | 0% |
| 259 | CBB | Bahrain | 2006 | CB | 6 | 0% |
| 260 | CBTT | Trinidad & Tobago | 1964 | CB | 6 | 0% |
| 261 | LiB | Lithuania | 1990 | CB | 6 | 0% |
| 262 | COFIDES | Spain | 1988 | SWF | 6 | 100% |
| 263 | LaB | Latvia | 1993 | CB | 5 | 0% |
| 264 | BBB IP | UK | 2014 | SWF | 5 | 100% |
| 265 | NIIF | India | 2015 | SWF | 5 | 100% |
| 266 | MB | Mongolia | 1991 | CB | 5 | 0% |
| 267 | BCBo | Bolivia | 1928 | CB | 5 | 0% |
| 268 | FEIP+FMPED | Mexico | 2000 | SWF | 5 | 0% |
| 269 | KWAN / NTF | Malaysia | 1988 | SWF | 5 | 0% |
| 270 | FAE+FAEP | Colombia | 1995 | SWF | 4 | 0% |
| 271 | FSDEA | Angola | 2012 | SWF | 4 | 22% |
| 272 | NRF | Guyana | 2019 | SWF | 4 | 0% |
| 273 | DHI | Bhutan | 2007 | SWF | 3 | 90% |
| 274 | FEF | Peru | 1999 | SWF | 3 | 0% |
| 275 | HNB | Croatia | 1990 | CB | 3 | 0% |
| 276 | SAM | UAE - Sharjah | 2008 | SWF | 3 | 85% |
| 277 | NSIA | Nigeria | 2011 | SWF | 3 | 60% |
| 278 | Sarawak | Malaysia | 2024 | SWF | 2 | 0% |
| 279 | MGI | Malta | 2015 | SWF | 2 | 100% |
| 280 | Maharlika | Philippines | 2023 | SWF | 2 | 0% |
| 281 | CIF | Israel | 2022 | SWF | 2 | 0% |
| 282 | FFSB | Brazil | 2021 | SWF | 2 | 0% |
| 283 | ECCB | East Caribbean System | 1983 | CB | 2 | 0% |
| 284 | TSFE | Egypt | 2018 | SWF | 2 | 23% |
| 285 | FGIS | Gabon | 2012 | SWF | 2 | 100% |
| 286 | Ithmar Capital | Morocco | 2011 | SWF | 2 | 52% |
| 287 | Pula Fund | Botswana | 1994 | SWF | 2 | 0% |
| 288 | RSSB | Rwanda | 2010 | PPF | 2 | 20% |
| 289 | FAP | Panama | 2012 | SWF | 2 | 0% |
| 290 | MIC | Mauritius | 2020 | SWF | 1 | 100% |
| 291 | GHF+GSF | Ghana | 2011 | SWF | 1 | 0% |
| 292 | FONSIS | Senegal | 2012 | SWF | 1 | 100% |
| 293 | Chinggis Fund | Mongolia | 2025 | SWF | 1 | 0% |
| 294 | Palestine | Palestine | 2003 | SWF | 1.0 | 100% |
| 295 | FGR | Bahrain | 2006 | SWF | 0.9 | 36% |
| 296 | FSI | Guinea | 2013 | SWF | 0.7 | 100% |
| 297 | GIIF | Ghana | 2016 | SWF | 0.3 | 100% |
| 298 | Agaciro Fund | Rwanda | 2012 | SWF | 0.3 | 6% |
| 299 | Nauru | Nauru | 2015 | SWF | 0.2 | 12% |
| 300 | Mutapa IF | Zimbabwe | 2024 | SWF | 0.0 | 0% |
Source: Global SWF. Last updated July 2025
* Assets under management: Latest period USD figure if available, estimation otherwise
** Allocation to Alternative Assets, incl. real estate, infrastructure, private equity and hedge funds