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# Investor Country Est. Type AuM ($b)* Alternatives (%)**
1 PBoC China 1948 CB 3,499 0%
2 NBIM Norway 1997 SWF 1,743 2%
3 GPIF Japan 2006 PPF 1,656 1%
4 SAFE IC China 1997 SWF 1,358 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 ADIA UAE - Abu Dhabi 1967 SWF 1,110 32%
9 KIA Kuwait 1953 SWF 969 23%
10 SNB Switzerland 1907 CB 950 0%
11 PIF Saudi Arabia 1971 SWF 925 37%
12 FRTIB USA 1986 PPF 857 0%
13 GIC Singapore 1981 SWF 847 33%
14 NPS South Korea 1988 PPF 827 15%
15 RBI India 1935 CB 639 0%
16 CBR Russia 1990 CB 633 0%
17 APG Netherlands 1922 PPF 618 25%
18 CBC Taiwan 1924 CB 578 0%
19 CalPERS USA - CA 1932 PPF 532 18%
20 HKMA EF China - HKSAR 1993 CB 526 0%
21 QIA Qatar 2005 SWF 524 41%
22 CPP Canada 1997 PPF 472 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 380 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 352 33%
32 DB Germany 1957 CB 345 0%
33 Mubadala UAE - Abu Dhabi 1984 SWF 330 67%
34 CDPQ Canada - QC 1965 PPF 330 42%
35 EPFO India 1952 PPF 297 5%
36 BdF France 1800 CB 288 0%
37 Temasek Singapore 1974 SWF 288 53%
38 NYC Compt USA - NY 1920 PPF 282 23%
39 KWSP / EPF Malaysia 1951 PPF 280 11%
40 BoT Thailand 1942 CB 268 0%
41 NYSCRF USA - NY 1983 PPF 268 34%
42 PGGM Netherlands 1969 PPF 266 18%
43 BdI Italy 1893 CB 264 0%
44 SBA Florida USA - FL 1943 PPF 262 25%
45 ADQ UAE - Abu Dhabi 2018 SWF 251 45%
46 Fed USA 1913 CB 251 0%
47 AustralianSuper Australia 2006 PPF 246 21%
48 BLF Taiwan 2014 PPF 238 11%
49 Banxico Mexico 1925 CB 231 0%
50 BoI Israel 1954 CB 220 0%
51 NBP Poland 1945 CB 219 0%
52 KIC South Korea 2005 SWF 207 17%
53 Future Fund Australia 2006 SWF 204 40%
54 CBUAE UAE 1980 CB 204 0%
55 ART Australia - QLD 2022 PPF 200 26%
56 PSP Canada 1999 PPF 196 53%
57 AP1-6 Sweden 1974 PPF 195 26%
58 BoE UK 1694 CB 194 0%
59 TVF Turkey 2017 SWF 190 80%
60 Texas TRS USA - TX 1937 PPF 187 41%
61 OTPP Canada - ON 1917 PPF 187 69%
62 MN Netherlands 2014 PPF 187 15%
63 BCI Canada - BC 1999 PPF 185 39%
64 Chikyoren Japan 1984 PPF 183 1%
65 CDC France 1816 PPF 182 4%
66 WSIB USA - WA 2005 PPF 181 38%
67 Danantara Indonesia 2025 SWF 172 77%
68 NDFI Iran 2011 SWF 162 79%
69 TCMB Turkey 1931 CB 159 0%
70 BI Indonesia 1953 CB 156 0%
71 SWIB USA - WI 1951 PPF 156 16%
72 CNB Czech Republic 1993 CB 155 0%
73 MPFA China - HKSAR 1995 PPF 151 0%
74 MSBI USA - MN 1981 PPF 146 25%
75 PIC South Africa 2015 PPF 142 6%
76 NYS TRS USA - NY 1913 PPF 137 26%
77 PIFSS-Wafra Kuwait 1955 PPF 137 40%
78 NDF Saudi Arabia 2017 SWF 132 100%
79 BoC Canada 1935 CB 124 0%
80 BVK Germany 1995 PPF 124 47%
81 NCRS USA - NC 1941 PPF 123 19%
82 Aware Super Australia 2020 PPF 120 20%
83 AIMCo Canada - AB 1976 PPF 118 29%
84 NWF RU Russia 2008 SWF 117 20%
85 BNM Malaysia 1959 CB 116 0%
86 PFA DK Denmark 1917 PPF 116 39%
87 Ohio PERS USA - OH 1935 PPF 115 23%
88 Virginia RS USA - VA 1942 PPF 114 34%
89 AP7 Sweden 2000 PPF 110 4%
90 NPST India 2008 PPF 110 0%
91 MassPRIM USA - MA 1983 PPF 109 35%
92 Alecta Sweden 1917 PPF 109 22%
93 BdE Spain 1782 CB 107 0%
94 BSP Philippines 1993 CB 107 0%
95 Georgia TRS USA - GA 1943 PPF 106 3%
96 ATP Groep Denmark 1964 PPF 106 35%
97 PFA JP Japan 1967 PPF 103 0%
98 EIA UAE 2007 SWF 102 21%
99 KLP Norway 1949 PPF 100 16%
100 Oregon PERF USA - OR 1946 PPF 100 49%
101 DN Denmark 1818 CB 99 0%
102 Amitim Israel 2011 PPF 98 25%
103 OMERS Canada - ON 1962 PPF 98 56%
104 Michigan ORS USA - MI 1942 PPF 97 47%
105 Ohio STF USA - OH 1919 PPF 95 31%
106 NJ DoI USA - NJ 1950 PPF 95 28%
107 CBIraq Iraq 1947 CB 95 0%
108 London CIV UK 2015 PPF 93 17%
109 UniSuper Australia 2000 PPF 92 10%
110 NB Norway 1816 CB 89 0%
111 HOOPP Canada - ON 1960 PPF 85 30%
112 BCRP Peru 1922 CB 83 0%
113 SBV Vietnam 1951 CB 83 0%
114 BoA Algeria 1962 CB 81 0%
115 Alaska PFC USA - AK 1976 SWF 81 41%
116 LACERA USA - CA 1937 PPF 81 35%
117 CBL Libya 1956 CB 81 0%
118 DIF UAE - Dubai 2024 SWF 80 56%
119 Samruk Kazyna Kazakhstan 2008 SWF 79 62%
120 BNR Romania 1880 CB 78 0%
121 PNB Malaysia 1978 SWF 78 8%
122 SSO Thailand 1990 PPF 77 0%
123 Penn PSERS USA - PA 1917 PPF 75 35%
124 TCorp Australia - NSW 1983 SWF 75 12%
125 Illinois STRS USA - IL 1939 PPF 74 24%
126 HostPlus Australia 1987 PPF 73 45%
127 KEVA Finland 1988 PPF 73 25%
128 DH UAE - Dubai 2004 SWF 72 93%
129 DNB Netherlands 1814 CB 72 0%
130 BCPP UK 2018 PPF 72 12%
131 QIC Australia - QLD 1991 SWF 70 29%
132 Kokkyoren Japan 2017 PPF 69 0%
133 LIA Libya 2006 SWF 68 23%
134 Maryland SRA USA - MD 1941 PPF 68 30%
135 PKA Denmark 1954 PPF 65 8%
136 SRB Sweden 1668 CB 65 0%
137 NF-NIC Kazakhstan 2000 SWF 65 5%
138 COPERA USA - CO 1931 PPF 65 20%
139 BIA Brunei 1983 SWF 65 18%
140 SARB South Africa 1921 CB 64 0%
141 BanRep Colombia 1923 CB 63 0%
142 CBUS Australia 1984 PPF 63 25%
143 RBA Australia 1959 CB 62 0%
144 SOFAZ Azerbaijan 1999 SWF 60 8%
145 IMCO Canada - ON 2016 PPF 59 44%
146 New Mexico SIC USA - NM 1958 SWF 58 29%
147 Texas PSF USA - TX 1854 SWF 57 35%
148 NLGPS UK 2019 PPF 57 20%
149 HESTA Australia 1999 PPF 56 30%
150 Bpifrance France 2008 SWF 56 61%
151 REST Australia 1988 PPF 55 27%
152 QCB Qatar 1973 CB 53 0%
153 VFMC Australia - VIC 1994 SWF 53 30%
154 FGS Argentina 2008 PPF 52 0%
155 ADPF UAE - Abu Dhabi 2000 PPF 51 40%
156 OIA Oman 1980 SWF 50 31%
157 PensionDanmark Denmark 1993 PPF 49 25%
158 GPSSA UAE 1999 PPF 49 40%
159 PUBLICA Switzerland 2001 PPF 48 20%
160 PREVI Brazil 1904 PPF 48 5%
161 NBK Kazakhstan 1993 CB 48 0%
162 CBK Kuwait 1969 CB 47 0%
163 EIH Ethiopia 2022 SWF 46 100%
164 Bcentral Chile 1925 CB 46 0%
165 MNB Hungary 1924 CB 46 0%
166 NZ Super Fund New Zealand 2001 SWF 46 20%
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 BKAM Morocco 1959 CB 37 0%
182 CBN Nigeria 1958 CB 37 0%
183 NWF UK UK 2024 SWF 36 100%
184 OENB Austria 1816 CB 36 0%
185 BVV Germany 1909 PPF 35 1%
186 FTF Norway 2006 SWF 35 0%
187 NBSr Serbia 1884 CB 34 0%
188 RBNZ New Zealand 1934 CB 33 0%
189 CDG Morocco 1959 PPF 33 33%
190 OBAG Austria 1967 SWF 33 27%
191 GSIS Philippines 1936 PPF 32 5%
192 Khazanah Malaysia 1993 SWF 32 29%
193 GRSIA Qatar 2002 PPF 31 11%
194 AMCM China - MSAR 1999 CB 31 0%
195 Wyoming STO USA - WY 1975 SWF 31 12%
196 Baiterek Kazakhstan 2014 SWF 30 100%
197 BCRA Argentina 1935 CB 29 0%
198 Aramco PF Saudi Arabia 2017 PPF 29 33%
199 RDIF Russia 2011 SWF 28 100%
200 BdL Lebanon 1964 CB 28 0%
201 BB Bangladesh 1971 CB 26 0%
202 KENFO Germany 2017 SWF 26 10%
203 CBIran Iran 1960 CB 26 0%
204 VER Finland 1990 PPF 25 11%
205 FDC Luxembourg 2004 PPF 25 5%
206 BanGuat Guatemala 1945 CB 24 0%
207 FRR France 2001 PPF 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 TL PF Timor Leste 2005 SWF 19 4%
214 OPTrust Canada - ON 1995 PPF 19 53%
215 ISIF Ireland 2014 SWF 19 31%
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 14 0%
232 SIO-MPF Bahrain 1976 PPF 13 30%
233 CBIreland Ireland 1943 CB 12 0%
234 SDH / SSH Slovenia 1993 SWF 12 75%
235 ND LF USA - ND 2010 SWF 12 8%
236 SBP Pakistan 1947 CB 11 0%
237 CDP Equity Italy 2011 SWF 11 81%
238 SFPIM Belgium 2006 SWF 11 60%
239 CBAR Azerbaijan 1992 CB 11 0%
240 INA Indonesia 2020 SWF 11 26%
241 BCP Paraguay 1952 CB 10 0%
242 BCV Venezuela 1939 CB 10 0%
243 CADF China 2007 SWF 10 41%
244 CBKy Kenya 1966 CB 10 0%
245 BCE Ecuador 1927 CB 9 0%
246 BCT Tunisia 1958 CB 9 0%
247 NBRB Belarus 1990 CB 9 0%
248 BdM Mozambique 1975 CB 8 0%
249 BoM Mauritius 1967 CB 8 0%
250 SCIC Vietnam 2006 SWF 8 100%
251 HKIC China - HKSAR 2023 SWF 8 0%
252 Solidium Finland 1991 SWF 8 100%
253 BCH Honduras 1950 CB 7 0%
254 BeS Albania 1992 CB 7 0%
255 SBI Iceland 1961 CB 7 0%
256 GrowthFund Greece 2016 SWF 6 95%
257 BoG Ghana 1957 CB 6 0%
258 CBB Bahrain 2006 CB 6 0%
259 CBTT Trinidad & Tobago 1964 CB 6 0%
260 LiB Lithuania 1990 CB 6 0%
261 T&T HSF Trinidad & Tobago 2000 SWF 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 Pula Fund Botswana 1994 SWF 4 0%
272 DHI Bhutan 2007 SWF 3 90%
273 FEF Peru 1999 SWF 3 0%
274 HNB Croatia 1990 CB 3 0%
275 SAM UAE - Sharjah 2008 SWF 3 85%
276 NRF Guyana 2019 SWF 3 0%
277 FAP Panama 2012 SWF 3 0%
278 NSIA Nigeria 2011 SWF 2 60%
279 Sarawak Malaysia 2024 SWF 2 0%
280 MGI Malta 2015 SWF 2 100%
281 Maharlika Philippines 2023 SWF 2 0%
282 FSDEA Angola 2012 SWF 2 22%
283 CIF Israel 2022 SWF 2 0%
284 FFSB Brazil 2021 SWF 2 0%
285 ECCB East Caribbean System 1983 CB 2 0%
286 TSFE Egypt 2018 SWF 2 23%
287 FGIS Gabon 2012 SWF 2 100%
288 Ithmar Capital Morocco 2011 SWF 2 52%
289 GHF+GSF Ghana 2011 SWF 1 0%
290 FONSIS Senegal 2012 SWF 1 100%
291 Chinggis Fund Mongolia 2025 SWF 1 0%
292 MIC Mauritius 2020 SWF 1 100%
293 Palestine Palestine 2003 SWF 1.0 100%
294 FGR Bahrain 2006 SWF 0.9 36%
295 NIF Cyprus 2019 SWF 0.8 0%
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 FSD Djibouti 2020 SWF 0.2 100%
300 Nauru Nauru 2015 SWF 0.2 12%

Source: Global SWF. Last updated April 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