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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 BoJ Japan 1882 CB 1,411 0% 0%
6 ADIA UAE - Abu Dhabi 1967 SWF 1,187 33% 0%
7 PIF Saudi Arabia 1971 SWF 1,151 55% 80%
8 NPS South Korea 1988 PPF 1,124 16% 39%
9 SNB Switzerland 1907 CB 1,054 0% 0%
10 KIA Kuwait 1953 SWF 1,002 25% 6%
11 FRTIB USA 1986 PPF 963 0% 100%
12 GIC Singapore 1981 SWF 936 39% 0%
13 CBR Russia 1990 CB 742 0% 0%
14 RBI India 1935 CB 717 0% 0%
15 APG Netherlands 1922 PPF 641 24% 5%
16 CalPERS USA - CA 1932 PPF 606 34% 74%
17 CBC Taiwan 1924 CB 605 0% 0%
18 QIA Qatar 2005 SWF 580 45% 35%
19 CPP Canada 1997 PPF 570 60% 12%
20 DB Germany 1957 CB 559 0% 0%
21 HKMA EF China - HKSAR 1993 CB 533 0% 0%
22 CPF Singapore 1955 PPF 504 0% 100%
23 ICD UAE - Dubai 2006 SWF 458 66% 50%
24 NSSF China 2000 PPF 455 14% 87%
25 SAMA Saudi Arabia 1952 CB 442 0% 0%
26 BoK South Korea 1950 CB 428 0% 0%
27 BdI Italy 1893 CB 424 0% 0%
28 BdF France 1800 CB 419 0% 0%
29 MAS Singapore 1971 CB 416 0% 0%
30 CalSTRS USA - CA 1913 PPF 397 42% 80%
31 Mubadala UAE - Abu Dhabi 1984 SWF 385 65% 23%
32 La Caisse Canada - QC 1965 PPF 378 42% 30%
33 GOSI Saudi Arabia 1958 PPF 374 33% 80%
34 BCBr Brazil 1964 CB 361 0% 0%
35 TWF Turkiye 2017 SWF 360 80% 100%
36 KWSP / EPF Malaysia 1951 PPF 348 10% 65%
37 EPFO India 1952 PPF 332 5% 100%
38 Temasek Singapore 1974 SWF 324 50% 27%
39 NYC Compt USA - NY 1920 PPF 311 20% 80%
40 LIMAD UAE - Abu Dhabi 2018 SWF 300 45% 80%
41 RG UAE - AD 1999 RFO 300 20% 50%
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 DH UAE - Dubai 2004 SWF 136 94% 80%
81 LGPS Central UK 2017 PPF 135 12% 50%
82 ECB Eurosystem 1998 CB 130 0% 0%
83 BdE Spain 1782 CB 128 0% 0%
84 BNM Malaysia 1959 CB 128 0% 0%
85 NCRS USA - NC 1941 PPF 127 23% 80%
86 BoC Canada 1935 CB 127 0% 0%
87 AIMCo Canada - AB 1976 PPF 125 38% 41%
88 Virginia RS USA - VA 1942 PPF 124 36% 84%
89 BVK Germany 1995 PPF 122 50% 50%
90 Alecta Sweden 1917 PPF 119 20% 35%
91 Georgia TRS USA - GA 1943 PPF 117 4% 80%
92 EIA UAE 2007 SWF 116 21% 50%
93 PFA DK Denmark 1917 PPF 116 39% 25%
94 MassPRIM USA - MA 1983 PPF 115 31% 84%
95 DNB Netherlands 1814 CB 115 0% 0%
96 NDF Saudi Arabia 2017 SWF 115 100% 100%
97 BSP Philippines 1993 CB 113 0% 0%
98 OMERS Canada - ON 1962 PPF 106 70% 18%
99 ATP Groep Denmark 1964 PPF 106 35% 56%
100 Ohio STF USA - OH 1919 PPF 104 29% 84%
101 DN Denmark 1818 CB 104 0% 0%
102 UniSuper Australia 2000 PPF 103 15% 50%
103 Amitim Israel 2011 PPF 100 25% 64%
104 CBL Libya 1956 CB 99 0% 0%
105 CBIraq Iraq 1947 CB 98 0% 0%
106 HOOPP Canada - ON 1960 PPF 96 40% 50%
107 Oregon PERF USA - OR 1946 PPF 96 58% 84%
108 NLGPS UK 2019 PPF 94 29% 50%
109 BCRP Peru 1922 CB 91 0% 0%
110 AP4 Sweden 1974 PPF 91 26% 30%
111 AP3 Sweden 2001 PPF 91 23% 33%
112 KLP Norway 1949 PPF 90 16% 10%
113 Aramco PF Saudi Arabia 2017 PPF 90 33% 85%
114 QIC Australia - QLD 1991 SWF 89 29% 60%
115 Samruk Kazyna Kazakhstan 2008 SWF 88 62% 96%
116 LACERA USA - CA 1937 PPF 88 39% 84%
117 HostPlus Australia 1987 PPF 88 41% 50%
118 SSO Thailand 1990 PPF 88 0% 60%
119 MPSERS USA - MI 1942 PPF 87 47% 84%
120 PFA JP Japan 1967 PPF 87 0% 48%
121 Alaska PFC USA - AK 1976 SWF 86 45% 75%
122 KEVA Finland 1988 PPF 86 34% 11%
123 SBV Vietnam 1951 CB 81 0% 0%
124 Illinois STRS USA - IL 1939 PPF 81 21% 80%
125 DIF UAE - Dubai 2024 SWF 80 60% 36%
126 Penn PSERS USA - PA 1917 PPF 80 33% 80%
127 NJ DoI USA - NJ 1950 PPF 79 27% 80%
128 PNB Malaysia 1978 SWF 78 13% 84%
129 TCorp Australia - NSW 1983 SWF 77 17% 24%
130 BNR Romania 1880 CB 77 0% 0%
131 CBU Uzbekistan 1991 CB 77 0% 0%
132 FGS Argentina 2008 PPF 77 0% 50%
133 NB Norway 1816 CB 75 0% 0%
134 NBK Kazakhstan 1993 CB 74 0% 0%
135 Maryland SRA USA - MD 1941 PPF 74 42% 80%
136 SOFAZ Azerbaijan 1999 SWF 74 9% 5%
137 BIA Brunei 1983 SWF 73 20% 20%
138 RBA Australia 1959 CB 72 0% 0%
139 QCB Qatar 1973 CB 72 0% 0%
140 Kokkyoren Japan 2017 PPF 71 0% 48%
141 New Mexico SIC USA - NM 1958 SWF 70 30% 75%
142 PKA Denmark 1954 PPF 70 8% 50%
143 SARB South Africa 1921 CB 70 0% 0%
144 CBUS Australia 1984 PPF 69 29% 50%
145 London CIV UK 2015 PPF 68 20% 50%
146 LIA Libya 2006 SWF 68 23% 35%
147 NF-NIC Kazakhstan 2000 SWF 67 10% 50%
148 NEST UK 2008 PPF 67 12% 23%
149 COPERA USA - CO 1931 PPF 67 22% 80%
150 IMCO Canada - ON 2016 PPF 66 45% 29%
151 BanRep Colombia 1923 CB 66 0% 0%
152 Bportugal Portugal 1846 CB 64 0% 0%
153 REST Australia 1988 PPF 64 49% 50%
154 NDFT Taiwan 2006 SWF 64 1% 100%
155 SRB Sweden 1668 CB 63 0% 0%
156 HESTA Australia 1999 PPF 63 25% 50%
157 VFMC Australia - VIC 1994 SWF 62 41% 50%
158 AP2 Sweden 2001 PPF 61 39% 19%
159 Texas PSF USA - TX 1854 SWF 61 53% 75%
160 OIA Oman 1980 SWF 60 42% 61%
161 Bpifrance France 2008 SWF 60 60% 100%
162 PensionDanmark Denmark 1993 PPF 59 25% 35%
163 ADFD UAE - Abu Dhabi 1971 SWF 59 90% 25%
164 ADPF UAE - Abu Dhabi 2000 PPF 57 40% 50%
165 NBB Belgium 1850 CB 55 0% 0%
166 NBU Ukraine 1839 CB 55 0% 0%
167 GPSSA UAE 1999 PPF 54 40% 50%
168 OENB Austria 1816 CB 52 0% 0%
169 ESSS Indonesia 1977 PPF 52 5% 70%
170 KTCU South Korea 1971 PPF 51 56% 39%
171 CPB Thailand 1948 RFO 50 20% 50%
172 NZ Super Fund New Zealand 2001 SWF 50 27% 11%
173 BdL Lebanon 1964 CB 49 0% 0%
174 CBE Egypt 1961 CB 49 0% 0%
175 Bcentral Chile 1925 CB 49 0% 0%
176 MNB Hungary 1924 CB 48 0% 0%
177 BNB Bulgaria 1879 CB 48 0% 0%
178 PUBLICA Switzerland 2001 PPF 47 24% 55%
179 CBK Kuwait 1969 CB 47 0% 0%
180 Texas MRS USA - TX 1947 PPF 47 53% 85%
181 EIH Ethiopia 2022 SWF 46 100% 100%
182 VSS Vietnam 1995 PPF 46 5% 80%
183 BKAM Morocco 1959 CB 46 0% 0%
184 GPF Thailand 1997 PPF 46 23% 39%
185 PREVI Brazil 1904 PPF 45 5% 99%
186 CBN Nigeria 1958 CB 43 0% 0%
187 CSC Australia 1976 PPF 43 17% 50%
188 FTF Norway 2006 SWF 43 0% 82%
189 AIH Azerbaijan 2021 SWF 43 93% 100%
190 CDG Morocco 1959 PPF 42 35% 75%
191 BCRA Argentina 1935 CB 42 0% 0%
192 Texas PUF USA - TX 1876 SWF 42 64% 85%
193 KWAP Malaysia 2007 PPF 42 14% 80%
194 KIPCO Kuwait 1975 RFO 40 20% 50%
195 BoA Algeria 1962 CB 40 0% 0%
196 CareSuper Australia - TAS 2021 PPF 38 24% 80%
197 GRSIA (Daman) Qatar 2002 PPF 37 11% 99%
198 NWF UK UK 2024 SWF 36 100% 100%
199 BB Bangladesh 1971 CB 35 0% 0%
200 YSHHB Brunei 1992 RFO 35 20% 50%
201 NBSr Serbia 1884 CB 34 0% 0%
202 CBIran Iran 1960 CB 34 0% 0%
203 Wyoming STO USA - WY 1975 SWF 33 46% 87%
204 GSIS Philippines 1936 PPF 33 5% 50%
205 RBNZ New Zealand 1934 CB 33 0% 0%
206 BanGuat Guatemala 1945 CB 32 0% 0%
207 Khazanah Malaysia 1993 SWF 32 29% 70%
208 OBAG Austria 1967 SWF 31 27% 100%
209 Baiterek Kazakhstan 2014 SWF 31 100% 100%
210 AMCM China - MSAR 1999 CB 30 0% 0%
211 ISIF Ireland 2014 SWF 28 32% 76%
212 RDIF Russia 2011 SWF 28 100% 100%
213 NBC Cambodia 1954 CB 28 0% 0%
214 SPF Oman 2023 PPF 27 40% 50%
215 NDFI Iran 2011 SWF 27 80% 100%
216 KENFO Germany 2017 SWF 26 30% 4%
217 CBJ Jordan 1964 CB 25 0% 0%
218 BCEAO West African System 1959 CB 23 0% 0%
219 NRB Nepal 1956 CB 23 0% 0%
220 PG Bahrain 2023 RFO 22 20% 50%
221 SP Finland 1811 CB 22 0% 0%
222 BCU Uruguay 1967 CB 21 0% 0%
223 PFR Poland 2016 SWF 20 95% 100%
224 TCE UK 1961 RFO 20 20% 50%
225 TtE Greece 1927 CB 20 0% 0%
226 ADCG UAE - AD 2008 RFO 20 20% 50%
227 ADUG UAE - AD 2008 RFO 20 20% 50%
228 OPTrust Canada - ON 1995 PPF 20 64% 35%
229 CBO Oman 1974 CB 19 0% 0%
230 TL PF Timor Leste 2005 SWF 18 5% 2%
231 NBSl Slovakia 1993 CB 18 0% 0%
232 Mumtalakat Bahrain 2006 SWF 18 79% 67%
233 UFRD Uzbekistan 2006 SWF 17 34% 100%
234 SBP Pakistan 1947 CB 16 0% 0%
235 Mutapa IF Zimbabwe 2024 SWF 16 100% 100%
236 BCCR Costa Rica 1950 CB 16 0% 0%
237 BNA Angola 1926 CB 16 0% 0%
238 POBA South Korea 1975 PPF 15 58% 39%
239 Al Qassimi UAE - Sh 1992 RFO 15 20% 50%
240 QF Qatar 1995 RFO 15 20% 50%
241 BCRD Dominican Republic 1947 CB 14 0% 0%
242 Chile ESSF-PRF Chile 2006 SWF 14 0% 0%
243 KHC Saudi 1980 RFO 14 20% 50%
244 CBIreland Ireland 1943 CB 14 0% 0%
245 BEAC Central African System 1972 CB 13 0% 0%
246 BCV Venezuela 1939 CB 13 0% 0%
247 SIO-MPF Bahrain 1976 PPF 13 30% 25%
248 GrowthFund Greece 2016 SWF 12 95% 100%
249 EDGE UAE - Abu Dhabi 2019 SWF 12 100% 50%
250 SFPIM Belgium 2006 SWF 12 66% 100%
251 SDH / SSH Slovenia 1993 SWF 12 75% 100%
252 ND LF USA - ND 2010 SWF 12 20% 85%
253 JIC Japan 2009 SWF 12 100% 50%
254 CDP Equity Italy 2011 SWF 12 82% 100%
255 CBAR Azerbaijan 1992 CB 12 0% 0%
256 CBKy Kenya 1966 CB 11 0% 0%
257 BCP Paraguay 1952 CB 10 0% 0%
258 Al Mirqab Qatar 2013 RFO 10 20% 50%
259 NH UAE - AD 1993 RFO 10 20% 50%
260 QSI Qatar 2005 RFO 10 20% 50%
261 Regis-Dilmon Qatar 2013 RFO 10 20% 50%
262 BCH Honduras 1950 CB 10 0% 0%
263 BCE Ecuador 1927 CB 10 0% 0%
264 BoM Mauritius 1967 CB 10 0% 0%
265 LFSG Liechtenstein 1970 RFO 9 20% 50%
266 NBRB Belarus 1990 CB 9 0% 0%
267 INA Indonesia 2020 SWF 9 97% 100%
268 BCT Tunisia 1958 CB 9 0% 0%
269 BoG Ghana 1957 CB 8 0% 0%
270 SCIC Vietnam 2006 SWF 8 100% 100%
271 HKIC China - HKSAR 2023 SWF 8 75% 90%
272 FRC Monaco 1962 SWF 8 55% 100%
273 Solidium Finland 1991 SWF 7 100% 100%
274 BeS Albania 1992 CB 7 0% 0%
275 SBI Iceland 1961 CB 7 0% 0%
276 MB Mongolia 1991 CB 7 0% 0%
277 T&T HSF Trinidad & Tobago 2000 SWF 6 0% 0%
278 BBB IP UK 2014 SWF 6 100% 100%
279 COFIDES Spain 1988 SWF 6 90% 25%
280 CBTT Trinidad & Tobago 1964 CB 6 0% 0%
281 LiB Lithuania 1990 CB 6 0% 0%
282 FM6I Morocco 2020 RFO 6 20% 50%
283 KPRJ Malaysia 2013 RFO 6 20% 50%
284 AGH Kuwait 1993 RFO 5 20% 50%
285 DREC Lands UAE - D 2007 RFO 5 20% 50%
286 Ezdan Qatar 2007 RFO 5 20% 50%
287 LaB Latvia 1993 CB 5 0% 0%
288 Shamal UAE - D 2020 RFO 5 20% 50%
289 NIIF India 2015 SWF 5 100% 100%
290 FEIP+FMPED Mexico 2000 SWF 5 0% 0%
291 CBB Bahrain 2006 CB 5 0% 0%
292 KWAN / NTF Malaysia 1988 SWF 4 0% 0%
293 FAE+FAEP Colombia 1995 SWF 4 0% 0%
294 FSDEA Angola 2012 SWF 4 22% 18%
295 DHI Bhutan 2007 SWF 4 90% 80%
296 Grand Duchy Luxembourg 1921 RFO 4 20% 50%
297 BdM Mozambique 1975 CB 4 0% 0%
298 SAM UAE - Sharjah 2008 SWF 4 85% 100%
299 BCBo Bolivia 1928 CB 3 0% 0%
300 FEF Peru 1999 SWF 3 0% 0%
301 FAP Panama 2012 SWF 3 7% 0%
302 NRF Guyana 2019 SWF 3 0% 0%
303 Eight InvCo Saudi 2010 RFO 3 20% 50%
304 DREC UAE - D 1991 RFO 3 20% 50%
305 FBF Oman 1974 RFO 3 20% 50%
306 HNB Croatia 1990 CB 3 0% 0%
307 NIC UAE UAE - AD 1999 RFO 3 20% 50%
308 QIPCO Qatar 1999 RFO 3 20% 50%
309 Tawoos Oman 1982 RFO 3 20% 50%
310 Casa Real Spain 1975 RFO 3 20% 50%
311 NSIA Nigeria 2011 SWF 3 60% 50%
312 Syrian SF Syria 2025 SWF 3 100% 100%
313 CIC China 2007 SWF 2 78% 60%
314 Maharlika Philippines 2023 SWF 2 90% 100%
315 CIF Israel 2022 SWF 2 0% 5%
316 Al Ain UAE - AD 1996 RFO 2 20% 50%
317 Basma UAE - Sh 2005 RFO 2 20% 50%
318 Dhabi Holdings UAE - AD 1998 RFO 2 20% 50%
319 ECCB East Caribbean System 1983 CB 2 0% 0%
320 EIH UAE - AD 2022 RFO 2 20% 50%
321 Al Faisal Qatar 1964 RFO 2 20% 50%
322 Al Fajer UAE - D 1970 RFO 2 20% 50%
323 PO JAAS Saudi 2016 RFO 2 20% 50%
324 KBW Saudi 2013 RFO 2 20% 50%
325 Khalidia UAE - AD 1960 RFO 2 20% 50%
326 Mayhoola Qatar 2011 RFO 2 20% 50%
327 Sultan Saudi 2020 RFO 2 20% 50%
328 TSFE Egypt 2018 SWF 2 23% 100%
329 Pula Fund Botswana 1994 SWF 2 0% 0%
330 Sarawak Malaysia 2024 SWF 2 0% 0%
331 Ithmar Capital Morocco 2011 SWF 2 52% 100%
332 FFSB Brazil 2021 SWF 2 0% 50%
333 Chinggis Fund Mongolia 2025 SWF 2 0% 0%
334 FPA2 Monaco 2006 RFO 2 20% 50%
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 May 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