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# Investor Country Est. Type AuM ($b)* Alternatives (%)** Domestic (%)
1 PBoC China 1948 CB 3,724 0% 0%
2 NBIM Norway 1997 SWF 2,116 2% 0%
3 SAFE IC China 1997 SWF 1,952 28% 40%
4 GPIF Japan 2006 PPF 1,876 2% 48%
5 CIC China 2007 SWF 1,567 28% 60%
6 BoJ Japan 1882 CB 1,341 0% 0%
7 ADIA UAE - Abu Dhabi 1967 SWF 1,187 33% 0%
8 PIF Saudi Arabia 1971 SWF 1,151 55% 80%
9 SNB Switzerland 1907 CB 1,054 0% 0%
10 NPS South Korea 1988 PPF 1,014 17% 39%
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 687 0% 0%
16 APG Netherlands 1922 PPF 641 24% 5%
17 CalPERS USA - CA 1932 PPF 606 34% 74%
18 CBC Taiwan 1924 CB 600 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 534 0% 0%
23 CPF Singapore 1955 PPF 504 0% 100%
24 NSSF China 2000 PPF 455 14% 87%
25 SAMA Saudi Arabia 1952 CB 442 0% 0%
26 BoK South Korea 1950 CB 431 0% 0%
27 ICD UAE - Dubai 2006 SWF 429 66% 50%
28 BdI Italy 1893 CB 424 0% 0%
29 BdF France 1800 CB 419 0% 0%
30 MAS Singapore 1971 CB 400 0% 0%
31 CalSTRS USA - CA 1913 PPF 397 42% 80%
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 Mubadala UAE - Abu Dhabi 1984 SWF 358 65% 23%
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 SBA Florida USA - FL 1943 PPF 276 33% 80%
44 AustralianSuper Australia 2006 PPF 275 26% 45%
45 CBUAE UAE 1980 CB 274 0% 0%
46 BoT Thailand 1942 CB 272 0% 0%
47 BLF Taiwan 2014 PPF 271 10% 38%
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 KIC South Korea 2005 SWF 232 22% 0%
54 BoI Israel 1954 CB 231 0% 0%
55 Danantara Indonesia 2025 SWF 230 71% 100%
56 ART Australia - QLD 2022 PPF 229 30% 50%
57 Texas TRS USA - TX 1937 PPF 225 33% 80%
58 Future Fund Australia 2006 SWF 225 43% 24%
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 197 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 NWF RU Russia 2008 SWF 178 20% 0%
68 SWIB USA - WI 1951 PPF 177 43% 80%
69 CNB Czech Republic 1993 CB 173 0% 0%
70 MPFA China - HKSAR 1995 PPF 172 0% 58%
71 PIC South Africa 2015 PPF 166 6% 87%
72 AP7 Sweden 2000 PPF 163 4% 12%
73 PIFSS-Wafra Kuwait 1955 PPF 159 40% 50%
74 NYS TRS USA - NY 1913 PPF 154 29% 74%
75 BCPP UK 2018 PPF 152 15% 50%
76 BI Indonesia 1953 CB 150 0% 0%
77 MSBI USA - MN 1981 PPF 147 25% 80%
78 Ohio PERS USA - OH 1935 PPF 143 28% 80%
79 Aware Super Australia 2020 PPF 141 26% 50%
80 LGPS Central UK 2017 PPF 135 12% 50%
81 ECB Eurosystem 1998 CB 130 0% 0%
82 BdE Spain 1782 CB 128 0% 0%
83 NCRS USA - NC 1941 PPF 127 23% 80%
84 BoC Canada 1935 CB 127 0% 0%
85 AIMCo Canada - AB 1976 PPF 125 38% 41%
86 Virginia RS USA - VA 1942 PPF 124 36% 84%
87 BNM Malaysia 1959 CB 124 0% 0%
88 BVK Germany 1995 PPF 122 50% 50%
89 Alecta Sweden 1917 PPF 119 20% 35%
90 Georgia TRS USA - GA 1943 PPF 117 4% 80%
91 EIA UAE 2007 SWF 116 21% 50%
92 PFA DK Denmark 1917 PPF 116 39% 25%
93 MassPRIM USA - MA 1983 PPF 115 31% 84%
94 DNB Netherlands 1814 CB 115 0% 0%
95 NDF Saudi Arabia 2017 SWF 115 100% 100%
96 BSP Philippines 1993 CB 111 0% 0%
97 ATP Groep Denmark 1964 PPF 110 35% 56%
98 OMERS Canada - ON 1962 PPF 106 70% 18%
99 Ohio STF USA - OH 1919 PPF 104 29% 84%
100 DN Denmark 1818 CB 104 0% 0%
101 UniSuper Australia 2000 PPF 103 15% 50%
102 Amitim Israel 2011 PPF 100 25% 64%
103 CBL Libya 1956 CB 99 0% 0%
104 CBIraq Iraq 1947 CB 98 0% 0%
105 Oregon PERF USA - OR 1946 PPF 96 58% 84%
106 NLGPS UK 2019 PPF 94 29% 50%
107 BCRP Peru 1922 CB 91 0% 0%
108 AP4 Sweden 1974 PPF 91 26% 30%
109 AP3 Sweden 2001 PPF 91 23% 33%
110 KLP Norway 1949 PPF 90 16% 10%
111 Aramco PF Saudi Arabia 2017 PPF 90 33% 85%
112 QIC Australia - QLD 1991 SWF 89 29% 60%
113 Samruk Kazyna Kazakhstan 2008 SWF 88 62% 96%
114 LACERA USA - CA 1937 PPF 88 39% 84%
115 HostPlus Australia 1987 PPF 88 41% 50%
116 SSO Thailand 1990 PPF 88 0% 60%
117 Alaska PFC USA - AK 1976 SWF 88 45% 75%
118 MPSERS USA - MI 1942 PPF 87 47% 84%
119 PFA JP Japan 1967 PPF 87 0% 48%
120 KEVA Finland 1988 PPF 86 34% 11%
121 HOOPP Canada - ON 1960 PPF 86 40% 50%
122 SBV Vietnam 1951 CB 81 0% 0%
123 Illinois STRS USA - IL 1939 PPF 81 21% 80%
124 DIF UAE - Dubai 2024 SWF 80 60% 36%
125 Penn PSERS USA - PA 1917 PPF 80 33% 80%
126 NJ DoI USA - NJ 1950 PPF 79 27% 80%
127 PNB Malaysia 1978 SWF 78 13% 84%
128 TCorp Australia - NSW 1983 SWF 77 17% 24%
129 BNR Romania 1880 CB 77 0% 0%
130 FGS Argentina 2008 PPF 77 0% 50%
131 NB Norway 1816 CB 75 0% 0%
132 Maryland SRA USA - MD 1941 PPF 74 42% 80%
133 SOFAZ Azerbaijan 1999 SWF 74 9% 5%
134 BIA Brunei 1983 SWF 73 20% 20%
135 RBA Australia 1959 CB 72 0% 0%
136 DH UAE - Dubai 2004 SWF 72 94% 80%
137 QCB Qatar 1973 CB 72 0% 0%
138 Kokkyoren Japan 2017 PPF 71 0% 48%
139 New Mexico SIC USA - NM 1958 SWF 70 30% 75%
140 PKA Denmark 1954 PPF 70 8% 50%
141 SARB South Africa 1921 CB 70 0% 0%
142 CBUS Australia 1984 PPF 69 29% 50%
143 London CIV UK 2015 PPF 68 20% 50%
144 LIA Libya 2006 SWF 68 23% 35%
145 NF-NIC Kazakhstan 2000 SWF 67 10% 50%
146 COPERA USA - CO 1931 PPF 67 22% 80%
147 BanRep Colombia 1923 CB 66 0% 0%
148 Bportugal Portugal 1846 CB 64 0% 0%
149 REST Australia 1988 PPF 64 49% 50%
150 NEST UK 2008 PPF 64 12% 50%
151 NDFT Taiwan 2006 SWF 64 1% 100%
152 SRB Sweden 1668 CB 63 0% 0%
153 HESTA Australia 1999 PPF 63 25% 50%
154 VFMC Australia - VIC 1994 SWF 62 41% 50%
155 AP2 Sweden 2001 PPF 61 39% 19%
156 Texas PSF USA - TX 1854 SWF 61 53% 75%
157 NBK Kazakhstan 1993 CB 60 0% 0%
158 IMCO Canada - ON 2016 PPF 60 45% 29%
159 Bpifrance France 2008 SWF 60 60% 100%
160 PensionDanmark Denmark 1993 PPF 59 25% 35%
161 ADFD UAE - Abu Dhabi 1971 SWF 59 20% 50%
162 ADPF UAE - Abu Dhabi 2000 PPF 57 40% 50%
163 NBB Belgium 1850 CB 55 0% 0%
164 NBU Ukraine 1839 CB 55 0% 0%
165 GPSSA UAE 1999 PPF 54 40% 50%
166 OIA Oman 1980 SWF 53 42% 61%
167 OENB Austria 1816 CB 52 0% 0%
168 NZ Super Fund New Zealand 2001 SWF 52 27% 11%
169 ESSS Indonesia 1977 PPF 52 5% 70%
170 KTCU South Korea 1971 PPF 51 56% 39%
171 BdL Lebanon 1964 CB 49 0% 0%
172 CBE Egypt 1961 CB 49 0% 0%
173 Bcentral Chile 1925 CB 49 0% 0%
174 CBU Uzbekistan 1991 CB 49 0% 0%
175 MNB Hungary 1924 CB 48 0% 0%
176 BNB Bulgaria 1879 CB 48 0% 0%
177 PUBLICA Switzerland 2001 PPF 47 24% 55%
178 CBK Kuwait 1969 CB 47 0% 0%
179 Texas MRS USA - TX 1947 PPF 47 53% 85%
180 EIH Ethiopia 2022 SWF 46 100% 100%
181 VSS Vietnam 1995 PPF 46 5% 80%
182 BKAM Morocco 1959 CB 46 0% 0%
183 GPF Thailand 1997 PPF 46 23% 39%
184 PREVI Brazil 1904 PPF 45 5% 99%
185 CBN Nigeria 1958 CB 43 0% 0%
186 CSC Australia 1976 PPF 43 17% 50%
187 FTF Norway 2006 SWF 43 0% 82%
188 AIH Azerbaijan 2021 SWF 43 93% 100%
189 CDG Morocco 1959 PPF 42 35% 75%
190 BCRA Argentina 1935 CB 42 0% 0%
191 Texas PUF USA - TX 1876 SWF 42 64% 85%
192 KWAP Malaysia 2007 PPF 42 14% 80%
193 BoA Algeria 1962 CB 40 0% 0%
194 CareSuper Australia - TAS 2021 PPF 38 30% 50%
195 GRSIA (Daman) Qatar 2002 PPF 37 11% 99%
196 NWF UK UK 2024 SWF 36 100% 100%
197 NBSr Serbia 1884 CB 34 0% 0%
198 CBIran Iran 1960 CB 34 0% 0%
199 Wyoming STO USA - WY 1975 SWF 33 46% 87%
200 GSIS Philippines 1936 PPF 33 5% 50%
201 RBNZ New Zealand 1934 CB 33 0% 0%
202 BanGuat Guatemala 1945 CB 32 0% 0%
203 Khazanah Malaysia 1993 SWF 32 29% 70%
204 BB Bangladesh 1971 CB 31 0% 0%
205 OBAG Austria 1967 SWF 31 27% 100%
206 Baiterek Kazakhstan 2014 SWF 31 100% 100%
207 AMCM China - MSAR 1999 CB 30 0% 0%
208 ISIF Ireland 2014 SWF 28 32% 76%
209 RDIF Russia 2011 SWF 28 100% 100%
210 SPF Oman 2023 PPF 27 40% 50%
211 NDFI Iran 2011 SWF 27 80% 100%
212 KENFO Germany 2017 SWF 26 30% 4%
213 NBC Cambodia 1954 CB 25 0% 0%
214 CBJ Jordan 1964 CB 25 0% 0%
215 BCEAO West African System 1959 CB 23 0% 0%
216 SP Finland 1811 CB 22 0% 0%
217 BCU Uruguay 1967 CB 21 0% 0%
218 NRB Nepal 1956 CB 20 0% 0%
219 PFR Poland 2016 SWF 20 95% 100%
220 TtE Greece 1927 CB 20 0% 0%
221 CBO Oman 1974 CB 19 0% 0%
222 OPTrust Canada - ON 1995 PPF 19 64% 35%
223 TL PF Timor Leste 2005 SWF 18 5% 2%
224 NBSl Slovakia 1993 CB 18 0% 0%
225 Mumtalakat Bahrain 2006 SWF 18 79% 67%
226 UFRD Uzbekistan 2006 SWF 17 34% 100%
227 Mutapa IF Zimbabwe 2024 SWF 16 100% 100%
228 BCCR Costa Rica 1950 CB 16 0% 0%
229 BNA Angola 1926 CB 16 0% 0%
230 POBA South Korea 1975 PPF 15 58% 39%
231 SBP Pakistan 1947 CB 15 0% 0%
232 BCRD Dominican Republic 1947 CB 14 0% 0%
233 Chile ESSF-PRF Chile 2006 SWF 14 0% 0%
234 CBIreland Ireland 1943 CB 14 0% 0%
235 BEAC Central African System 1972 CB 13 0% 0%
236 BCV Venezuela 1939 CB 13 0% 0%
237 IDC Zambia 2014 SWF 13 100% 100%
238 SIO-MPF Bahrain 1976 PPF 13 30% 25%
239 GrowthFund Greece 2016 SWF 12 95% 100%
240 SFPIM Belgium 2006 SWF 12 66% 100%
241 SDH / SSH Slovenia 1993 SWF 12 75% 100%
242 ND LF USA - ND 2010 SWF 12 20% 85%
243 JIC Japan 2009 SWF 12 100% 50%
244 CDP Equity Italy 2011 SWF 12 82% 100%
245 CBAR Azerbaijan 1992 CB 11 0% 0%
246 CBKy Kenya 1966 CB 11 0% 0%
247 BCP Paraguay 1952 CB 10 0% 0%
248 BCH Honduras 1950 CB 10 0% 0%
249 BCE Ecuador 1927 CB 10 0% 0%
250 BoM Mauritius 1967 CB 10 0% 0%
251 NBRB Belarus 1990 CB 9 0% 0%
252 INA Indonesia 2020 SWF 9 97% 100%
253 BCT Tunisia 1958 CB 8 0% 0%
254 BoG Ghana 1957 CB 8 0% 0%
255 SCIC Vietnam 2006 SWF 8 100% 100%
256 HKIC China - HKSAR 2023 SWF 8 75% 90%
257 FRC Monaco 1962 SWF 8 55% 100%
258 Solidium Finland 1991 SWF 7 100% 100%
259 BeS Albania 1992 CB 7 0% 0%
260 SBI Iceland 1961 CB 7 0% 0%
261 T&T HSF Trinidad & Tobago 2000 SWF 6 0% 0%
262 BBB IP UK 2014 SWF 6 100% 100%
263 COFIDES Spain 1988 SWF 6 90% 25%
264 CBTT Trinidad & Tobago 1964 CB 6 0% 0%
265 LiB Lithuania 1990 CB 6 0% 0%
266 MB Mongolia 1991 CB 6 0% 0%
267 LaB Latvia 1993 CB 5 0% 0%
268 NIIF India 2015 SWF 5 100% 100%
269 FEIP+FMPED Mexico 2000 SWF 5 0% 0%
270 CBB Bahrain 2006 CB 5 0% 0%
271 KWAN / NTF Malaysia 1988 SWF 4 0% 0%
272 FAE+FAEP Colombia 1995 SWF 4 0% 0%
273 FSDEA Angola 2012 SWF 4 22% 18%
274 DHI Bhutan 2007 SWF 4 90% 80%
275 BdM Mozambique 1975 CB 4 0% 0%
276 SAM UAE - Sharjah 2008 SWF 4 85% 100%
277 BCBo Bolivia 1928 CB 3 0% 0%
278 FEF Peru 1999 SWF 3 0% 0%
279 FAP Panama 2012 SWF 3 7% 0%
280 NRF Guyana 2019 SWF 3 0% 0%
281 HNB Croatia 1990 CB 3 0% 0%
282 NSIA Nigeria 2011 SWF 3 60% 50%
283 MGI Malta 2015 SWF 3 100% 100%
284 Maharlika Philippines 2023 SWF 2 90% 100%
285 CIF Israel 2022 SWF 2 0% 5%
286 FFSB Brazil 2021 SWF 2 0% 50%
287 ECCB East Caribbean System 1983 CB 2 0% 0%
288 TSFE Egypt 2018 SWF 2 23% 100%
289 Pula Fund Botswana 1994 SWF 2 0% 0%
290 Sarawak Malaysia 2024 SWF 2 0% 0%
291 Ithmar Capital Morocco 2011 SWF 2 52% 100%
292 Chinggis Fund Mongolia 2025 SWF 2 0% 0%
293 GHF+GSF Ghana 2011 SWF 1 0% 0%
294 FONSIS Senegal 2012 SWF 1 100% 100%
295 Palestine Palestine 2003 SWF 1.0 100% 100%
296 FGR Bahrain 2006 SWF 0.9 36% 6%
297 FGIS Gabon 2012 SWF 0.5 100% 100%
298 GIIF Ghana 2016 SWF 0.4 100% 100%
299 Agaciro Fund Rwanda 2012 SWF 0.3 12% 100%
300 Nauru Nauru 2015 SWF 0.2 15% 0%

Source: Global SWF. Last updated March 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