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Governmental Interest </div> </a> <ul id="toc-Recent_Governmental_Interest-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Santiago_Principles" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Santiago_Principles"> <div class="vector-toc-text"> 3.2 Santiago Principles </div> </a> <ul id="toc-Santiago_Principles-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Size_of_SWFs" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Size_of_SWFs"> <div class="vector-toc-text"> 4 Size of SWFs </div> </a> <ul id="toc-Size_of_SWFs-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Depletion_of_SWFs" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Depletion_of_SWFs"> <div class="vector-toc-text"> 5 Depletion of SWFs </div> </a> <ul id="toc-Depletion_of_SWFs-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Largest_sovereign_wealth_funds" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Largest_sovereign_wealth_funds"> <div class="vector-toc-text"> 6 Largest sovereign wealth funds </div> </a> <ul id="toc-Largest_sovereign_wealth_funds-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> 7 See also </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> 8 References </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> 9 Further reading </div> </a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" title="Table of Contents" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled 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Available in 26 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-26" aria-hidden="true" > 26 languages </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-af mw-list-item"><a href="https://af.wikipedia.org/wiki/Soewereine_welvaartfonds" title="Soewereine welvaartfonds – Afrikaans" lang="af" hreflang="af" data-title="Soewereine welvaartfonds" data-language-autonym="Afrikaans" data-language-local-name="Afrikaans" class="interlanguage-link-target">Afrikaans</a></li><li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%B5%D9%86%D8%AF%D9%88%D9%82_%D8%A7%D9%84%D8%AB%D8%B1%D9%88%D8%A9_%D8%A7%D9%84%D8%B3%D9%8A%D8%A7%D8%AF%D9%8A" title="صندوق الثروة السيادي – Arabic" lang="ar" hreflang="ar" data-title="صندوق الثروة السيادي" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target">العربية</a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Staatsfonds" title="Staatsfonds – German" lang="de" hreflang="de" data-title="Staatsfonds" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target">Deutsch</a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Fondo_soberano_de_inversi%C3%B3n" title="Fondo soberano de inversión – Spanish" lang="es" hreflang="es" data-title="Fondo soberano de inversión" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target">Español</a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Inbertsio-funts_subirano" title="Inbertsio-funts subirano – Basque" lang="eu" hreflang="eu" data-title="Inbertsio-funts subirano" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target">Euskara</a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%B5%D9%86%D8%AF%D9%88%D9%82_%D8%AB%D8%B1%D9%88%D8%AA_%D9%85%D9%84%DB%8C" title="صندوق ثروت ملی – Persian" lang="fa" hreflang="fa" data-title="صندوق ثروت ملی" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target">فارسی</a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Fonds_souverain" title="Fonds souverain – French" lang="fr" hreflang="fr" data-title="Fonds souverain" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target">Français</a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EA%B5%AD%EB%B6%80_%ED%8E%80%EB%93%9C" title="국부 펀드 – Korean" lang="ko" hreflang="ko" data-title="국부 펀드" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target">한국어</a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Dana_investasi_pemerintah" title="Dana investasi pemerintah – Indonesian" lang="id" hreflang="id" data-title="Dana investasi pemerintah" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target">Bahasa Indonesia</a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Fondo_sovrano" title="Fondo sovrano – Italian" lang="it" hreflang="it" data-title="Fondo sovrano" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target">Italiano</a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%A7%D7%A8%D7%9F_%D7%A2%D7%95%D7%A9%D7%A8_%D7%A8%D7%99%D7%91%D7%95%D7%A0%D7%99%D7%AA" title="קרן עושר ריבונית – Hebrew" lang="he" hreflang="he" data-title="קרן עושר ריבונית" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target">עברית</a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/Valstybinis_investicinis_fondas" title="Valstybinis investicinis fondas – Lithuanian" lang="lt" hreflang="lt" data-title="Valstybinis investicinis fondas" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target">Lietuvių</a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Dana_mahsul" title="Dana mahsul – Malay" lang="ms" hreflang="ms" data-title="Dana mahsul" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target">Bahasa Melayu</a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Sovereign_wealth_fund" title="Sovereign wealth fund – Dutch" lang="nl" hreflang="nl" data-title="Sovereign wealth fund" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target">Nederlands</a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E3%82%BD%E3%83%96%E3%83%AA%E3%83%B3%E3%83%BB%E3%82%A6%E3%82%A8%E3%83%AB%E3%82%B9%E3%83%BB%E3%83%95%E3%82%A1%E3%83%B3%E3%83%89" title="ソブリン・ウエルス・ファンド – Japanese" lang="ja" hreflang="ja" data-title="ソブリン・ウエルス・ファンド" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target">日本語</a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Statlig_investeringsfond" title="Statlig investeringsfond – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Statlig investeringsfond" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target">Norsk bokmål</a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Pa%C5%84stwowy_fundusz_maj%C4%85tkowy" title="Państwowy fundusz majątkowy – Polish" lang="pl" hreflang="pl" data-title="Państwowy fundusz majątkowy" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target">Polski</a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Fundo_soberano" title="Fundo soberano – Portuguese" lang="pt" hreflang="pt" data-title="Fundo soberano" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target">Português</a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Fond_suveran" title="Fond suveran – Romanian" lang="ro" hreflang="ro" data-title="Fond suveran" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target">Română</a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%A1%D1%83%D0%B2%D0%B5%D1%80%D0%B5%D0%BD%D0%BD%D1%8B%D0%B9_%D1%84%D0%BE%D0%BD%D0%B4" title="Суверенный фонд – Russian" lang="ru" hreflang="ru" data-title="Суверенный фонд" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target">Русский</a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/Sovereign_wealth_fund" title="Sovereign wealth fund – Simple English" lang="en-simple" hreflang="en-simple" data-title="Sovereign wealth fund" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target">Simple English</a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Ulusal_varl%C4%B1k_fonu" title="Ulusal varlık fonu – Turkish" lang="tr" hreflang="tr" data-title="Ulusal varlık fonu" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target">Türkçe</a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%A1%D1%83%D0%B2%D0%B5%D1%80%D0%B5%D0%BD%D0%BD%D0%B8%D0%B9_%D1%84%D0%BE%D0%BD%D0%B4" title="Суверенний фонд – Ukrainian" lang="uk" hreflang="uk" data-title="Суверенний фонд" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target">Українська</a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Qu%E1%BB%B9_%C4%91%E1%BA%A7u_t%C6%B0_qu%E1%BB%91c_gia" title="Quỹ đầu tư quốc gia – Vietnamese" lang="vi" hreflang="vi" data-title="Quỹ đầu tư quốc gia" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" 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free encyclopedia</div> </div> <div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">State-owned investment fund</div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">This article is about the investment fund. For the <a href="/wiki/File_format" title="File format">file format</a> named as "SWF", see <a href="/wiki/SWF" title="SWF">SWF</a>.</div><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl dl,.mw-parser-output .hlist dl ol,.mw-parser-output .hlist dl ul,.mw-parser-output .hlist ol dl,.mw-parser-output .hlist ol ol,.mw-parser-output .hlist ol ul,.mw-parser-output .hlist ul dl,.mw-parser-output .hlist ul ol,.mw-parser-output .hlist ul ul{display:inline}.mw-parser-output .hlist .mw-empty-li{display:none}.mw-parser-output .hlist dt::after{content:": "}.mw-parser-output .hlist dd::after,.mw-parser-output .hlist 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rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374" /><table class="sidebar sidebar-collapse nomobile nowraplinks"><tbody><tr><th class="sidebar-title"><a href="/wiki/Public_finance" title="Public finance">Public finance</a></th></tr><tr><td class="sidebar-image"><a href="/wiki/File:Government-Vedder-Highsmith-detail-1.jpeg" class="mw-file-description"><img alt="Detail from the mural "Government" by Elihu Vedder in the Library of Congress" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/cd/Government-Vedder-Highsmith-detail-1.jpeg/250px-Government-Vedder-Highsmith-detail-1.jpeg" decoding="async" width="250" height="158" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/cd/Government-Vedder-Highsmith-detail-1.jpeg/375px-Government-Vedder-Highsmith-detail-1.jpeg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cd/Government-Vedder-Highsmith-detail-1.jpeg/500px-Government-Vedder-Highsmith-detail-1.jpeg 2x" data-file-width="3696" data-file-height="2343" /></a></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #99f;text-align:center;;color: var(--color-base)"><a href="/wiki/Public_policy" title="Public policy">Policies</a></div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Agricultural_policy" title="Agricultural policy">Agricultural</a></li> <li><a href="/wiki/Economic_policy" title="Economic policy">Economic</a></li> <li><a href="/wiki/Energy_policy" title="Energy policy">Energy</a></li> <li><a href="/wiki/Industrial_policy" title="Industrial policy">Industrial</a></li> <li><a href="/wiki/Investment_policy" title="Investment policy">Investment</a></li> <li><a href="/wiki/Social_policy" title="Social policy">Social</a></li> <li><a href="/wiki/Trade_policy" class="mw-redirect" title="Trade policy">Trade</a></li> <li><a href="/wiki/Fiscal_policy" title="Fiscal policy">Fiscal</a></li> <li><a href="/wiki/Monetary_policy" title="Monetary policy">Monetary</a></li> <li><a href="/wiki/Policy_mix" title="Policy mix">Policy mix</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #99f;text-align:center;;color: var(--color-base)"><a href="/wiki/Fiscal_policy" title="Fiscal policy">Fiscal policy</a></div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Government_budget" title="Government budget">Budget</a> <ul><li><a href="/wiki/Budgetary_policy" title="Budgetary policy">policy</a></li></ul></li> <li><a href="/wiki/Government_debt" title="Government debt">Debt</a> <ul><li><a href="/wiki/Internal_debt" title="Internal debt">internal</a></li></ul></li> <li><a href="/wiki/Government_budget_deficit" class="mw-redirect" title="Government budget deficit">Deficit / surplus</a></li> <li><a href="/wiki/Finance_minister" class="mw-redirect" title="Finance minister">Finance ministry</a></li> <li><a href="/wiki/Fiscal_union" title="Fiscal union">Fiscal union</a></li> <li><a href="/wiki/Government_revenue" title="Government revenue">Revenue</a></li> <li><a href="/wiki/Government_spending" title="Government spending">Spending</a> <ul><li><a href="/wiki/Deficit_spending" title="Deficit spending">deficit</a></li></ul></li> <li><a href="/wiki/Tax_policy" title="Tax policy">Tax</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #99f;text-align:center;;color: var(--color-base)"><a href="/wiki/Monetary_policy" title="Monetary policy">Monetary policy</a></div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Bank_reserves" title="Bank reserves">Bank reserves</a> <ul><li><a href="/wiki/Reserve_requirement" title="Reserve requirement">requirements</a></li></ul></li> <li><a href="/wiki/Discount_window" title="Discount window">Discount window</a></li> <li><a href="/wiki/Gold_reserves" class="mw-redirect" title="Gold reserves">Gold reserves</a></li> <li><a href="/wiki/Interest_rate" title="Interest rate">Interest rate</a></li> <li><a href="/wiki/Monetary_authority" class="mw-redirect" title="Monetary authority">Monetary authority</a> <ul><li><a href="/wiki/Central_bank" title="Central bank">central bank</a></li> <li><a href="/wiki/Currency_board" title="Currency board">currency board</a></li></ul></li> <li><a href="/wiki/Monetary_base" title="Monetary base">Monetary base</a></li> <li><a href="/wiki/Currency_union" title="Currency union">Monetary (currency) union</a></li> <li><a href="/wiki/Money_supply" title="Money supply">Money supply</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #99f;text-align:center;;color: var(--color-base)"><a href="/wiki/Commercial_policy" title="Commercial policy">Trade policy</a></div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Balance_of_trade" title="Balance of trade">Balance of trade</a></li> <li><a href="/wiki/Free_trade" title="Free trade">Free trade</a></li> <li><a href="/wiki/Gains_from_trade" title="Gains from trade">Gains from trade</a></li> <li><a href="/wiki/Non-tariff_barrier" class="mw-redirect" title="Non-tariff barrier">Non-tariff barrier</a></li> <li><a href="/wiki/Protectionism" title="Protectionism">Protectionism</a></li> <li><a href="/wiki/Tariff" title="Tariff">Tariff</a></li> <li><a href="/wiki/Trade_bloc" title="Trade bloc">Trade bloc</a></li> <li><a href="/wiki/Trade_creation" title="Trade creation">Trade creation</a></li> <li><a href="/wiki/Trade_diversion" title="Trade diversion">Trade diversion</a></li> <li><a href="/wiki/Commerce_minister" title="Commerce minister">Trade / commerce ministry</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #99f;text-align:center;;color: var(--color-base)"><div class="hlist"><ul><li><a href="/wiki/Government_revenue" title="Government revenue">Revenue</a></li><li><a href="/wiki/Government_spending" title="Government spending">Spending</a></li></ul></div></div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Non-tax_revenue" title="Non-tax revenue">Non-tax revenue</a></li> <li><a href="/wiki/Tax_revenue" title="Tax revenue">Tax revenue</a></li> <li><a href="/wiki/Discretionary_spending" title="Discretionary spending">Discretionary spending</a></li> <li><a href="/wiki/Mandatory_spending" title="Mandatory spending">Mandatory spending</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #99f;text-align:center;;color: var(--color-base)">Optimum</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Balanced_budget" title="Balanced budget">Balanced budget</a></li> <li><a href="/wiki/Economic_growth" title="Economic growth">Economic growth</a></li> <li><a href="/wiki/Fiscal_illusion" title="Fiscal illusion">Fiscal illusion</a></li> <li><a href="/wiki/Price_stability" title="Price stability">Price stability</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #99f;text-align:center;;color: var(--color-base)">Reform</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Fiscal_adjustment" title="Fiscal adjustment">Fiscal adjustment</a></li> <li><a href="/wiki/Monetary_reform" title="Monetary reform">Monetary reform</a></li></ul></div></div></td> </tr><tr><td class="sidebar-below hlist"> <ul><li><a href="/wiki/File:Symbol_portal_class.svg" class="mw-file-description" title="Portal"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/16px-Symbol_portal_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/23px-Symbol_portal_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/31px-Symbol_portal_class.svg.png 2x" data-file-width="180" data-file-height="185" /></a> <a href="/wiki/Portal:Money" title="Portal:Money">Portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374" /><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Public_finance" title="Template:Public finance"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Public_finance" title="Template talk:Public finance"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Public_finance" title="Special:EditPage/Template:Public finance"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> A sovereign wealth fund (SWF), or sovereign investment fund, is a state-owned <a href="/wiki/Investment_fund" title="Investment fund">investment fund</a> that invests in real and financial assets such as <a href="/wiki/Stock" title="Stock">stocks</a>, <a href="/wiki/Bond_(finance)" title="Bond (finance)">bonds</a>, real estate, <a href="/wiki/Precious_metal" title="Precious metal">precious metals</a>, or in alternative investments such as <a href="/wiki/Private_equity_funds" class="mw-redirect" title="Private equity funds">private equity funds</a> or <a href="/wiki/Hedge_fund" title="Hedge fund">hedge funds</a>. Sovereign wealth funds invest globally. Most SWFs are funded by revenues from commodity exports or from <a href="/wiki/Foreign_exchange_reserves" title="Foreign exchange reserves">foreign exchange reserves</a> held by the <a href="/wiki/Central_bank" title="Central bank">central bank</a>. Some sovereign wealth funds may be held by a central bank, which accumulates the funds in the course of its management of a nation's banking system; this type of fund is usually of major economic and fiscal importance. Other sovereign wealth funds are simply the state savings that are invested by various entities for investment return, and that may not have a significant role in fiscal management. The accumulated funds may have their origin in, or may represent, foreign currency deposits, gold, <a href="/wiki/Special_drawing_rights" title="Special drawing rights">special drawing rights</a> (SDRs) and <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a> (IMF) reserve positions held by central banks and monetary authorities, along with other national assets such as <a href="/wiki/Pension_fund" title="Pension fund">pension investments</a>, <a href="/wiki/United_States_Oil_Fund" title="United States Oil Fund">oil funds</a>, or other industrial and financial holdings. These are assets of the sovereign nations that are typically held in domestic and different <a href="/wiki/Reserve_currency" title="Reserve currency">reserve currencies</a> (such as the <a href="/wiki/United_States_dollar" title="United States dollar">dollar</a>, <a href="/wiki/Euro" title="Euro">euro</a>, <a href="/wiki/Pound_(currency)" title="Pound (currency)">pound</a>, and <a href="/wiki/Japanese_yen" title="Japanese yen">yen</a>). Such <a href="/wiki/Investment_management" title="Investment management">investment management</a> entities may be set up as official investment companies, state pension funds, or sovereign funds, among others. There have been attempts to distinguish funds held by sovereign entities from foreign-exchange reserves held by central banks. Sovereign wealth funds can be characterized as maximizing long-term return, with foreign exchange reserves serving short-term "currency stabilization", and liquidity management. Many central banks in recent years possess reserves massively in excess of needs for liquidity or foreign exchange management. Moreover, it is widely believed most have diversified hugely into assets other than short-term, highly liquid monetary ones, though almost no data is publicly available to back up this assertion. <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="History">History</h2>[<a href="/w/index.php?title=Sovereign_wealth_fund&action=edit&section=1" title="Edit section: History">edit</a>]</div> The term "sovereign wealth fund" was first used in 2005 by Andrew Rozanov in an article entitled, "Who holds the wealth of nations?" in the Central Banking Journal.<a href="#cite_note-1">[1]</a> The previous edition of the journal described the shift from traditional reserve management to sovereign wealth management; subsequently the term gained widespread use as the spending power of global officialdom has rocketed upward.[<a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed">citation needed</a>] <a href="/wiki/Sovereign_funds_of_China" title="Sovereign funds of China">China's sovereign wealth</a> funds entered global markets in 2007.<a href="#cite_note-:3-2">[2]</a>: 4  Since then, their scale and scope have expanded significantly.<a href="#cite_note-:3-2">[2]</a>: 4  SWFs were the first institutions to use sovereign capital in an effort to contain the financial damage in the early stages of the <a href="/wiki/2007%E2%80%932008_financial_crisis" class="mw-redirect" title="2007–2008 financial crisis">2007-2008 global financial crisis</a>.<a href="#cite_note-:3-2">[2]</a>: 1–2  SWFs are able to react quickly in such circumstances because unlike regulators, SWFs actively participate in the market.<a href="#cite_note-:3-2">[2]</a>: 2  SWFs grew rapidly between 2008 and 2021, with global assets under management by these funds increasing from approximately $4 trillion to more than $10 trillion.<a href="#cite_note-:3-2">[2]</a>: 3  SWFs invest in a variety of asset classes such as stocks, bonds, real estate, private equity and hedge funds. Many sovereign funds are directly investing in institutional real estate. According to the Sovereign Wealth Fund Institute's transaction database around US$9.26 billion in direct sovereign wealth fund transactions were recorded in institutional real estate for the last half of 2012.<a href="#cite_note-3">[3]</a> In the first half of 2014, global sovereign wealth fund direct deals amounted to $50.02 billion according to the SWFI.<a href="#cite_note-4">[4]</a> <div class="mw-heading mw-heading3"><h3 id="Early_SWFs">Early SWFs</h3>[<a href="/w/index.php?title=Sovereign_wealth_fund&action=edit&section=2" title="Edit section: Early SWFs">edit</a>]</div> Sovereign wealth funds have existed for more than a century, but since 2000, the number of sovereign wealth funds has increased dramatically. The first SWFs were non-federal U.S. state funds established in the mid-19th century to fund specific public services.<a href="#cite_note-academia.edu-5">[5]</a> The U.S. state of <a href="/wiki/Texas" title="Texas">Texas</a> was thus the first to establish such a scheme, to fund public education. The <a href="/wiki/Permanent_School_Fund" title="Permanent School Fund">Permanent School Fund</a> (PSF) was created in 1854 to benefit primary and secondary schools, with the <a href="/wiki/Permanent_University_Fund" title="Permanent University Fund">Permanent University Fund</a> (PUF) following in 1876 to benefit universities. The PUF was endowed with public lands, the ownership of which the state retained by terms of the 1845 annexation treaty between the <a href="/wiki/Republic_of_Texas" title="Republic of Texas">Republic of Texas</a> and the United States. While the PSF was first funded by an appropriation from the state legislature, it also received public lands at the same time that the PUF was created. The first SWF established for a sovereign state is the <a href="/wiki/Kuwait_Investment_Authority" title="Kuwait Investment Authority">Kuwait Investment Authority</a>, a commodity SWF created in 1953 from oil revenues before Kuwait gained independence from the United Kingdom. As of July 2023, Kuwait's Sovereign Wealth Fund, or locally known as Ajyal Fund, is now worth $853 billion.<a href="#cite_note-6">[6]</a> Another early registered SWF is the <a href="/wiki/Revenue_Equalization_Reserve_Fund" title="Revenue Equalization Reserve Fund">Revenue Equalization Reserve Fund</a> of <a href="/wiki/Kiribati" title="Kiribati">Kiribati</a>. Since its creation in 1956, when the British administration of the <a href="/wiki/Gilbert_Islands" title="Gilbert Islands">Gilbert Islands</a> in Micronesia put a levy on the export of <a href="/wiki/Phosphates" class="mw-redirect" title="Phosphates">phosphates</a> used in <a href="/wiki/Fertilizer" title="Fertilizer">fertilizer</a>, the fund has grown to $520 million.<a href="#cite_note-7">[7]</a> <div class="mw-heading mw-heading2"><h2 id="Nature_and_purpose">Nature and purpose</h2>[<a href="/w/index.php?title=Sovereign_wealth_fund&action=edit&section=3" title="Edit section: Nature and purpose">edit</a>]</div> <figure class="mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Sovereign_Wealth_Fund.webp" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/4/49/Sovereign_Wealth_Fund.webp/325px-Sovereign_Wealth_Fund.webp.png" decoding="async" width="325" height="289" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/49/Sovereign_Wealth_Fund.webp/488px-Sovereign_Wealth_Fund.webp.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/49/Sovereign_Wealth_Fund.webp/650px-Sovereign_Wealth_Fund.webp.png 2x" data-file-width="851" data-file-height="758" /></a><figcaption>$1 billion sovereign wealth fund initial investment 15% <a href="/wiki/Compound_interest" title="Compound interest">compounding interest</a> annually</figcaption></figure> <figure class="mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Wealth_fund_dividend_payments.webp" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/1/13/Wealth_fund_dividend_payments.webp/325px-Wealth_fund_dividend_payments.webp.png" decoding="async" width="325" height="239" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/13/Wealth_fund_dividend_payments.webp/488px-Wealth_fund_dividend_payments.webp.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/13/Wealth_fund_dividend_payments.webp/650px-Wealth_fund_dividend_payments.webp.png 2x" data-file-width="840" data-file-height="617" /></a><figcaption>Dividend payments of 1.5% on initial $1B investment $26.7 billion in total dividend payments over 40 years. Dividends were not reinvested and can be used as revenue for the government.</figcaption></figure> SWFs are typically created when governments have budgetary surpluses and have little or no international debt.[<a href="/wiki/Wikipedia:Accuracy_dispute#Disputed_statement" title="Wikipedia:Accuracy dispute">dubious</a> – <a href="/wiki/Talk:Sovereign_wealth_fund#Dubious" title="Talk:Sovereign wealth fund">discuss</a>] It is not always possible or desirable to hold this excess <a href="/wiki/Liquidity" title="Liquidity">liquidity</a> as money or to channel it into immediate consumption. This is especially the case when a nation depends on raw material exports like oil, copper or diamonds. In such countries, the main reason for creating a SWF is because of the properties of resource revenue: high volatility of resource prices, unpredictability of extraction, and exhaustibility of resources. SWFs are primarily commodity-based and many have been established by oil-rich states.<a href="#cite_note-:3-2">[2]</a>: 5  SWFs of China are a notable exception to this more typical model.<a href="#cite_note-:3-2">[2]</a>: 5  Stabilization SWFs are created to reduce the volatility of government revenues, to counter the boom-bust cycles' adverse effect on government spending and the national economy. Savings SWFs build up savings for future generations. One such fund is the <a href="/wiki/Government_Pension_Fund_of_Norway" title="Government Pension Fund of Norway">Government Pension Fund of Norway</a>. It is believed that SWFs in resource-rich countries can help avoid <a href="/wiki/Resource_curse" title="Resource curse">resource curse</a>, but the literature on this question is controversial. Governments may be able to spend the money immediately, but risk causing the economy to overheat, e.g., in <a href="/wiki/Hugo_Ch%C3%A1vez" title="Hugo Chávez">Hugo Chávez</a>'s Venezuela or <a href="/wiki/Mohammad_Reza_Pahlavi" title="Mohammad Reza Pahlavi">Shah</a>-era Iran. In such circumstances, saving money to spend during a period of low inflation is often desirable. Other reasons for creating SWFs may be economic, or strategic, such as <a href="/wiki/War_chest" title="War chest">war chests</a> for uncertain times. For example, the <a href="/wiki/Kuwait_Investment_Authority" title="Kuwait Investment Authority">Kuwait Investment Authority</a> during the <a href="/wiki/Gulf_War" title="Gulf War">Gulf War</a> managed excess reserves above the level needed for currency reserves (although many central banks do that now). The <a href="/wiki/GIC_(sovereign_wealth_fund)" title="GIC (sovereign wealth fund)">Government of Singapore Investment Corporation</a>, <a href="/wiki/Temasek_(company)" title="Temasek (company)">Temasek Holdings</a>, or <a href="/wiki/Mubadala_Investment_Company" title="Mubadala Investment Company">Mubadala</a> are partially the expression of a desire to bolster their countries' standing as an international financial centre. The <a href="/wiki/Korea_Investment_Corporation" title="Korea Investment Corporation">Korea Investment Corporation</a> has since been similarly managed. Sovereign wealth funds invest in all types of companies and assets, including startups like <a href="/wiki/Xiaomi" title="Xiaomi">Xiaomi</a> and renewable energy companies like Bloom Energy.<a href="#cite_note-8">[8]</a> According to a 2014 study, SWFs are not created for reasons related to reserve accumulation and commodity-export specialization. Rather, the diffusion of SWF can best be understood as a fad whereby certain governments consider it fashionable to create SWFs and are influenced by what their peers are doing.<a href="#cite_note-9">[9]</a> As market participants, SWFs influence other institutional investors, who may see investments made alongside SWFs as inherently safer.<a href="#cite_note-:3-2">[2]</a>: 9  This effect can be seen with increasing frequency, especially with regard to investments made by the Government Pension Fund of Norway, <a href="/wiki/Abu_Dhabi_Investment_Authority" title="Abu Dhabi Investment Authority">Abu Dhabi Investment Authority</a>, and Temasek Holdings, and China Investment Corporation.<a href="#cite_note-:3-2">[2]</a>: 9  SLFs help facilitate a state's ability to use its selective equity investments to promote its industrial policies and strategic interests.<a href="#cite_note-:3-2">[2]</a>: 9  <div class="mw-heading mw-heading2"><h2 id="Concerns_about_SWFs">Concerns about SWFs</h2>[<a href="/w/index.php?title=Sovereign_wealth_fund&action=edit&section=4" title="Edit section: Concerns about SWFs">edit</a>]</div> The growth of sovereign wealth funds is attracting close attention because: <ul><li>As this asset pool continues to expand in size and importance, so does its potential impact on various asset markets.</li> <li>Some countries, like the United States, which passed the Foreign Investment and National Security Act of 2007, worry that foreign investment by SWFs raises national security concerns because the purpose of the investment might be to secure control of strategically important industries for political rather than financial gain.</li> <li>Former U.S. Secretary of the Treasury <a href="/wiki/Lawrence_Summers" title="Lawrence Summers">Lawrence Summers</a> has argued that the U.S. could potentially lose control of assets to wealthier foreign funds whose emergence "shake[s] [the] capitalist logic".<a href="#cite_note-academia.edu-5">[5]</a> These concerns have led the <a href="/wiki/European_Union" title="European Union">European Union</a> (EU) to reconsider whether to allow its members to use "<a href="/wiki/Golden_share" title="Golden share">golden shares</a>" to block certain foreign acquisitions.<a href="#cite_note-10">[10]</a> This strategy has largely been excluded as a viable option by the EU, for fear it would give rise to a resurgence in international protectionism. In the United States, these concerns are addressed by the <a href="/wiki/Exon%E2%80%93Florio_Amendment" title="Exon–Florio Amendment">Exon–Florio Amendment</a> to the Omnibus Trade and Competitiveness Act of 1988, Pub. L. No. 100-418, § 5021, 102 Stat. 1107, 1426 (codified as amended at 50 U.S.C. app. § 2170 (2000)), as administered by the <a href="/wiki/Committee_on_Foreign_Investment_in_the_United_States" title="Committee on Foreign Investment in the United States">Committee on Foreign Investment in the United States</a> (CFIUS).[<a href="/wiki/Wikipedia:Please_clarify" title="Wikipedia:Please clarify">further explanation needed</a>]</li> <li>Their inadequate transparency is a concern for investors and regulators: for example, size and source of funds, investment goals, internal checks and balances, disclosure of relationships, and holdings in private equity funds.</li> <li>SWFs are not nearly as homogeneous as central banks or public <a href="/wiki/Pension_fund" title="Pension fund">pension funds</a>.</li> <li>A lack of transparency and hence an increase in risk to the financial system, perhaps becoming the "new hedge funds".<a href="#cite_note-11">[11]</a></li></ul> The governments of SWFs commit to follow certain rules: <ul><li>Accumulation rule (what portion of revenue can be spent/saved)</li> <li>Withdraw rule (when the Government can withdraw from the fund)</li> <li>Investment (where revenue can be invested in foreign or domestic assets)<a href="#cite_note-12">[12]</a></li></ul> <div class="mw-heading mw-heading3"><h3 id="Recent_Governmental_Interest">Recent Governmental Interest</h3>[<a href="/w/index.php?title=Sovereign_wealth_fund&action=edit&section=5" title="Edit section: Recent Governmental Interest">edit</a>]</div> <ul><li>On 5 March 2008, a joint sub-committee of the <a href="/wiki/United_States_House_Committee_on_Financial_Services" title="United States House Committee on Financial Services">U.S. House Financial Services Committee</a> held a hearing to discuss the role of "Foreign Government Investment in the U.S. Economy and Financial Sector". The hearing was attended by representatives of the <a href="/wiki/United_States_Department_of_the_Treasury" title="United States Department of the Treasury">U.S. Department of Treasury</a>, the <a href="/wiki/U.S._Securities_and_Exchange_Commission" title="U.S. Securities and Exchange Commission">U.S. Securities and Exchange Commission</a>, the <a href="/wiki/Federal_Reserve_Board" class="mw-redirect" title="Federal Reserve Board">Federal Reserve Board</a>, Norway's Ministry of Finance, Singapore's <a href="/wiki/Temasek_(company)" title="Temasek (company)">Temasek Holdings</a>, and the <a href="/wiki/CPP_Investment_Board" class="mw-redirect" title="CPP Investment Board">Canada Pension Plan Investment Board</a>.</li> <li>On 20 August 2008, Germany approved a law that requires parliamentary approval for foreign investments that endanger national interests. Specifically, it affects acquisitions of more than 25% of a German company's voting shares by non-European investors—but the economics minister <a href="/wiki/Michael_Glos" title="Michael Glos">Michael Glos</a> has pledged that investment reviews would be "extremely rare". The legislation is loosely modeled on a similar one by the U.S. Committee on Foreign Investments. Sovereign wealth funds are also increasing their spending. In 2015, Qatar announced a $35 billion investment in United States assets over a period of five years.<a href="#cite_note-13">[13]</a><a href="#cite_note-14">[14]</a></li> <li>On 3 February 2025, President <a href="/wiki/Donald_Trump" title="Donald Trump">Donald Trump</a> signed an executive order directing the creation of a <a href="/wiki/United_States" title="United States">United States</a> sovereign wealth fund within the next year.<a href="#cite_note-15">[15]</a></li> <li>On 23 February 2025, Indonesian President <a href="/wiki/Prabowo_Subianto" title="Prabowo Subianto">Prabowo Subianto</a> announced a new sovereign wealth fund Daya Anagata Nusantara, also known as <a href="/wiki/Danantara" title="Danantara">Danantara</a>, which is expected to manage $900 billion in assets.<a href="#cite_note-16">[16]</a> The $20 billion first wave of investments were announced as targeting <a href="/wiki/Natural_resource_management" title="Natural resource management">natural resource processing</a>, <a href="/wiki/Artificial_intelligence" title="Artificial intelligence">artificial intelligence</a>, and <a href="/wiki/Energy_security" title="Energy security">energy</a> and <a href="/wiki/Food_security" title="Food security">food security</a>.<a href="#cite_note-17">[17]</a></li></ul> <div class="mw-heading mw-heading3"><h3 id="Santiago_Principles">Santiago Principles</h3>[<a href="/w/index.php?title=Sovereign_wealth_fund&action=edit&section=6" title="Edit section: Santiago Principles">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951" /><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Santiago_Principles" title="Santiago Principles">Santiago Principles</a></div> A number of transparency indices sprang up before the Santiago Principles, some more stringent than others.[<a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed">citation needed</a>] To address these concerns, some of the world's main SWFs came together in a summit in <a href="/wiki/Santiago" title="Santiago">Santiago</a>, Chile, on 2–3 September 2008. Under the leadership of the IMF, they formed a temporary International Working Group of Sovereign Wealth Funds. This working group then drafted the 24 <a href="/wiki/Santiago_Principles" title="Santiago Principles">Santiago Principles</a>, to set out a common global set of <a href="/wiki/International_standard" title="International standard">international standards</a> regarding transparency, independence, and accountability in the way that SWFs operate.<a href="#cite_note-18">[18]</a><a href="#cite_note-IFSWF002-19">[19]</a> These were published after being presented to the IMF International Monetary Financial Committee on 11 October 2008.<a href="#cite_note-IFSWF002-19">[19]</a> They also considered a standing committee to represent them, and so a new organisation, the <a href="/wiki/International_Forum_of_Sovereign_Wealth_Funds" title="International Forum of Sovereign Wealth Funds">International Forum of Sovereign Wealth Funds</a> was set up to maintain the new standards going forward and represent them in international policy debates.<a href="#cite_note-IFSWF001-20">[20]</a> As of 2016, 30 funds<a href="#cite_note-IFSWF003-21">[21]</a> have formally signed up to the Principles, representing collectively 80% of the assets managed by sovereign funds globally or US$5.5 trillion.<a href="#cite_note-HFSB001-22">[22]</a> Natural resource-rich developing economies are typically encouraged to adopt good governance standards for sovereign wealth funds, such as the Santiago Principles, which emphasize transparency, accountability, and sound investment practices. This approach is often preferred over local content policies, which can foster corruption and rent-seeking behavior in contexts with weak governance.<a href="#cite_note-23">[23]</a> <div class="mw-heading mw-heading2"><h2 id="Size_of_SWFs">Size of SWFs</h2>[<a href="/w/index.php?title=Sovereign_wealth_fund&action=edit&section=7" title="Edit section: Size of SWFs">edit</a>]</div> <a href="/wiki/Assets_under_management" title="Assets under management">Assets under management</a> of SWFs amounted to $7.94 trillion as of 24 December 2020.<a href="#cite_note-24">[24]</a> Countries with SWFs funded by oil and gas exports, totaled $5.4 trillion as of 2020.<a href="#cite_note-25">[25]</a> Non-commodity SWFs are typically funded by transfer of assets from official foreign exchange reserves, and in some cases from government budget surpluses and privatization revenues. Middle Eastern and Asian countries account for 77% of all SWFs. <div class="mw-heading mw-heading2"><h2 id="Depletion_of_SWFs">Depletion of SWFs</h2>[<a href="/w/index.php?title=Sovereign_wealth_fund&action=edit&section=8" title="Edit section: Depletion of SWFs">edit</a>]</div> Numerous SWFs have gone bust throughout history. The most notable ones have been Algeria's FRR, Brazil's <a href="/wiki/Sovereign_Fund_of_Brazil" title="Sovereign Fund of Brazil">FSB</a>, Ecuador's numerous SWF arrangements, Papua New Guinea's MRSF, and Venezuela's FIEM and FONDEN. The main reason why these funds have been exhausted is due to political instability, while economic determinants generally play a less important role.<a href="#cite_note-26">[26]</a> SWFs in unstable countries may provoke risks for recipient states of SWF investments, given that the instability in SWF-sponsor countries makes those investments uncertain and likely to be disinvested to weather political risk in the short-term.[<a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed">citation needed</a>] Highly stable countries, such as Denmark, Qatar, China, or Australia are less likely to experience SWF depletion precisely because of their political stability.[<a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed">citation needed</a>] <div class="mw-heading mw-heading2"><h2 id="Largest_sovereign_wealth_funds">Largest sovereign wealth funds</h2>[<a href="/w/index.php?title=Sovereign_wealth_fund&action=edit&section=9" title="Edit section: Largest sovereign wealth funds">edit</a>]</div> <style data-mw-deduplicate="TemplateStyles:r1253789634">@media screen{.mw-parser-output .sticky-header>thead>tr:first-child,.mw-parser-output .sticky-header>caption+tbody>tr:first-child,.mw-parser-output .sticky-header>tbody:first-child>tr:first-child,.mw-parser-output .sticky-header-multi>thead{position:sticky;top:0;z-index:10}.mw-parser-output .sticky-header:not(.wikitable),.mw-parser-output .sticky-header-multi:not(.wikitable){background-color:white}.mw-parser-output .sticky-header:not(.wikitable)>*,.mw-parser-output .sticky-header:not(.wikitable)>thead>tr:first-child,.mw-parser-output .sticky-header:not(.wikitable)>caption+tbody>tr:first-child,.mw-parser-output .sticky-header:not(.wikitable)>tbody:first-child>tr:first-child,.mw-parser-output .sticky-header-multi:not(.wikitable)>thead,.mw-parser-output .sticky-header-multi>thead{background-color:inherit}.mw-parser-output .sticky-header.wikitable,.mw-parser-output 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.sticky-header-multi.wikitable{background-color:#101418}}</style> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951" /><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/List_of_sovereign_wealth_funds_by_country" title="List of sovereign wealth funds by country">List of sovereign wealth funds by country</a> and <a href="/wiki/List_of_countries_by_foreign-exchange_reserves" title="List of countries by foreign-exchange reserves">List of countries by foreign-exchange reserves</a></div> <table class="wikitable sortable sticky-header" style="font-size:95%;"> <tbody><tr> <th>Country or region </th> <th>Abbrev. </th> <th>Fund name </th> <th>Assets<a href="#cite_note-27">[27]</a> (billions US$) </th> <th>Inception </th> <th>Origin </th></tr> <tr valign="top"> <td><a href="/wiki/Norway" title="Norway"><img alt="Norway" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Flag_of_Norway.svg/21px-Flag_of_Norway.svg.png" decoding="async" width="21" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Flag_of_Norway.svg/32px-Flag_of_Norway.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Flag_of_Norway.svg/41px-Flag_of_Norway.svg.png 2x" data-file-width="512" data-file-height="372" /></a> Norway</td> <td>GPF-G</td> <td><a href="/wiki/Government_Pension_Fund_of_Norway" title="Government Pension Fund of Norway">Government Pension Fund Global</a></td> <td>1,738<a href="#cite_note-28">[28]</a></td> <td>1990</td> <td>Oil & Gas </td></tr> <tr valign="top"> <td><a href="/wiki/China" title="China"><img alt="China" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/23px-Flag_of_the_People%27s_Republic_of_China.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/35px-Flag_of_the_People%27s_Republic_of_China.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/45px-Flag_of_the_People%27s_Republic_of_China.svg.png 2x" data-file-width="900" data-file-height="600" /></a> China</td> <td>CIC</td> <td><a href="/wiki/China_Investment_Corporation" title="China Investment Corporation">China Investment Corporation</a></td> <td>1,332<a href="#cite_note-29">[29]</a></td> <td>2007</td> <td>Non-commodity </td></tr> <tr valign="top"> <td><a href="/wiki/China" title="China"><img alt="China" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/23px-Flag_of_the_People%27s_Republic_of_China.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/35px-Flag_of_the_People%27s_Republic_of_China.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/45px-Flag_of_the_People%27s_Republic_of_China.svg.png 2x" data-file-width="900" data-file-height="600" /></a> China</td> <td>SAFE</td> <td><a href="/wiki/State_Administration_of_Foreign_Exchange" title="State Administration of Foreign Exchange">SAFE Investment Company</a></td> <td>1,090<a href="#cite_note-:2-30">[30]</a></td> <td>1997<a href="#cite_note-:2-30">[30]</a></td> <td>Non-commodity </td></tr> <tr valign="top"> <td><a href="/wiki/United_Arab_Emirates" title="United Arab Emirates"><img alt="United Arab Emirates" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_United_Arab_Emirates.svg/23px-Flag_of_the_United_Arab_Emirates.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_United_Arab_Emirates.svg/35px-Flag_of_the_United_Arab_Emirates.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_United_Arab_Emirates.svg/46px-Flag_of_the_United_Arab_Emirates.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> United Arab Emirates</td> <td>ADIA</td> <td><a href="/wiki/Abu_Dhabi_Investment_Authority" title="Abu Dhabi Investment Authority">Abu Dhabi Investment Authority</a></td> <td>1,057<a href="#cite_note-31">[31]</a></td> <td>1976</td> <td>Oil & Gas </td></tr> <tr valign="top"> <td><a href="/wiki/Kuwait" title="Kuwait"><img alt="Kuwait" src="//upload.wikimedia.org/wikipedia/commons/thumb/a/aa/Flag_of_Kuwait.svg/23px-Flag_of_Kuwait.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/aa/Flag_of_Kuwait.svg/35px-Flag_of_Kuwait.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/aa/Flag_of_Kuwait.svg/46px-Flag_of_Kuwait.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> Kuwait</td> <td>KIA</td> <td><a href="/wiki/Kuwait_Investment_Authority" title="Kuwait Investment Authority">Kuwait Investment Authority</a></td> <td>1,029 <a href="#cite_note-32">[32]</a></td> <td>1953</td> <td>Oil & Gas </td></tr> <tr valign="top"> <td><a href="/wiki/Saudi_Arabia" title="Saudi Arabia"><img alt="Saudi Arabia" src="//upload.wikimedia.org/wikipedia/commons/thumb/0/0d/Flag_of_Saudi_Arabia.svg/23px-Flag_of_Saudi_Arabia.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/0d/Flag_of_Saudi_Arabia.svg/35px-Flag_of_Saudi_Arabia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/0d/Flag_of_Saudi_Arabia.svg/45px-Flag_of_Saudi_Arabia.svg.png 2x" data-file-width="900" data-file-height="600" /></a> Saudi Arabia</td> <td>PIF</td> <td><a href="/wiki/Public_Investment_Fund" title="Public Investment Fund">Public Investment Fund</a></td> <td>925 <a href="#cite_note-33">[33]</a></td> <td>1971</td> <td>Oil & Gas </td></tr> <tr valign="top"> <td><a href="/wiki/Indonesia" title="Indonesia"><img alt="Indonesia" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Flag_of_Indonesia.svg/23px-Flag_of_Indonesia.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Flag_of_Indonesia.svg/35px-Flag_of_Indonesia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Flag_of_Indonesia.svg/45px-Flag_of_Indonesia.svg.png 2x" data-file-width="900" data-file-height="600" /></a> Indonesia</td> <td>Danantara</td> <td><a href="/wiki/Danantara" title="Danantara">Daya Anagata Nusantara</a></td> <td>900<a href="#cite_note-34">[34]</a></td> <td>2025</td> <td>Non-commodity </td></tr> <tr valign="top"> <td><a href="/wiki/Singapore" title="Singapore"><img alt="Singapore" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/48/Flag_of_Singapore.svg/23px-Flag_of_Singapore.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/48/Flag_of_Singapore.svg/35px-Flag_of_Singapore.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/48/Flag_of_Singapore.svg/45px-Flag_of_Singapore.svg.png 2x" data-file-width="900" data-file-height="600" /></a> Singapore</td> <td>GIC</td> <td><a href="/wiki/GIC_Private_Limited" class="mw-redirect" title="GIC Private Limited">GIC Private Limited</a></td> <td>800<a href="#cite_note-35">[35]</a></td> <td>1981</td> <td>Non-commodity </td></tr> <tr> <td><a href="/wiki/Singapore" title="Singapore"><img alt="Singapore" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/48/Flag_of_Singapore.svg/23px-Flag_of_Singapore.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/48/Flag_of_Singapore.svg/35px-Flag_of_Singapore.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/48/Flag_of_Singapore.svg/45px-Flag_of_Singapore.svg.png 2x" data-file-width="900" data-file-height="600" /></a> Singapore </td> <td>MAS </td> <td><a href="/wiki/Monetary_Authority_of_Singapore" title="Monetary Authority of Singapore">Monetary Authority of Singapore</a> </td> <td>600<a href="#cite_note-36">[36]</a> </td> <td>1971 </td> <td>Non-commodity </td></tr> <tr valign="top"> <td><a href="/wiki/Qatar" title="Qatar"><img alt="Qatar" src="//upload.wikimedia.org/wikipedia/commons/thumb/6/65/Flag_of_Qatar.svg/23px-Flag_of_Qatar.svg.png" decoding="async" width="23" height="9" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/65/Flag_of_Qatar.svg/35px-Flag_of_Qatar.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/65/Flag_of_Qatar.svg/46px-Flag_of_Qatar.svg.png 2x" data-file-width="1400" data-file-height="550" /></a> Qatar</td> <td>QIA</td> <td><a href="/wiki/Qatar_Investment_Authority" title="Qatar Investment Authority">Qatar Investment Authority</a></td> <td>526<a href="#cite_note-37">[37]</a></td> <td>2005</td> <td>Oil & Gas </td></tr> <tr valign="top"> <td><a href="/wiki/Hong_Kong" title="Hong Kong"><img alt="Hong Kong" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/5b/Flag_of_Hong_Kong.svg/23px-Flag_of_Hong_Kong.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5b/Flag_of_Hong_Kong.svg/35px-Flag_of_Hong_Kong.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5b/Flag_of_Hong_Kong.svg/45px-Flag_of_Hong_Kong.svg.png 2x" data-file-width="900" data-file-height="600" /></a> Hong Kong</td> <td>HKMA</td> <td><a href="/wiki/Exchange_Fund_(Hong_Kong)" title="Exchange Fund (Hong Kong)">Exchange Fund (Hong Kong)</a></td> <td>514<a href="#cite_note-38">[38]</a></td> <td>1935<a href="#cite_note-:1-39">[39]</a></td> <td>Non-commodity </td></tr> <tr valign="top"> <td><a href="/wiki/China" title="China"><img alt="China" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/23px-Flag_of_the_People%27s_Republic_of_China.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/35px-Flag_of_the_People%27s_Republic_of_China.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/45px-Flag_of_the_People%27s_Republic_of_China.svg.png 2x" data-file-width="900" data-file-height="600" /></a> China</td> <td>NSSF</td> <td><a href="/wiki/National_Council_for_Social_Security_Fund" title="National Council for Social Security Fund">National Council for Social Security Fund</a></td> <td>414<a href="#cite_note-40">[40]</a></td> <td>2000</td> <td>Non-commodity </td></tr> <tr> <td><a href="/wiki/Singapore" title="Singapore"><img alt="Singapore" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/48/Flag_of_Singapore.svg/23px-Flag_of_Singapore.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/48/Flag_of_Singapore.svg/35px-Flag_of_Singapore.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/48/Flag_of_Singapore.svg/45px-Flag_of_Singapore.svg.png 2x" data-file-width="900" data-file-height="600" /></a> Singapore </td> <td>CPF </td> <td><a href="/wiki/Central_Provident_Fund" title="Central Provident Fund">Central Provident Fund</a> </td> <td>409<a href="#cite_note-41">[41]</a> </td> <td>1955 </td> <td>Pension fund </td></tr> <tr valign="top"> <td><a href="/wiki/United_Arab_Emirates" title="United Arab Emirates"><img alt="United Arab Emirates" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_United_Arab_Emirates.svg/23px-Flag_of_the_United_Arab_Emirates.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_United_Arab_Emirates.svg/35px-Flag_of_the_United_Arab_Emirates.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_United_Arab_Emirates.svg/46px-Flag_of_the_United_Arab_Emirates.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> United Arab Emirates</td> <td>ICD</td> <td><a href="/wiki/Investment_Corporation_of_Dubai" title="Investment Corporation of Dubai">Investment Corporation of Dubai</a></td> <td>341<a href="#cite_note-42">[42]</a></td> <td>2006</td> <td>Oil & Gas </td></tr> <tr valign="top"> <td><a href="/wiki/Turkey" title="Turkey"><img alt="Turkey" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b4/Flag_of_Turkey.svg/23px-Flag_of_Turkey.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b4/Flag_of_Turkey.svg/35px-Flag_of_Turkey.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b4/Flag_of_Turkey.svg/45px-Flag_of_Turkey.svg.png 2x" data-file-width="1200" data-file-height="800" /></a> Turkey</td> <td>TWF</td> <td><a href="/wiki/Turkey_Wealth_Fund" title="Turkey Wealth Fund">Turkey Wealth Fund</a></td> <td>317<a href="#cite_note-43">[43]</a></td> <td>2017</td> <td>Non-commodity </td></tr> <tr valign="top"> <td><a href="/wiki/United_Arab_Emirates" title="United Arab Emirates"><img alt="United Arab Emirates" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_United_Arab_Emirates.svg/23px-Flag_of_the_United_Arab_Emirates.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_United_Arab_Emirates.svg/35px-Flag_of_the_United_Arab_Emirates.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_United_Arab_Emirates.svg/46px-Flag_of_the_United_Arab_Emirates.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> United Arab Emirates</td> <td>PJSC</td> <td><a href="/wiki/Mubadala_Investment_Company" title="Mubadala Investment Company">Mubadala Investment Company</a></td> <td>302<a href="#cite_note-44">[44]</a></td> <td>2002</td> <td>Oil & Gas </td></tr> <tr valign="top"> <td><a href="/wiki/Singapore" title="Singapore"><img alt="Singapore" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/48/Flag_of_Singapore.svg/23px-Flag_of_Singapore.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/48/Flag_of_Singapore.svg/35px-Flag_of_Singapore.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/48/Flag_of_Singapore.svg/45px-Flag_of_Singapore.svg.png 2x" data-file-width="900" data-file-height="600" /></a> Singapore</td> <td>TH</td> <td><a href="/wiki/Temasek_Holdings" class="mw-redirect" title="Temasek Holdings">Temasek Holdings</a></td> <td>287<a href="#cite_note-45">[45]</a><a href="#cite_note-46">[46]</a></td> <td>1974</td> <td>Non-commodity </td></tr> <tr valign="top"> <td><a href="/wiki/Australia" title="Australia"><img alt="Australia" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/88/Flag_of_Australia_%28converted%29.svg/23px-Flag_of_Australia_%28converted%29.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/88/Flag_of_Australia_%28converted%29.svg/35px-Flag_of_Australia_%28converted%29.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/88/Flag_of_Australia_%28converted%29.svg/46px-Flag_of_Australia_%28converted%29.svg.png 2x" data-file-width="512" data-file-height="256" /></a> Australia</td> <td>FF</td> <td><a href="/wiki/Future_Fund" title="Future Fund">Future Fund</a></td> <td>223.4<a href="#cite_note-47">[47]</a></td> <td>2006</td> <td>Non-commodity </td></tr> <tr valign="top"> <td><a href="/wiki/United_Arab_Emirates" title="United Arab Emirates"><img alt="United Arab Emirates" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_United_Arab_Emirates.svg/23px-Flag_of_the_United_Arab_Emirates.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_United_Arab_Emirates.svg/35px-Flag_of_the_United_Arab_Emirates.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_United_Arab_Emirates.svg/46px-Flag_of_the_United_Arab_Emirates.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> United Arab Emirates </td> <td>ADQ </td> <td><a href="/wiki/Abu_Dhabi_Developmental_Holding_Company" title="Abu Dhabi Developmental Holding Company">Abu Dhabi Developmental Holding Company</a> </td> <td>196<a href="#cite_note-48">[48]</a> </td> <td>2018 </td> <td>Non-commodity </td></tr> <tr valign="top"> <td><a href="/wiki/South_Korea" title="South Korea"><img alt="South Korea" src="//upload.wikimedia.org/wikipedia/commons/thumb/0/09/Flag_of_South_Korea.svg/23px-Flag_of_South_Korea.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/09/Flag_of_South_Korea.svg/35px-Flag_of_South_Korea.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/09/Flag_of_South_Korea.svg/45px-Flag_of_South_Korea.svg.png 2x" data-file-width="900" data-file-height="600" /></a> South Korea</td> <td>KIC</td> <td><a href="/wiki/Korea_Investment_Corporation" title="Korea Investment Corporation">Korea Investment Corporation</a></td> <td>189<a href="#cite_note-49">[49]</a></td> <td>2005</td> <td>Non-commodity </td></tr> <tr valign="top"> <td><a href="/wiki/Iran" title="Iran"><img alt="Iran" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/ca/Flag_of_Iran.svg/23px-Flag_of_Iran.svg.png" decoding="async" width="23" height="13" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/ca/Flag_of_Iran.svg/35px-Flag_of_Iran.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/ca/Flag_of_Iran.svg/46px-Flag_of_Iran.svg.png 2x" data-file-width="630" data-file-height="360" /></a> Iran</td> <td>NDFI</td> <td><a href="/wiki/National_Development_Fund" class="mw-redirect" title="National Development Fund">National Development Fund</a></td> <td>156<a href="#cite_note-50">[50]</a></td> <td>2011</td> <td>Oil & Gas </td></tr> <tr valign="top"> <td><a href="/wiki/Russia" title="Russia"><img alt="Russia" src="//upload.wikimedia.org/wikipedia/en/thumb/f/f3/Flag_of_Russia.svg/23px-Flag_of_Russia.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/f/f3/Flag_of_Russia.svg/35px-Flag_of_Russia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/f/f3/Flag_of_Russia.svg/45px-Flag_of_Russia.svg.png 2x" data-file-width="900" data-file-height="600" /></a> Russia</td> <td>NWF</td> <td><a href="/wiki/Russian_National_Wealth_Fund" title="Russian National Wealth Fund">Russian National Wealth Fund</a></td> <td>133<a href="#cite_note-51">[51]</a><a href="#cite_note-52">[52]</a></td> <td>2008</td> <td>Oil & Gas </td></tr> <tr valign="top"> <td><a href="/wiki/Canada" title="Canada"><img alt="Canada" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Flag_of_Canada_%28Pantone%29.svg/23px-Flag_of_Canada_%28Pantone%29.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Flag_of_Canada_%28Pantone%29.svg/35px-Flag_of_Canada_%28Pantone%29.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Flag_of_Canada_%28Pantone%29.svg/46px-Flag_of_Canada_%28Pantone%29.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> Canada</td> <td>AIMCo</td> <td><a href="/wiki/Alberta_Investment_Management_Corporation" title="Alberta Investment Management Corporation">Alberta Investment Management Corporation</a></td> <td>123<a href="#cite_note-53">[53]</a></td> <td>2008</td> <td>Non-commodity </td></tr> <tr valign="top"> <td><a href="/wiki/United_Arab_Emirates" title="United Arab Emirates"><img alt="United Arab Emirates" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_United_Arab_Emirates.svg/23px-Flag_of_the_United_Arab_Emirates.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_United_Arab_Emirates.svg/35px-Flag_of_the_United_Arab_Emirates.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_United_Arab_Emirates.svg/46px-Flag_of_the_United_Arab_Emirates.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> United Arab Emirates</td> <td>EIA</td> <td><a href="/wiki/Emirates_Investment_Authority" title="Emirates Investment Authority">Emirates Investment Authority</a></td> <td>87<a href="#cite_note-54">[54]</a></td> <td>2007</td> <td>Oil & Gas </td></tr> <tr valign="top"> <td><a href="/wiki/Kazakhstan" title="Kazakhstan"><img alt="Kazakhstan" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d3/Flag_of_Kazakhstan.svg/23px-Flag_of_Kazakhstan.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d3/Flag_of_Kazakhstan.svg/35px-Flag_of_Kazakhstan.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d3/Flag_of_Kazakhstan.svg/46px-Flag_of_Kazakhstan.svg.png 2x" data-file-width="1000" data-file-height="500" /></a> Kazakhstan</td> <td>SK</td> <td><a href="/wiki/Samruk-Kazyna" title="Samruk-Kazyna">Samruk-Kazyna</a></td> <td>80.665<a href="#cite_note-55">[55]</a></td> <td>2008</td> <td>Oil & Gas </td></tr> <tr valign="top"> <td><a href="/wiki/United_Arab_Emirates" title="United Arab Emirates"><img alt="United Arab Emirates" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_United_Arab_Emirates.svg/23px-Flag_of_the_United_Arab_Emirates.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_United_Arab_Emirates.svg/35px-Flag_of_the_United_Arab_Emirates.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_United_Arab_Emirates.svg/46px-Flag_of_the_United_Arab_Emirates.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> United Arab Emirates</td> <td>DW</td> <td><a href="/wiki/Dubai_World" title="Dubai World">Dubai World</a></td> <td>80<a href="#cite_note-56">[56]</a></td> <td>2005</td> <td>Non-commodity </td></tr> <tr valign="top"> <td><a href="/wiki/United_States" title="United States"><img alt="United States" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></a> United States</td> <td>APF</td> <td><a href="/wiki/Alaska_Permanent_Fund" title="Alaska Permanent Fund">Alaska Permanent Fund</a></td> <td>80.463<a href="#cite_note-57">[57]</a></td> <td>1976</td> <td>Oil & Gas </td></tr> <tr valign="top"> <td><a href="/wiki/Brunei" title="Brunei"><img alt="Brunei" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9c/Flag_of_Brunei.svg/23px-Flag_of_Brunei.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9c/Flag_of_Brunei.svg/35px-Flag_of_Brunei.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9c/Flag_of_Brunei.svg/46px-Flag_of_Brunei.svg.png 2x" data-file-width="1440" data-file-height="720" /></a> Brunei</td> <td>BIA</td> <td><a href="/wiki/Brunei_Investment_Agency" title="Brunei Investment Agency">Brunei Investment Agency</a></td> <td>73<a href="#cite_note-58">[58]</a></td> <td>1983</td> <td>Oil & Gas </td></tr> <tr valign="top"> <td><a href="/wiki/Libya" title="Libya"><img alt="Libya" src="//upload.wikimedia.org/wikipedia/commons/thumb/0/05/Flag_of_Libya.svg/23px-Flag_of_Libya.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/05/Flag_of_Libya.svg/35px-Flag_of_Libya.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/05/Flag_of_Libya.svg/46px-Flag_of_Libya.svg.png 2x" data-file-width="960" data-file-height="480" /></a> Libya</td> <td>LIA</td> <td><a href="/wiki/Libyan_Investment_Authority" title="Libyan Investment Authority">Libyan Investment Authority</a></td> <td>67<a href="#cite_note-59">[59]</a></td> <td>2006</td> <td>Oil & Gas </td></tr> <tr valign="top"> <td><a href="/wiki/United_States" title="United States"><img alt="United States" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></a> United States</td> <td>PSF</td> <td><a href="/wiki/Permanent_School_Fund" title="Permanent School Fund">Texas Permanent School Fund</a></td> <td>57.291<a href="#cite_note-60">[60]</a></td> <td>1854</td> <td>Land & Mineral Royalties </td></tr> <tr valign="top"> <td><a href="/wiki/Kazakhstan" title="Kazakhstan"><img alt="Kazakhstan" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d3/Flag_of_Kazakhstan.svg/23px-Flag_of_Kazakhstan.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d3/Flag_of_Kazakhstan.svg/35px-Flag_of_Kazakhstan.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d3/Flag_of_Kazakhstan.svg/46px-Flag_of_Kazakhstan.svg.png 2x" data-file-width="1000" data-file-height="500" /></a> Kazakhstan</td> <td>NF</td> <td><a href="/wiki/Kazakhstan_National_Fund" title="Kazakhstan National Fund">Kazakhstan National Fund</a></td> <td>55.7<a href="#cite_note-61">[61]</a></td> <td>2012</td> <td>Oil & Gas </td></tr> <tr valign="top"> <td><a href="/wiki/Oman" title="Oman"><img alt="Oman" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/dd/Flag_of_Oman.svg/23px-Flag_of_Oman.svg.png" decoding="async" width="23" height="13" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/dd/Flag_of_Oman.svg/35px-Flag_of_Oman.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/dd/Flag_of_Oman.svg/46px-Flag_of_Oman.svg.png 2x" data-file-width="1050" data-file-height="600" /></a> Oman</td> <td>OIA</td> <td><a href="/wiki/State_General_Reserve_Fund" class="mw-redirect" title="State General Reserve Fund">Oman Investment Fund</a></td> <td>47</td> <td>2020</td> <td>Oil & Gas </td></tr> <tr valign="top"> <td><a href="/wiki/Azerbaijan" title="Azerbaijan"><img alt="Azerbaijan" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/dd/Flag_of_Azerbaijan.svg/23px-Flag_of_Azerbaijan.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/dd/Flag_of_Azerbaijan.svg/35px-Flag_of_Azerbaijan.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/dd/Flag_of_Azerbaijan.svg/46px-Flag_of_Azerbaijan.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> Azerbaijan</td> <td>SOFAZ</td> <td><a href="/wiki/State_Oil_Fund_of_Azerbaijan" title="State Oil Fund of Azerbaijan">State Oil Fund of the Republic of Azerbaijan</a><a href="#cite_note-62">[62]</a></td> <td>43</td> <td>1999</td> <td>Oil & Gas </td></tr> <tr> <td><a href="/wiki/Austria" title="Austria"><img alt="Austria" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/41/Flag_of_Austria.svg/23px-Flag_of_Austria.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/41/Flag_of_Austria.svg/35px-Flag_of_Austria.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/41/Flag_of_Austria.svg/45px-Flag_of_Austria.svg.png 2x" data-file-width="900" data-file-height="600" /></a> Austria</td> <td>ÖBAG</td> <td><a href="/wiki/%C3%96sterreichische_Industrieholding" class="mw-redirect" title="Österreichische Industrieholding">Österreichische Beteiligungs AG</a></td> <td>38.4<a href="#cite_note-63">[63]</a></td> <td>1967</td> <td>Non-commodity </td></tr> <tr valign="top"> <td><a href="/wiki/United_States" title="United States"><img alt="United States" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></a> United States</td> <td>PUF</td> <td><a href="/wiki/Permanent_University_Fund" title="Permanent University Fund">Texas Permanent University Fund</a></td> <td>36.469<a href="#cite_note-64">[64]</a></td> <td>1876</td> <td>Land & Mineral Royalties </td></tr> <tr valign="top"> <td><a href="/wiki/Malaysia" title="Malaysia"><img alt="Malaysia" src="//upload.wikimedia.org/wikipedia/commons/thumb/6/66/Flag_of_Malaysia.svg/23px-Flag_of_Malaysia.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/66/Flag_of_Malaysia.svg/35px-Flag_of_Malaysia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/66/Flag_of_Malaysia.svg/46px-Flag_of_Malaysia.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> Malaysia</td> <td>KN</td> <td><a href="/wiki/Khazanah_Nasional" title="Khazanah Nasional">Khazanah Nasional</a></td> <td>36.1<a href="#cite_note-65">[65]</a></td> <td>1993</td> <td>Non-commodity </td></tr> <tr valign="top"> <td><a href="/wiki/New_Zealand" title="New Zealand"><img alt="New Zealand" src="//upload.wikimedia.org/wikipedia/commons/thumb/3/3e/Flag_of_New_Zealand.svg/23px-Flag_of_New_Zealand.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/3e/Flag_of_New_Zealand.svg/35px-Flag_of_New_Zealand.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/3e/Flag_of_New_Zealand.svg/46px-Flag_of_New_Zealand.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> New Zealand</td> <td>NZSF</td> <td><a href="/wiki/New_Zealand_Superannuation_Fund" title="New Zealand Superannuation Fund">New Zealand Superannuation Fund</a></td> <td>35.1<a href="#cite_note-66">[66]</a></td> <td>2003</td> <td>Non-commodity </td></tr> <tr valign="top"> <td><a href="/wiki/France" title="France"><img alt="France" src="//upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/23px-Flag_of_France.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/35px-Flag_of_France.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/45px-Flag_of_France.svg.png 2x" data-file-width="900" data-file-height="600" /></a> France</td> <td>BPI</td> <td><a href="/wiki/Bpifrance" title="Bpifrance">Bpifrance</a></td> <td>33.5<a href="#cite_note-67">[67]</a></td> <td>2008</td> <td>Non-commodity </td></tr> <tr valign="top"> <td><a href="/wiki/United_States" title="United States"><img alt="United States" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></a> United States</td> <td>LGPF</td> <td><a href="/wiki/New_Mexico_Land_Grant_Permanent_Fund" title="New Mexico Land Grant Permanent Fund">New Mexico Land Grant Permanent Fund</a></td> <td>32.093<a href="#cite_note-68">[68]</a></td> <td>1912</td> <td>Land & Mineral Royalties </td></tr> <tr valign="top"> <td><a href="/wiki/Russia" title="Russia"><img alt="Russia" src="//upload.wikimedia.org/wikipedia/en/thumb/f/f3/Flag_of_Russia.svg/23px-Flag_of_Russia.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/f/f3/Flag_of_Russia.svg/35px-Flag_of_Russia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/f/f3/Flag_of_Russia.svg/45px-Flag_of_Russia.svg.png 2x" data-file-width="900" data-file-height="600" /></a> Russia</td> <td>RDIF</td> <td><a href="/wiki/Russian_Direct_Investment_Fund" title="Russian Direct Investment Fund">Russian Direct Investment Fund</a></td> <td>25<a href="#cite_note-69">[69]</a></td> <td>2011</td> <td>Non-commodity </td></tr> <tr valign="top"> <td><a href="/wiki/Germany" title="Germany"><img alt="Germany" src="//upload.wikimedia.org/wikipedia/en/thumb/b/ba/Flag_of_Germany.svg/23px-Flag_of_Germany.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/b/ba/Flag_of_Germany.svg/35px-Flag_of_Germany.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/b/ba/Flag_of_Germany.svg/46px-Flag_of_Germany.svg.png 2x" data-file-width="1000" data-file-height="600" /></a> Germany</td> <td>NWDF</td> <td><a href="/wiki/Nuclear_Waste_Disposal_Fund" title="Nuclear Waste Disposal Fund">Nuclear Waste Disposal Fund</a></td> <td>25<a href="#cite_note-70">[70]</a></td> <td>2017</td> <td>Non-commodity </td></tr> <tr valign="top"> <td><a href="/wiki/Norway" title="Norway"><img alt="Norway" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Flag_of_Norway.svg/21px-Flag_of_Norway.svg.png" decoding="async" width="21" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Flag_of_Norway.svg/32px-Flag_of_Norway.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Flag_of_Norway.svg/41px-Flag_of_Norway.svg.png 2x" data-file-width="512" data-file-height="372" /></a> Norway</td> <td>GPF-N</td> <td><a href="/wiki/Government_Pension_Fund_of_Norway#Government_Pension_Fund_–_Norway" title="Government Pension Fund of Norway">Government Pension Fund – Norway</a></td> <td>22</td> <td>2006</td> <td>Oil & Gas </td></tr> <tr valign="top"> <td><a href="/wiki/Papua_New_Guinea" title="Papua New Guinea"><img alt="Papua New Guinea" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/e3/Flag_of_Papua_New_Guinea.svg/20px-Flag_of_Papua_New_Guinea.svg.png" decoding="async" width="20" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/e3/Flag_of_Papua_New_Guinea.svg/31px-Flag_of_Papua_New_Guinea.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/e3/Flag_of_Papua_New_Guinea.svg/40px-Flag_of_Papua_New_Guinea.svg.png 2x" data-file-width="600" data-file-height="450" /></a> Papua New Guinea</td> <td>PNGSWF</td> <td>Papua New Guinea Sovereign Wealth Fund</td> <td>22</td> <td>2011</td> <td>Oil & Gas </td></tr> <tr valign="top"> <td><a href="/wiki/Bahrain" title="Bahrain"><img alt="Bahrain" src="//upload.wikimedia.org/wikipedia/commons/thumb/2/2c/Flag_of_Bahrain.svg/23px-Flag_of_Bahrain.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/2c/Flag_of_Bahrain.svg/35px-Flag_of_Bahrain.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/2c/Flag_of_Bahrain.svg/46px-Flag_of_Bahrain.svg.png 2x" data-file-width="1000" data-file-height="600" /></a> Bahrain</td> <td>BMHC</td> <td><a href="/wiki/Mumtalakat_Holding_Company" title="Mumtalakat Holding Company">Mumtalakat Holding Company</a></td> <td>18.3<a href="#cite_note-71">[71]</a></td> <td>2006</td> <td>Oil & Gas </td></tr> <tr> <td><a href="/wiki/Timor-Leste" title="Timor-Leste"><img alt="Timor-Leste" src="//upload.wikimedia.org/wikipedia/commons/thumb/2/26/Flag_of_East_Timor.svg/23px-Flag_of_East_Timor.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/26/Flag_of_East_Timor.svg/35px-Flag_of_East_Timor.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/26/Flag_of_East_Timor.svg/46px-Flag_of_East_Timor.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> Timor Leste</td> <td>TLPF</td> <td><a href="/wiki/Timor-Leste_Petroleum_Fund" title="Timor-Leste Petroleum Fund">Timor-Leste Petroleum Fund</a></td> <td>17<a href="#cite_note-72">[72]</a></td> <td>2005</td> <td>Oil & Gas </td></tr> <tr> <td><a href="/wiki/Republic_of_Ireland" title="Republic of Ireland"><img alt="Republic of Ireland" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/23px-Flag_of_Ireland.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/35px-Flag_of_Ireland.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/46px-Flag_of_Ireland.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> Ireland</td> <td>ISIF</td> <td><a href="/wiki/National_Treasury_Management_Agency#Ireland_Strategic_Investment_Fund_(ISIF)" title="National Treasury Management Agency">Ireland Strategic Investment Fund</a><a href="#cite_note-73">[73]</a></td> <td>16.1<a href="#cite_note-74">[74]</a></td> <td>2014</td> <td>Non-commodity </td></tr> <tr> <td><a href="/wiki/Canada" title="Canada"><img alt="Canada" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Flag_of_Canada_%28Pantone%29.svg/23px-Flag_of_Canada_%28Pantone%29.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Flag_of_Canada_%28Pantone%29.svg/35px-Flag_of_Canada_%28Pantone%29.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Flag_of_Canada_%28Pantone%29.svg/46px-Flag_of_Canada_%28Pantone%29.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> Canada</td> <td>AHSTF</td> <td><a href="/wiki/Alberta_Heritage_Savings_Trust_Fund" title="Alberta Heritage Savings Trust Fund">Alberta Heritage Savings Trust Fund</a></td> <td>15<a href="#cite_note-75">[75]</a><a href="#cite_note-76">[76]</a></td> <td>1976</td> <td>Oil & Gas </td></tr> <tr> <td><a href="/wiki/Japan" title="Japan"><img alt="Japan" src="//upload.wikimedia.org/wikipedia/en/thumb/9/9e/Flag_of_Japan.svg/23px-Flag_of_Japan.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/9e/Flag_of_Japan.svg/35px-Flag_of_Japan.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/9e/Flag_of_Japan.svg/45px-Flag_of_Japan.svg.png 2x" data-file-width="900" data-file-height="600" /></a> Japan </td> <td>JIC </td> <td><a href="/wiki/Japan_Investment_Corporation" title="Japan Investment Corporation">Japan Investment Corporation</a> </td> <td>12.2<a href="#cite_note-JIC-77">[77]</a> </td> <td>2018 </td> <td>Non-commodity </td></tr> <tr> <td><a href="/wiki/Colombia" title="Colombia"><img alt="Colombia" src="//upload.wikimedia.org/wikipedia/commons/thumb/2/21/Flag_of_Colombia.svg/23px-Flag_of_Colombia.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/21/Flag_of_Colombia.svg/35px-Flag_of_Colombia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/21/Flag_of_Colombia.svg/45px-Flag_of_Colombia.svg.png 2x" data-file-width="900" data-file-height="600" /></a> Colombia</td> <td>FAEP</td> <td>Fondo de Ahorro y Estabilización Petrolera</td> <td>12</td> <td>1995</td> <td>Oil & Gas </td></tr> <tr valign="top"> <td><a href="/wiki/Chile" title="Chile"><img alt="Chile" src="//upload.wikimedia.org/wikipedia/commons/thumb/7/78/Flag_of_Chile.svg/23px-Flag_of_Chile.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/78/Flag_of_Chile.svg/35px-Flag_of_Chile.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/78/Flag_of_Chile.svg/45px-Flag_of_Chile.svg.png 2x" data-file-width="900" data-file-height="600" /></a> Chile</td> <td>ESSF</td> <td>Economic and Social Stabilization Fund<a href="#cite_note-78">[78]</a></td> <td>11</td> <td>2007</td> <td>Copper </td></tr> <tr valign="top"> <td><a href="/wiki/Chile" title="Chile"><img alt="Chile" src="//upload.wikimedia.org/wikipedia/commons/thumb/7/78/Flag_of_Chile.svg/23px-Flag_of_Chile.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/78/Flag_of_Chile.svg/35px-Flag_of_Chile.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/78/Flag_of_Chile.svg/45px-Flag_of_Chile.svg.png 2x" data-file-width="900" data-file-height="600" /></a> Chile</td> <td>PRF</td> <td>Pension Reserve Fund</td> <td>11</td> <td>2006</td> <td>Copper </td></tr> <tr valign="top"> <td><a href="/wiki/United_States" title="United States"><img alt="United States" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></a> United States</td> <td>PWMTF</td> <td>Permanent Wyoming Mineral Trust Fund</td> <td>11.130<a href="#cite_note-79">[79]</a></td> <td>1974</td> <td>Minerals </td></tr> <tr valign="top"> <td><a href="/wiki/Philippines" title="Philippines"><img alt="Philippines" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/99/Flag_of_the_Philippines.svg/23px-Flag_of_the_Philippines.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/99/Flag_of_the_Philippines.svg/35px-Flag_of_the_Philippines.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/99/Flag_of_the_Philippines.svg/46px-Flag_of_the_Philippines.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> Philippines</td> <td>MIF</td> <td><a href="/wiki/Maharlika_Investment_Fund" class="mw-redirect" title="Maharlika Investment Fund">Maharlika Investment Fund</a></td> <td>9.2</td> <td>2023</td> <td>Non-commodity </td></tr> <tr> <td><a href="/wiki/Republic_of_Ireland" title="Republic of Ireland"><img alt="Republic of Ireland" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/23px-Flag_of_Ireland.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/35px-Flag_of_Ireland.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/46px-Flag_of_Ireland.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> Ireland</td> <td>FIF</td> <td>Future Ireland Fund</td> <td>9.1<a href="#cite_note-80">[80]</a></td> <td>2024</td> <td>Non-commodity </td></tr> <tr> <td><a href="/wiki/United_States" title="United States"><img alt="United States" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></a> United States</td> <td>NDLF</td> <td><a href="/wiki/North_Dakota_Legacy_Fund" title="North Dakota Legacy Fund">North Dakota Legacy Fund</a></td> <td>10.879<a href="#cite_note-81">[81]</a></td> <td>2011</td> <td>Oil & Gas </td></tr> <tr valign="top"> <td><a href="/wiki/United_States" title="United States"><img alt="United States" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></a> United States</td> <td>STPF</td> <td><a href="/w/index.php?title=New_Mexico_Severance_Tax_Permanent_Fund&action=edit&redlink=1" class="new" title="New Mexico Severance Tax Permanent Fund (page does not exist)">New Mexico Severance Tax Permanent Fund</a></td> <td>9.747<a href="#cite_note-82">[82]</a></td> <td>1973</td> <td>Oil & Gas </td></tr> <tr> <td><a href="/wiki/United_Kingdom" title="United Kingdom"><img alt="United Kingdom" src="//upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/23px-Flag_of_the_United_Kingdom.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/35px-Flag_of_the_United_Kingdom.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/46px-Flag_of_the_United_Kingdom.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> United Kingdom </td> <td>NWF </td> <td><a href="/wiki/UK_Infrastructure_Bank" class="mw-redirect" title="UK Infrastructure Bank">National Wealth Fund</a> </td> <td>27.8<a href="#cite_note-83">[83]</a> </td> <td>2024 </td> <td>Non-commodity </td></tr> <tr> <td><a href="/wiki/Pakistan" title="Pakistan"><img alt="Pakistan" src="//upload.wikimedia.org/wikipedia/commons/thumb/3/32/Flag_of_Pakistan.svg/23px-Flag_of_Pakistan.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/32/Flag_of_Pakistan.svg/35px-Flag_of_Pakistan.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/32/Flag_of_Pakistan.svg/45px-Flag_of_Pakistan.svg.png 2x" data-file-width="900" data-file-height="600" /></a> Pakistan</td> <td>PK</td> <td><a href="/wiki/Pakistan_Sovereign_Wealth_Fund" title="Pakistan Sovereign Wealth Fund">Pakistan Sovereign Wealth Fund</a></td> <td>8.06<a href="#cite_note-84">[84]</a></td> <td>2023</td> <td>Non-commodity </td></tr> <tr valign="top"> <td><a href="/wiki/Indonesia" title="Indonesia"><img alt="Indonesia" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Flag_of_Indonesia.svg/23px-Flag_of_Indonesia.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Flag_of_Indonesia.svg/35px-Flag_of_Indonesia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Flag_of_Indonesia.svg/45px-Flag_of_Indonesia.svg.png 2x" data-file-width="900" data-file-height="600" /></a> Indonesia</td> <td>INA</td> <td><a href="/wiki/Indonesia_Investment_Authority" title="Indonesia Investment Authority">Indonesia Investment Authority</a></td> <td>7.6<a href="#cite_note-85">[85]</a></td> <td>2021</td> <td>Non-commodity </td></tr> <tr valign="top"> <td><a href="/wiki/Mexico" title="Mexico"><img alt="Mexico" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fc/Flag_of_Mexico.svg/23px-Flag_of_Mexico.svg.png" decoding="async" width="23" height="13" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fc/Flag_of_Mexico.svg/35px-Flag_of_Mexico.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fc/Flag_of_Mexico.svg/46px-Flag_of_Mexico.svg.png 2x" data-file-width="980" data-file-height="560" /></a> Mexico</td> <td>FMP</td> <td><a href="/wiki/Fondo_Mexicano_del_Petroleo_para_la_Estabilizacion_y_el_Desarrollo" title="Fondo Mexicano del Petroleo para la Estabilizacion y el Desarrollo">Fondo Mexicano del Petroleo para la Estabilizacion y el Desarrollo</a></td> <td>7</td> <td>2000</td> <td>Oil & Gas </td></tr> <tr valign="top"> <td><a href="/wiki/Trinidad_and_Tobago" title="Trinidad and Tobago"><img alt="Trinidad and Tobago" src="//upload.wikimedia.org/wikipedia/commons/thumb/6/64/Flag_of_Trinidad_and_Tobago.svg/23px-Flag_of_Trinidad_and_Tobago.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/64/Flag_of_Trinidad_and_Tobago.svg/35px-Flag_of_Trinidad_and_Tobago.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/64/Flag_of_Trinidad_and_Tobago.svg/46px-Flag_of_Trinidad_and_Tobago.svg.png 2x" data-file-width="800" data-file-height="480" /></a> Trinidad & Tobago</td> <td>HSF</td> <td>Heritage and Stabilization Fund<a href="#cite_note-86">[86]</a></td> <td>5.6<a href="#cite_note-87">[87]</a></td> <td>2000</td> <td>Oil & Gas </td></tr> <tr> <td><a href="/wiki/India" title="India"><img alt="India" src="//upload.wikimedia.org/wikipedia/en/thumb/4/41/Flag_of_India.svg/23px-Flag_of_India.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/41/Flag_of_India.svg/35px-Flag_of_India.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/41/Flag_of_India.svg/45px-Flag_of_India.svg.png 2x" data-file-width="900" data-file-height="600" /></a> India </td> <td>NIIF </td> <td><a href="/wiki/National_Investment_and_Infrastructure_Fund" title="National Investment and Infrastructure Fund">National Investment and Infrastructure Fund</a> </td> <td>5.3<a href="#cite_note-88">[88]</a> </td> <td>2015 </td> <td>Non-commodity </td></tr> <tr valign="top"> <td><a href="/wiki/China" title="China"><img alt="China" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/23px-Flag_of_the_People%27s_Republic_of_China.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/35px-Flag_of_the_People%27s_Republic_of_China.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/45px-Flag_of_the_People%27s_Republic_of_China.svg.png 2x" data-file-width="900" data-file-height="600" /></a> China</td> <td>CADF</td> <td><a href="/wiki/China-Africa_Development_Fund" title="China-Africa Development Fund">China-Africa Development Fund</a></td> <td>5<a href="#cite_note-89">[89]</a></td> <td>2007</td> <td>Non-commodity </td></tr> <tr valign="top"> <td><a href="/wiki/Peru" title="Peru"><img alt="Peru" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/cf/Flag_of_Peru.svg/23px-Flag_of_Peru.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/cf/Flag_of_Peru.svg/35px-Flag_of_Peru.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cf/Flag_of_Peru.svg/45px-Flag_of_Peru.svg.png 2x" data-file-width="900" data-file-height="600" /></a> Peru</td> <td>FSF</td> <td>Fiscal Stabilization Fund<a href="#cite_note-90">[90]</a></td> <td>5</td> <td>1999</td> <td>Non-commodity </td></tr> <tr valign="top"> <td><a href="/wiki/Italy" title="Italy"><img alt="Italy" src="//upload.wikimedia.org/wikipedia/en/thumb/0/03/Flag_of_Italy.svg/23px-Flag_of_Italy.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/0/03/Flag_of_Italy.svg/35px-Flag_of_Italy.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/0/03/Flag_of_Italy.svg/45px-Flag_of_Italy.svg.png 2x" data-file-width="1500" data-file-height="1000" /></a> Italy</td> <td>CDP Equity</td> <td><a href="/wiki/Cassa_Depositi_e_Prestiti_Equity" class="mw-redirect" title="Cassa Depositi e Prestiti Equity">Cassa Depositi e Prestiti Equity</a><a href="#cite_note-91">[91]</a></td> <td>394<a href="#cite_note-92">[92]</a></td> <td>2011</td> <td>Non-commodity </td></tr> <tr valign="top"> <td><a href="/wiki/Botswana" title="Botswana"><img alt="Botswana" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_Botswana.svg/23px-Flag_of_Botswana.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_Botswana.svg/35px-Flag_of_Botswana.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_Botswana.svg/45px-Flag_of_Botswana.svg.png 2x" data-file-width="1200" data-file-height="800" /></a> Botswana</td> <td>PF</td> <td><a href="/wiki/Pula_Fund" title="Pula Fund">Pula Fund</a></td> <td>4.1<a href="#cite_note-93">[93]</a></td> <td>1994</td> <td>Diamonds </td></tr> <tr valign="top"> <td><a href="/wiki/United_States" title="United States"><img alt="United States" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></a> United States</td> <td>ATF</td> <td><a href="/wiki/Alabama_Trust_Fund" title="Alabama Trust Fund">Alabama Trust Fund</a></td> <td>3.4<a href="#cite_note-94">[94]</a></td> <td>1985</td> <td>Oil & Gas </td></tr> <tr> <td><a href="/wiki/United_States" title="United States"><img alt="United States" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></a> United States</td> <td>IEFIB</td> <td>Idaho Endowment Fund Investment Board<a href="#cite_note-95">[95]</a> </td> <td>3.2<a href="#cite_note-96">[96]</a></td> <td>1969</td> <td>Land & Mineral Royalties </td></tr> <tr> <td><a href="/wiki/United_States" title="United States"><img alt="United States" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></a> United States</td> <td>SIFTO</td> <td>Utah School and Institutional Trust Funds Office<a href="#cite_note-97">[97]</a></td> <td>2.5</td> <td>1983</td> <td>Land & Mineral Royalties </td></tr> <tr> <td><a href="/wiki/Vietnam" title="Vietnam"><img alt="Vietnam" src="//upload.wikimedia.org/wikipedia/commons/thumb/2/21/Flag_of_Vietnam.svg/23px-Flag_of_Vietnam.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/21/Flag_of_Vietnam.svg/35px-Flag_of_Vietnam.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/21/Flag_of_Vietnam.svg/45px-Flag_of_Vietnam.svg.png 2x" data-file-width="900" data-file-height="600" /></a> Vietnam</td> <td>SCIC</td> <td><a href="/wiki/State_Capital_Investment_Corporation" title="State Capital Investment Corporation">State Capital Investment Corporation</a></td> <td>2.4<a href="#cite_note-98">[98]</a></td> <td>2006</td> <td>Non-commodity </td></tr> <tr valign="top"> <td><a href="/wiki/Nigeria" title="Nigeria"><img alt="Nigeria" src="//upload.wikimedia.org/wikipedia/commons/thumb/7/79/Flag_of_Nigeria.svg/23px-Flag_of_Nigeria.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/79/Flag_of_Nigeria.svg/35px-Flag_of_Nigeria.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/79/Flag_of_Nigeria.svg/46px-Flag_of_Nigeria.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> Nigeria</td> <td>NSIA</td> <td><a href="/wiki/Nigeria_Sovereign_Investment_Authority" title="Nigeria Sovereign Investment Authority">Nigeria Sovereign Investment Authority</a></td> <td>2.3<a href="#cite_note-99">[99]</a></td> <td>2011</td> <td>Oil & Gas </td></tr> <tr> <td><a href="/wiki/Angola" title="Angola"><img alt="Angola" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9d/Flag_of_Angola.svg/23px-Flag_of_Angola.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9d/Flag_of_Angola.svg/35px-Flag_of_Angola.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9d/Flag_of_Angola.svg/45px-Flag_of_Angola.svg.png 2x" data-file-width="900" data-file-height="600" /></a> Angola</td> <td>FSDEA</td> <td><a href="/wiki/Fundo_Soberano_de_Angola" title="Fundo Soberano de Angola">Fundo Soberano de Angola</a></td> <td>2.2<a href="#cite_note-100">[100]</a></td> <td>2012</td> <td>Oil & Gas </td></tr> <tr valign="top"> <td><a href="/wiki/Belgium" title="Belgium"><img alt="Belgium" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/92/Flag_of_Belgium_%28civil%29.svg/23px-Flag_of_Belgium_%28civil%29.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/92/Flag_of_Belgium_%28civil%29.svg/35px-Flag_of_Belgium_%28civil%29.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/92/Flag_of_Belgium_%28civil%29.svg/45px-Flag_of_Belgium_%28civil%29.svg.png 2x" data-file-width="900" data-file-height="600" /></a> Belgium</td> <td>SFPIM</td> <td><a href="/w/index.php?title=Federale_Participatie-_en_Investeringsmaatschappij&action=edit&redlink=1" class="new" title="Federale Participatie- en Investeringsmaatschappij (page does not exist)">Federale Participatie- en Investeringsmaatschappij</a> [<a href="https://fr.wikipedia.org/wiki/Soci%C3%A9t%C3%A9_F%C3%A9d%C3%A9rale_de_Participations_et_d%27Investissement" class="extiw" title="fr:Société Fédérale de Participations et d'Investissement">fr</a>]</td> <td>2</td> <td>1962</td> <td>Non-commodity </td></tr> <tr valign="top"> <td><a href="/wiki/United_Arab_Emirates" title="United Arab Emirates"><img alt="United Arab Emirates" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_United_Arab_Emirates.svg/23px-Flag_of_the_United_Arab_Emirates.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_United_Arab_Emirates.svg/35px-Flag_of_the_United_Arab_Emirates.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_United_Arab_Emirates.svg/46px-Flag_of_the_United_Arab_Emirates.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> United Arab Emirates</td> <td>RAKIA</td> <td><a href="/wiki/Ras_Al_Khaimah_Investment_Authority" title="Ras Al Khaimah Investment Authority">Ras Al Khaimah Investment Authority</a></td> <td>2</td> <td>2005</td> <td>Oil & Gas </td></tr> <tr valign="top"> <td><a href="/wiki/United_Arab_Emirates" title="United Arab Emirates"><img alt="United Arab Emirates" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_United_Arab_Emirates.svg/23px-Flag_of_the_United_Arab_Emirates.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_United_Arab_Emirates.svg/35px-Flag_of_the_United_Arab_Emirates.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_United_Arab_Emirates.svg/46px-Flag_of_the_United_Arab_Emirates.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> United Arab Emirates</td> <td>SAM</td> <td>Sharjah Asset Management Holding<a href="#cite_note-101">[101]</a><a href="#cite_note-102">[102]</a></td> <td>2</td> <td>2008</td> <td>Non-Commodity </td></tr> <tr valign="top"> <td><a href="/wiki/United_States" title="United States"><img alt="United States" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></a> United States</td> <td>CSF</td> <td><a href="/wiki/Oregon_Common_School_Fund" title="Oregon Common School Fund">Oregon Common School Fund</a></td> <td>2</td> <td>1859</td> <td>Lands & Mineral Royalties </td></tr> <tr valign="top"> <td><a href="/wiki/Kuwait" title="Kuwait"><img alt="Kuwait" src="//upload.wikimedia.org/wikipedia/commons/thumb/a/aa/Flag_of_Kuwait.svg/23px-Flag_of_Kuwait.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/aa/Flag_of_Kuwait.svg/35px-Flag_of_Kuwait.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/aa/Flag_of_Kuwait.svg/46px-Flag_of_Kuwait.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> Kuwait</td> <td>AWQAF</td> <td><a href="/wiki/Kuwait_Ministry_of_Awqaf_and_Islamic_Affairs" title="Kuwait Ministry of Awqaf and Islamic Affairs">Awqaf and Islamic Affairs Fund</a><a href="#cite_note-103">[103]</a></td> <td>1.99</td> <td>1993</td> <td>Non-commodity </td></tr> <tr valign="top"> <td><a href="/wiki/Panama" title="Panama"><img alt="Panama" src="//upload.wikimedia.org/wikipedia/commons/thumb/a/ab/Flag_of_Panama.svg/23px-Flag_of_Panama.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/ab/Flag_of_Panama.svg/35px-Flag_of_Panama.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/ab/Flag_of_Panama.svg/45px-Flag_of_Panama.svg.png 2x" data-file-width="900" data-file-height="600" /></a> Panama</td> <td>FAP</td> <td>Fondo de Ahorro de Panama<a href="#cite_note-104">[104]</a></td> <td>1.4<a href="#cite_note-105">[105]</a></td> <td>2012</td> <td>Non-commodity </td></tr> <tr valign="top"> <td><a href="/wiki/United_States" title="United States"><img alt="United States" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></a> United States</td> <td>LEQTF</td> <td>Louisiana Education Quality Trust Fund<a href="#cite_note-106">[106]</a></td> <td>1.5<a href="#cite_note-107">[107]</a></td> <td>1986</td> <td>Oil & Gas </td></tr> <tr valign="top"> <td><a href="/wiki/United_States" title="United States"><img alt="United States" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></a> United States</td> <td>BCPL</td> <td><a href="/wiki/Wisconsin_Board_of_Commissioners_of_Public_Lands" title="Wisconsin Board of Commissioners of Public Lands">Wisconsin Board of Commissioners of Public Lands</a></td> <td>1.4</td> <td>1848</td> <td>Land, Timber and Non-commodity </td></tr> <tr valign="top"> <td><a href="/wiki/United_States" title="United States"><img alt="United States" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></a> United States</td> <td>FMP</td> <td>Colorado Public School Fund Endowment Board</td> <td>1.2</td> <td>2016</td> <td>Lands and Minerals Royalties </td></tr> <tr valign="top"> <td><a href="/wiki/Israel" title="Israel"><img alt="Israel" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Flag_of_Israel.svg/21px-Flag_of_Israel.svg.png" decoding="async" width="21" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Flag_of_Israel.svg/32px-Flag_of_Israel.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Flag_of_Israel.svg/41px-Flag_of_Israel.svg.png 2x" data-file-width="1100" data-file-height="800" /></a> Israel</td> <td></td> <td><a href="/wiki/Israeli_Citizens%27_Fund" title="Israeli Citizens' Fund">Israeli Citizens' Fund</a></td> <td>1.01</td> <td>2022</td> <td>Gas & Minerals </td></tr> <tr valign="top"> <td><a href="/wiki/Gabon" title="Gabon"><img alt="Gabon" src="//upload.wikimedia.org/wikipedia/commons/thumb/0/04/Flag_of_Gabon.svg/20px-Flag_of_Gabon.svg.png" decoding="async" width="20" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/04/Flag_of_Gabon.svg/31px-Flag_of_Gabon.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/04/Flag_of_Gabon.svg/40px-Flag_of_Gabon.svg.png 2x" data-file-width="1000" data-file-height="750" /></a> Gabon</td> <td>FGIS</td> <td>Fonds Gabonais d'Investissements Strategiques</td> <td>1.0</td> <td>2012</td> <td>Oil & Gas </td></tr> <tr valign="top"> <td><a href="/wiki/Palestine" title="Palestine"><img alt="Palestine" src="//upload.wikimedia.org/wikipedia/commons/thumb/0/00/Flag_of_Palestine.svg/23px-Flag_of_Palestine.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/00/Flag_of_Palestine.svg/35px-Flag_of_Palestine.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/00/Flag_of_Palestine.svg/46px-Flag_of_Palestine.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> Palestine</td> <td>PIF</td> <td><a href="/wiki/Palestine_Investment_Fund" title="Palestine Investment Fund">Palestine Investment Fund</a></td> <td>0.9<a href="#cite_note-108">[108]</a></td> <td>2003</td> <td>Non-commodity </td></tr> <tr valign="top"> <td><a href="/wiki/Ghana" title="Ghana"><img alt="Ghana" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/19/Flag_of_Ghana.svg/23px-Flag_of_Ghana.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/19/Flag_of_Ghana.svg/35px-Flag_of_Ghana.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/19/Flag_of_Ghana.svg/45px-Flag_of_Ghana.svg.png 2x" data-file-width="900" data-file-height="600" /></a> Ghana</td> <td>GPF</td> <td>Ghana Petroleum Funds</td> <td>0.9</td> <td>2011</td> <td>Oil & Gas </td></tr> <tr valign="top"> <td><a href="/wiki/Australia" title="Australia"><img alt="Australia" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/88/Flag_of_Australia_%28converted%29.svg/23px-Flag_of_Australia_%28converted%29.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/88/Flag_of_Australia_%28converted%29.svg/35px-Flag_of_Australia_%28converted%29.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/88/Flag_of_Australia_%28converted%29.svg/46px-Flag_of_Australia_%28converted%29.svg.png 2x" data-file-width="512" data-file-height="256" /></a> Australia</td> <td>WAFF</td> <td>Western Australian Future Fund</td> <td>0.9<a href="#cite_note-109">[109]</a></td> <td>2012</td> <td>Minerals </td></tr> <tr valign="top"> <td><a href="/wiki/Turkmenistan" title="Turkmenistan"><img alt="Turkmenistan" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1b/Flag_of_Turkmenistan.svg/23px-Flag_of_Turkmenistan.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1b/Flag_of_Turkmenistan.svg/35px-Flag_of_Turkmenistan.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1b/Flag_of_Turkmenistan.svg/45px-Flag_of_Turkmenistan.svg.png 2x" data-file-width="900" data-file-height="600" /></a> Turkmenistan</td> <td>TSF</td> <td>Turkmenistan Stabilization Fund</td> <td>0.5</td> <td>2008</td> <td>Oil & Gas </td></tr> <tr valign="top"> <td><a href="/wiki/Bolivia" title="Bolivia"><img alt="Bolivia" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/48/Flag_of_Bolivia.svg/22px-Flag_of_Bolivia.svg.png" decoding="async" width="22" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/48/Flag_of_Bolivia.svg/34px-Flag_of_Bolivia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/48/Flag_of_Bolivia.svg/44px-Flag_of_Bolivia.svg.png 2x" data-file-width="1100" data-file-height="750" /></a> Bolivia</td> <td>FINPRO</td> <td>Fondo para la Revolución Industrial Productiva<a href="#cite_note-110">[110]</a></td> <td>0.4</td> <td>2015</td> <td>Non-commodity </td></tr> <tr valign="top"> <td><a href="/wiki/Kiribati" title="Kiribati"><img alt="Kiribati" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d3/Flag_of_Kiribati.svg/23px-Flag_of_Kiribati.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d3/Flag_of_Kiribati.svg/35px-Flag_of_Kiribati.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d3/Flag_of_Kiribati.svg/46px-Flag_of_Kiribati.svg.png 2x" data-file-width="600" data-file-height="300" /></a> Kiribati</td> <td>RERF</td> <td><a href="/wiki/Revenue_Equalization_Reserve_Fund" title="Revenue Equalization Reserve Fund">Revenue Equalization Reserve Fund</a></td> <td>0.4</td> <td>1956</td> <td>Phosphates </td></tr> <tr valign="top"> <td><a href="/wiki/Equatorial_Guinea" title="Equatorial Guinea"><img alt="Equatorial Guinea" src="//upload.wikimedia.org/wikipedia/commons/thumb/3/31/Flag_of_Equatorial_Guinea.svg/23px-Flag_of_Equatorial_Guinea.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/31/Flag_of_Equatorial_Guinea.svg/35px-Flag_of_Equatorial_Guinea.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/31/Flag_of_Equatorial_Guinea.svg/45px-Flag_of_Equatorial_Guinea.svg.png 2x" data-file-width="1200" data-file-height="800" /></a> Equatorial Guinea</td> <td>FRGF</td> <td>Fonds de Réserves pour Générations Futures </td> <td>0.2</td> <td>2002</td> <td>Oil & Gas </td></tr> <tr valign="top"> <td><a href="/wiki/Rwanda" title="Rwanda"><img alt="Rwanda" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/17/Flag_of_Rwanda.svg/23px-Flag_of_Rwanda.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/17/Flag_of_Rwanda.svg/35px-Flag_of_Rwanda.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/17/Flag_of_Rwanda.svg/45px-Flag_of_Rwanda.svg.png 2x" data-file-width="900" data-file-height="600" /></a> Rwanda</td> <td>AGDF</td> <td>Agaciro Development Fund<a href="#cite_note-111">[111]</a></td> <td>0.2<a href="#cite_note-112">[112]</a></td> <td>2012</td> <td>Non-commodity </td></tr> <tr> <td><a href="/wiki/United_States" title="United States"><img alt="United States" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></a> United States </td> <td>WVFF </td> <td><a href="/wiki/West_Virginia_Future_Fund" title="West Virginia Future Fund">West Virginia Future Fund</a> </td> <td>0.1<a href="#cite_note-113">[113]</a> </td> <td>2014<a href="#cite_note-114">[114]</a> </td> <td>Oil & Gas </td></tr> <tr valign="top"> <td><a href="/wiki/Mauritania" title="Mauritania"><img alt="Mauritania" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/43/Flag_of_Mauritania.svg/23px-Flag_of_Mauritania.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/43/Flag_of_Mauritania.svg/35px-Flag_of_Mauritania.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/43/Flag_of_Mauritania.svg/45px-Flag_of_Mauritania.svg.png 2x" data-file-width="1200" data-file-height="800" /></a> Mauritania</td> <td>NFHR</td> <td>National Fund for Hydrocarbon Reserves</td> <td>0.1<a href="#cite_note-115">[115]</a></td> <td>2006</td> <td>Oil & Gas </td></tr> <tr valign="top"> <td><a href="/wiki/Mongolia" title="Mongolia"><img alt="Mongolia" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/4c/Flag_of_Mongolia.svg/23px-Flag_of_Mongolia.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/4c/Flag_of_Mongolia.svg/35px-Flag_of_Mongolia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/4c/Flag_of_Mongolia.svg/46px-Flag_of_Mongolia.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> Mongolia</td> <td>FHF</td> <td>Future Heritage Fund<a href="#cite_note-116">[116]</a></td> <td>0.1</td> <td>2011</td> <td>Minerals </td></tr> <tr valign="top"> <td><a href="/wiki/Nigeria" title="Nigeria"><img alt="Nigeria" src="//upload.wikimedia.org/wikipedia/commons/thumb/7/79/Flag_of_Nigeria.svg/23px-Flag_of_Nigeria.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/79/Flag_of_Nigeria.svg/35px-Flag_of_Nigeria.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/79/Flag_of_Nigeria.svg/46px-Flag_of_Nigeria.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> Nigeria</td> <td>BDIC</td> <td>Bayelsa Development and Investment Corporation</td> <td>0.1</td> <td>2012</td> <td>Non-commodity </td></tr> <tr valign="top"> <td><a href="/wiki/Senegal" title="Senegal"><img alt="Senegal" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fd/Flag_of_Senegal.svg/23px-Flag_of_Senegal.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fd/Flag_of_Senegal.svg/35px-Flag_of_Senegal.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fd/Flag_of_Senegal.svg/45px-Flag_of_Senegal.svg.png 2x" data-file-width="900" data-file-height="600" /></a> Senegal</td> <td>FONSIS</td> <td>Fonds Souverain d'Investissement Strategiques<a href="#cite_note-117">[117]</a></td> <td>0.1</td> <td>2012</td> <td>Non-commodity </td></tr></tbody></table> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-lower-alpha"> </div> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2>[<a href="/w/index.php?title=Sovereign_wealth_fund&action=edit&section=10" title="Edit section: See also">edit</a>]</div> <ul><li><a href="/wiki/Boutique_investment_bank" title="Boutique investment bank">Boutique investment bank</a></li> <li><a href="/wiki/Fund_of_funds" title="Fund of funds">Fund of funds</a></li> <li><a href="/wiki/Global_financial_system" title="Global financial system">Global financial system</a></li> <li><a href="/wiki/Investment_management" title="Investment management">Investment management</a></li> <li><a href="/wiki/List_of_exchange-traded_funds" title="List of exchange-traded funds">List of exchange-traded funds</a></li> <li><a href="/wiki/List_of_hedge_funds" title="List of hedge funds">List of hedge funds</a></li> <li><a href="/wiki/List_of_investment_banks" title="List of investment banks">List of investment banks</a></li> <li><a href="/wiki/List_of_private_equity_firms" title="List of private equity firms">List of private equity firms</a></li> <li><a href="/wiki/List_of_countries_by_total_wealth" title="List of countries by total wealth">List of countries by total wealth</a></li> <li><a href="/wiki/Local_wealth_fund" class="mw-redirect" title="Local wealth fund">Local wealth fund</a> or a <a href="/wiki/Public_wealth_fund" title="Public wealth fund">Public wealth fund</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2>[<a href="/w/index.php?title=Sovereign_wealth_fund&action=edit&section=11" title="Edit section: References">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239543626" /><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><a href="#cite_ref-1">^</a> <style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation journal cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20080529122341/http://www.ssga.com/library/esps/Who_Holds_Wealth_of_Nations_Andrew_Rozanov_8.15.05REVCCRI1145995576.pdf">"Who holds the wealth of nations?"</a> (PDF). <a 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Retrieved 6 June 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Sovereign+Wealth+Fund+Institute&rft.atitle=Investment+Corporation+of+Dubai+%28ICD%29+-+Sovereign+Wealth+Fund%2C+United+Arab+Emirates+-+SWFI&rft_id=https%3A%2F%2Fwww.swfinstitute.org%2Fprofile%2F598cdaa50124e9fd2d05b49f&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-32"><a href="#cite_ref-32">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b5f2">"Kuwait Investment Authority (KIA) - Sovereign Wealth Fund, Kuwait - SWFI"</a>. Sovereign Wealth Fund Institute. Retrieved 21 June 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Sovereign+Wealth+Fund+Institute&rft.atitle=Kuwait+Investment+Authority+%28KIA%29+-+Sovereign+Wealth+Fund%2C+Kuwait+-+SWFI&rft_id=https%3A%2F%2Fwww.swfinstitute.org%2Fprofile%2F598cdaa50124e9fd2d05b5f2&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-33"><a href="#cite_ref-33">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05bc3b">"Public Investment Fund (PIF) - Sovereign Wealth Fund, Saudi Arabia - SWFI"</a>. Sovereign Wealth Fund Institute. Retrieved 21 June 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Sovereign+Wealth+Fund+Institute&rft.atitle=Public+Investment+Fund+%28PIF%29+-+Sovereign+Wealth+Fund%2C+Saudi+Arabia+-+SWFI&rft_id=https%3A%2F%2Fwww.swfinstitute.org%2Fprofile%2F598cdaa60124e9fd2d05bc3b&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-34"><a href="#cite_ref-34">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://nasional.kontan.co.id/news/danantara-bakal-diluncurkan-pada-24-februari-2025-kelola-dana-jumbo-us-900-miliar">"Danantara Bakal Diluncurkan pada 24 Februari 2025, Kelola Dana Jumbo US$ 900 Miliar"</a> [Danantara Will Be Launched on February 24, 2025, Manage Jumbo Funds US$ 900 Billion]. Kontan. 15 February 2025.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Kontan&rft.atitle=Danantara+Bakal+Diluncurkan+pada+24+Februari+2025%2C+Kelola+Dana+Jumbo+US%24+900+Miliar&rft.date=2025-02-15&rft_id=https%3A%2F%2Fnasional.kontan.co.id%2Fnews%2Fdanantara-bakal-diluncurkan-pada-24-februari-2025-kelola-dana-jumbo-us-900-miliar&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-35"><a href="#cite_ref-35">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b242">"GIC Private Limited (GIC) - Sovereign Wealth Fund, Singapore - SWFI"</a>. Sovereign Wealth Fund Institute. Retrieved 4 September 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Sovereign+Wealth+Fund+Institute&rft.atitle=GIC+Private+Limited+%28GIC%29+-+Sovereign+Wealth+Fund%2C+Singapore+-+SWFI&rft_id=https%3A%2F%2Fwww.swfinstitute.org%2Fprofile%2F598cdaa50124e9fd2d05b242&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-36"><a href="#cite_ref-36">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05b83c">"Sovereign Wealth Fund Institute - SWFI"</a>. www.swfinstitute.org. Retrieved 2 November 2024.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.swfinstitute.org&rft.atitle=Sovereign+Wealth+Fund+Institute+-+SWFI&rft_id=https%3A%2F%2Fwww.swfinstitute.org%2Fprofile%2F598cdaa60124e9fd2d05b83c&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-37"><a href="#cite_ref-37">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05bc5a">"Qatar Investment Authority (QIA) - Sovereign Wealth Fund, Qatar - SWFI"</a>. Sovereign Wealth Fund Institute. Retrieved 6 June 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Sovereign+Wealth+Fund+Institute&rft.atitle=Qatar+Investment+Authority+%28QIA%29+-+Sovereign+Wealth+Fund%2C+Qatar+-+SWFI&rft_id=https%3A%2F%2Fwww.swfinstitute.org%2Fprofile%2F598cdaa60124e9fd2d05bc5a&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-38"><a href="#cite_ref-38">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b3a7">"Hong Kong Monetary Authority Investment Portfolio (HKMA IP) - Sovereign Wealth Fund, Hong Kong - SWFI"</a>. Sovereign Wealth Fund Institute. Retrieved 4 September 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Sovereign+Wealth+Fund+Institute&rft.atitle=Hong+Kong+Monetary+Authority+Investment+Portfolio+%28HKMA+IP%29+-+Sovereign+Wealth+Fund%2C+Hong+Kong+-+SWFI&rft_id=https%3A%2F%2Fwww.swfinstitute.org%2Fprofile%2F598cdaa50124e9fd2d05b3a7&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-:1-39"><a href="#cite_ref-:1_39-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b3a7">"Hong Kong Monetary Authority Investment Portfolio (HKMA IP) - Sovereign Wealth Fund, Hong Kong - SWFI"</a>. Sovereign Wealth Fund Institute. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200915030208/https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b3a7">Archived</a> from the original on 15 September 2020. Retrieved 28 December 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Sovereign+Wealth+Fund+Institute&rft.atitle=Hong+Kong+Monetary+Authority+Investment+Portfolio+%28HKMA+IP%29+-+Sovereign+Wealth+Fund%2C+Hong+Kong+-+SWFI&rft_id=https%3A%2F%2Fwww.swfinstitute.org%2Fprofile%2F598cdaa50124e9fd2d05b3a7&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-40"><a href="#cite_ref-40">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05ac89">"National Council for Social Security Fund of the People's Republic of China (NSSF) - Sovereign Wealth Fund, China - SWFI"</a>. Sovereign Wealth Fund Institute. Retrieved 6 June 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Sovereign+Wealth+Fund+Institute&rft.atitle=National+Council+for+Social+Security+Fund+of+the+People%27s+Republic+of+China+%28NSSF%29+-+Sovereign+Wealth+Fund%2C+China+-+SWFI&rft_id=https%3A%2F%2Fwww.swfinstitute.org%2Fprofile%2F598cdaa50124e9fd2d05ac89&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-41"><a href="#cite_ref-41">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05ac13">"Sovereign Wealth Fund Institute - SWFI"</a>. www.swfinstitute.org. Retrieved 2 November 2024.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.swfinstitute.org&rft.atitle=Sovereign+Wealth+Fund+Institute+-+SWFI&rft_id=https%3A%2F%2Fwww.swfinstitute.org%2Fprofile%2F598cdaa50124e9fd2d05ac13&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-42"><a href="#cite_ref-42">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b49f">"Investment Corporation of Dubai (ICD) - Sovereign Wealth Fund, United Arab Emirates - SWFI"</a>. Sovereign Wealth Fund Institute. Retrieved 6 June 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Sovereign+Wealth+Fund+Institute&rft.atitle=Investment+Corporation+of+Dubai+%28ICD%29+-+Sovereign+Wealth+Fund%2C+United+Arab+Emirates+-+SWFI&rft_id=https%3A%2F%2Fwww.swfinstitute.org%2Fprofile%2F598cdaa50124e9fd2d05b49f&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-43"><a href="#cite_ref-43">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.tvf.com.tr/uploads/file/twf-consolidated-financial-statement-31-december-2023.pdf">"Turkey Wealth Fund Consolidated Financial Statement, 31 December 2023"</a> (PDF).</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Turkey+Wealth+Fund+Consolidated+Financial+Statement%2C+31+December+2023&rft_id=https%3A%2F%2Fwww.tvf.com.tr%2Fuploads%2Ffile%2Ftwf-consolidated-financial-statement-31-december-2023.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-44"><a href="#cite_ref-44">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05b883">"Mubadala Investment Company (PJSC) - Sovereign Wealth Fund, United Arab Emirates - SWFI"</a>. Sovereign Wealth Fund Institute. Retrieved 6 June 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Sovereign+Wealth+Fund+Institute&rft.atitle=Mubadala+Investment+Company+%28PJSC%29+-+Sovereign+Wealth+Fund%2C+United+Arab+Emirates+-+SWFI&rft_id=https%3A%2F%2Fwww.swfinstitute.org%2Fprofile%2F598cdaa60124e9fd2d05b883&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-45"><a href="#cite_ref-45">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.temasek.com.sg/content/temasek-corporate/en/our-financials/portfolio-performance">"Portfolio Performance"</a>. Temasek Corporate Website English. Retrieved 17 August 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Temasek+Corporate+Website+English&rft.atitle=Portfolio+Performance&rft_id=https%3A%2F%2Fwww.temasek.com.sg%2Fcontent%2Ftemasek-corporate%2Fen%2Four-financials%2Fportfolio-performance&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-46"><a href="#cite_ref-46">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05c04a">"Temasek Holdings (Temasek) - Sovereign Wealth Fund, Singapore - SWFI"</a>. Sovereign Wealth Fund Institute. Retrieved 4 September 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Sovereign+Wealth+Fund+Institute&rft.atitle=Temasek+Holdings+%28Temasek%29+-+Sovereign+Wealth+Fund%2C+Singapore+-+SWFI&rft_id=https%3A%2F%2Fwww.swfinstitute.org%2Fprofile%2F598cdaa60124e9fd2d05c04a&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-47"><a href="#cite_ref-47">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.futurefund.gov.au/-/media/031D3442D35C42D9B8646128C048CA80.ashx">"Future Fund March 2024 Update, Australia"</a>. Sovereign Wealth Fund Institute. Retrieved 6 June 2024.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Sovereign+Wealth+Fund+Institute&rft.atitle=Future+Fund+March+2024+Update%2C+Australia&rft_id=https%3A%2F%2Fwww.futurefund.gov.au%2F-%2Fmedia%2F031D3442D35C42D9B8646128C048CA80.ashx&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-48"><a href="#cite_ref-48">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.swfinstitute.org/profile/5d0c7854d5ad707266741fc3">"Abu Dhabi Developmental Holding Company (ADQ) - Sovereign Wealth Fund, United Arab Emirates - SWFI"</a>. Sovereign Wealth Fund Institute. Retrieved 7 June 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Sovereign+Wealth+Fund+Institute&rft.atitle=Abu+Dhabi+Developmental+Holding+Company+%28ADQ%29+-+Sovereign+Wealth+Fund%2C+United+Arab+Emirates+-+SWFI&rft_id=https%3A%2F%2Fwww.swfinstitute.org%2Fprofile%2F5d0c7854d5ad707266741fc3&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-49"><a href="#cite_ref-49">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b5cb">"Korea Investment Corporation (KIC) - Sovereign Wealth Fund, South Korea - SWFI"</a>. Sovereign Wealth Fund Institute. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200915030314/https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b5cb">Archived</a> from the original on 15 September 2020. Retrieved 28 December 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Sovereign+Wealth+Fund+Institute&rft.atitle=Korea+Investment+Corporation+%28KIC%29+-+Sovereign+Wealth+Fund%2C+South+Korea+-+SWFI&rft_id=https%3A%2F%2Fwww.swfinstitute.org%2Fprofile%2F598cdaa50124e9fd2d05b5cb&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-50"><a href="#cite_ref-50">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05b8d2">"National Development Fund of Iran (NDFI) - Sovereign Wealth Fund, Iran - SWFI"</a>. Sovereign Wealth Fund Institute. 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Retrieved 29 October 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=2021+Annual+Report+-+CDPQ&rft.date=2022-04-11&rft_id=https%3A%2F%2Fwww.cdpq.com%2Fen%2Fperformance%2Fannual-reports%2F2021&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-54"><a href="#cite_ref-54">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05afc6">"Emirates Investment Authority (EIA) - Sovereign Wealth Fund, United Arab Emirates - SWFI"</a>. Sovereign Wealth Fund Institute. 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Sovereign Wealth Fund Institute. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220130000346/https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05bdc0">Archived</a> from the original on 30 January 2022. Retrieved 30 January 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Sovereign+Wealth+Fund+Institute&rft.atitle=Samruk-Kazyna+%28Samruk+Kazyna%29+-+Sovereign+Wealth+Fund%2C+Kazakhstan+-+SWFI&rft_id=https%3A%2F%2Fwww.swfinstitute.org%2Fprofile%2F598cdaa60124e9fd2d05bdc0&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-56"><a href="#cite_ref-56">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://globalswf.com/fund/DUB-WRD">"Dubai World (UAE - Dubai) - Fund Profile -"</a>. globalswf.com. 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Retrieved 7 June 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Sovereign+Wealth+Fund+Institute&rft.atitle=Timor-Leste+Petroleum+Fund+%28Timor-Leste+Petroleum+Fund%29+-+Sovereign+Wealth+Fund%2C+East+Timor+-+SWFI&rft_id=https%3A%2F%2Fwww.swfinstitute.org%2Fprofile%2F598cdaa60124e9fd2d05c12c&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-73"><a href="#cite_ref-73">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://isif.ie/">"Homepage | ISIF"</a>. ISIF. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210927213646/https://isif.ie/">Archived</a> from the original on 27 September 2021. Retrieved 17 September 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=ISIF&rft.atitle=Homepage+%7C+ISIF&rft_id=https%3A%2F%2Fisif.ie%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-74"><a href="#cite_ref-74">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b4b3">"Ireland Strategic Investment Fund (ISIF) - Sovereign Wealth Fund, Ireland - SWFI"</a>. Sovereign Wealth Fund Institute. 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June 2022. p. 5. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-4601-5445-8" title="Special:BookSources/978-1-4601-5445-8"><bdi>978-1-4601-5445-8</bdi></a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20230315033002/https://open.alberta.ca/dataset/3675e470-646e-4f8a-86a7-c36c6f45471a/resource/a70d648a-4001-4293-a3a0-7fd98aedfd5a/download/2021-22-heritage-fund-annual-report.pdf">Archived</a> (PDF) from the original on 15 March 2023. Retrieved 18 February 2023. <q>the net financial assets of the Fund are valued at [CAD]$18,715 million as of March 31, 2022</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=report&rft.btitle=Alberta+Heritage+Savings+Trust+Fund+Annual+Report+2021-22&rft.pages=5&rft.pub=Heritage+Fund&rft.date=2022-06&rft.isbn=978-1-4601-5445-8&rft_id=https%3A%2F%2Fopen.alberta.ca%2Fdataset%2F3675e470-646e-4f8a-86a7-c36c6f45471a%2Fresource%2Fa70d648a-4001-4293-a3a0-7fd98aedfd5a%2Fdownload%2F2021-22-heritage-fund-annual-report.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-76"><a href="#cite_ref-76">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.bankofcanada.ca/rates/exchange/daily-exchange-rates-lookup/?lookupPage=lookup_daily_exchange_rates_2017.php&startRange=2017-01-01&series%5B%5D=FXUSDCAD&lookupPage=lookup_daily_exchange_rates_2017.php&startRange=2017-01-01&rangeType=range&rangeValue=&dFrom=2022-03-31&dTo=&submit_button=Submit">"Daily exchange rates: Lookup tool"</a>. <a href="/wiki/Bank_of_Canada" title="Bank of Canada">Bank of Canada</a>. 31 March 2022. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20230218160844/https://www.bankofcanada.ca/rates/exchange/daily-exchange-rates-lookup/?lookupPage=lookup_daily_exchange_rates_2017.php&startRange=2017-01-01&series%5B%5D=FXUSDCAD&lookupPage=lookup_daily_exchange_rates_2017.php&startRange=2017-01-01&rangeType=range&rangeValue=&dFrom=2022-03-31&dTo=&submit_button=Submit">Archived</a> from the original on 18 February 2023. 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CDP Equity (in Italian). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210916132458/https://www.cdpequity.it/cdp-equity/it/home.page">Archived</a> from the original on 16 September 2021. Retrieved 16 September 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=CDP+Equity&rft.atitle=CDP+Equity&rft_id=https%3A%2F%2Fwww.cdpequity.it%2Fcdp-equity%2Fit%2Fhome.page&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-92"><a href="#cite_ref-92">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1 cs1-prop-foreign-lang-source"><a rel="nofollow" class="external text" href="https://www.cdp.it/sitointernet/it/bilancio_2023.page">"1H 2023"</a>. Cassa Depositi e Prestiti (in Italian). Retrieved 31 December 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Cassa+Depositi+e+Prestiti&rft.atitle=1H+2023&rft_id=https%3A%2F%2Fwww.cdp.it%2Fsitointernet%2Fit%2Fbilancio_2023.page&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-93"><a href="#cite_ref-93">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05bc49">"Pula Fund (Pula Fund) - Sovereign Wealth Fund, Botswana - SWFI"</a>. Sovereign Wealth Fund Institute. Retrieved 29 June 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Sovereign+Wealth+Fund+Institute&rft.atitle=Pula+Fund+%28Pula+Fund%29+-+Sovereign+Wealth+Fund%2C+Botswana+-+SWFI&rft_id=https%3A%2F%2Fwww.swfinstitute.org%2Fprofile%2F598cdaa60124e9fd2d05bc49&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-94"><a href="#cite_ref-94">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05a800">"Alabama Trust Fund (ATF) - Sovereign Wealth Fund, United States - SWFI"</a>. Sovereign Wealth Fund Institute. Retrieved 13 June 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Sovereign+Wealth+Fund+Institute&rft.atitle=Alabama+Trust+Fund+%28ATF%29+-+Sovereign+Wealth+Fund%2C+United+States+-+SWFI&rft_id=https%3A%2F%2Fwww.swfinstitute.org%2Fprofile%2F598cdaa50124e9fd2d05a800&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-95"><a href="#cite_ref-95">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFIdaho" class="citation web cs1">Idaho, Access. <a rel="nofollow" class="external text" href="https://efib.idaho.gov/">"Home"</a>. Endowment Fund Investment Board. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210915130841/https://efib.idaho.gov/">Archived</a> from the original on 15 September 2021. Retrieved 15 September 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Endowment+Fund+Investment+Board&rft.atitle=Home&rft.aulast=Idaho&rft.aufirst=Access&rft_id=https%3A%2F%2Fefib.idaho.gov%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-96"><a href="#cite_ref-96">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b40f">"Idaho Endowment Fund Investment Board (Idaho EFIB)"</a>. Sovereign Wealth Fund Institute. Retrieved 13 June 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Sovereign+Wealth+Fund+Institute&rft.atitle=Idaho+Endowment+Fund+Investment+Board+%28Idaho+EFIB%29&rft_id=https%3A%2F%2Fwww.swfinstitute.org%2Fprofile%2F598cdaa50124e9fd2d05b40f&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-97"><a href="#cite_ref-97">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://sitfo.utah.gov/">"SITFO"</a>. Utah School & Institutional Trust Funds Office. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210915135043/https://sitfo.utah.gov/">Archived</a> from the original on 15 September 2021. Retrieved 15 September 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Utah+School+%26+Institutional+Trust+Funds+Office&rft.atitle=SITFO&rft_id=https%3A%2F%2Fsitfo.utah.gov%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-98"><a href="#cite_ref-98">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05bf53">"State Capital Investment Corporation (SCIC) - Sovereign Wealth Fund, Vietnam - SWFI"</a>. Sovereign Wealth Fund Institute. Retrieved 16 June 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Sovereign+Wealth+Fund+Institute&rft.atitle=State+Capital+Investment+Corporation+%28SCIC%29+-+Sovereign+Wealth+Fund%2C+Vietnam+-+SWFI&rft_id=https%3A%2F%2Fwww.swfinstitute.org%2Fprofile%2F598cdaa60124e9fd2d05bf53&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-99"><a href="#cite_ref-99">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05b968">"Nigeria Sovereign Investment Authority (NSIA) - Sovereign Wealth Fund, Nigeria - SWFI"</a>. Sovereign Wealth Fund Institute. Retrieved 29 June 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Sovereign+Wealth+Fund+Institute&rft.atitle=Nigeria+Sovereign+Investment+Authority+%28NSIA%29+-+Sovereign+Wealth+Fund%2C+Nigeria+-+SWFI&rft_id=https%3A%2F%2Fwww.swfinstitute.org%2Fprofile%2F598cdaa60124e9fd2d05b968&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-100"><a href="#cite_ref-100">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b1a8">"Fundo Soberano de Angola (FSDEA) - Sovereign Wealth Fund, Angola - SWFI"</a>. Sovereign Wealth Fund Institute. Retrieved 12 June 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Sovereign+Wealth+Fund+Institute&rft.atitle=Fundo+Soberano+de+Angola+%28FSDEA%29+-+Sovereign+Wealth+Fund%2C+Angola+-+SWFI&rft_id=https%3A%2F%2Fwww.swfinstitute.org%2Fprofile%2F598cdaa50124e9fd2d05b1a8&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-101"><a href="#cite_ref-101">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05be47">"Sharjah Asset Management (Sharjah Asset Management) - Sovereign Wealth Fund, United Arab Emirates - SWFI"</a>. Sovereign Wealth Fund Institute. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210226154353/https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05be47">Archived</a> from the original on 26 February 2021. Retrieved 7 February 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Sovereign+Wealth+Fund+Institute&rft.atitle=Sharjah+Asset+Management+%28Sharjah+Asset+Management%29+-+Sovereign+Wealth+Fund%2C+United+Arab+Emirates+-+SWFI&rft_id=https%3A%2F%2Fwww.swfinstitute.org%2Fprofile%2F598cdaa60124e9fd2d05be47&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-102"><a href="#cite_ref-102">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFSAMH" class="citation web cs1">SAMH. <a rel="nofollow" class="external text" href="https://sam.ae/">"Sharjah Asset Management – The Investment Arm of the Government of Sharjah"</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210823143829/https://sam.ae/">Archived</a> from the original on 23 August 2021. 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Retrieved 4 July 2016.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=%D8%A5%D9%84%D9%89+150+%D9%85%D9%84%D9%8A%D9%88%D9%86+%D8%AF%D9%8A%D9%86%D8%A7%D8%B1+%D8%AE%D8%B3%D8%A7%D8%B1%D8%A9+%D9%85%D8%AD%D9%81%D8%B8%D8%A9+%D8%A7%D9%84%D8%A3%D9%88%D9%82%D8%A7%D9%81&rft_id=https%3A%2F%2Falqabas.com%2Farticle%2F114139-100-%25D8%25A5%25D9%2584%25D9%2589-150-%25D9%2585%25D9%2584%25D9%258A%25D9%2588%25D9%2586-%25D8%25AF%25D9%258A%25D9%2586%25D8%25A7%25D8%25B1-%25D8%25AE%25D8%25B3%25D8%25A7%25D8%25B1%25D8%25A9-%25D9%2585%25D8%25AD%25D9%2581%25D8%25B8%25D8%25A9-%25D8%25A7%25D9%2584%25D8%25A3%25D9%2588%25D9%2582%25D8%25A7%25D9%2581&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-104"><a href="#cite_ref-104">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1 cs1-prop-foreign-lang-source"><a rel="nofollow" class="external text" href="https://www.fondoahorropanama.com/">"Fondo de Ahorro de Panama"</a>. Fondo de Ahorro de Panama (in Spanish). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210825135046/https://www.fondoahorropanama.com/">Archived</a> from the original on 25 August 2021. Retrieved 25 August 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Fondo+de+Ahorro+de+Panama&rft.atitle=Fondo+de+Ahorro+de+Panama&rft_id=https%3A%2F%2Fwww.fondoahorropanama.com%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-105"><a href="#cite_ref-105">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b136">"Fondo de Ahorro de Panama (FAP) - Sovereign Wealth Fund, Panama - SWFI"</a>. Sovereign Wealth Fund Institute. Retrieved 16 June 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Sovereign+Wealth+Fund+Institute&rft.atitle=Fondo+de+Ahorro+de+Panama+%28FAP%29+-+Sovereign+Wealth+Fund%2C+Panama+-+SWFI&rft_id=https%3A%2F%2Fwww.swfinstitute.org%2Fprofile%2F598cdaa50124e9fd2d05b136&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-106"><a href="#cite_ref-106">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.treasury.la.gov/investments">"Investments | Louisiana State Treasurer | Louisiana"</a>. Louisiana Treasury. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210914172357/https://www.treasury.la.gov/investments">Archived</a> from the original on 14 September 2021. Retrieved 14 September 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Louisiana+Treasury&rft.atitle=Investments+%7C+Louisiana+State+Treasurer+%7C+Louisiana&rft_id=https%3A%2F%2Fwww.treasury.la.gov%2Finvestments&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-107"><a href="#cite_ref-107">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b6ba">"Louisiana Education Quality Trust Fund (LEQTF) - Sovereign Wealth Fund, United States - SWFI"</a>. Sovereign Wealth Fund Institute. Retrieved 16 June 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Sovereign+Wealth+Fund+Institute&rft.atitle=Louisiana+Education+Quality+Trust+Fund+%28LEQTF%29+-+Sovereign+Wealth+Fund%2C+United+States+-+SWFI&rft_id=https%3A%2F%2Fwww.swfinstitute.org%2Fprofile%2F598cdaa50124e9fd2d05b6ba&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-108"><a href="#cite_ref-108">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05ba86">"Palestine Investment Fund (Palestine Investment Fund) - Sovereign Wealth Fund, Palestine - SWFI"</a>. Sovereign Wealth Fund Institute. Retrieved 16 June 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Sovereign+Wealth+Fund+Institute&rft.atitle=Palestine+Investment+Fund+%28Palestine+Investment+Fund%29+-+Sovereign+Wealth+Fund%2C+Palestine+-+SWFI&rft_id=https%3A%2F%2Fwww.swfinstitute.org%2Fprofile%2F598cdaa60124e9fd2d05ba86&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-109"><a href="#cite_ref-109">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05c326">"Western Australian Future Fund (WAFF) - Sovereign Wealth Fund, Australia - SWFI"</a>. Sovereign Wealth Fund Institute. Retrieved 16 June 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Sovereign+Wealth+Fund+Institute&rft.atitle=Western+Australian+Future+Fund+%28WAFF%29+-+Sovereign+Wealth+Fund%2C+Australia+-+SWFI&rft_id=https%3A%2F%2Fwww.swfinstitute.org%2Fprofile%2F598cdaa60124e9fd2d05c326&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-110"><a href="#cite_ref-110">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.bivica.org/file/view/id/838">"Ley del Fondo para la Revolución Industrial Productiva (FINPRO),..."</a> bivica.org. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210824160947/https://www.bivica.org/file/view/id/838">Archived</a> from the original on 24 August 2021. Retrieved 24 August 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=bivica.org&rft.atitle=Ley+del+Fondo+para+la+Revoluci%C3%B3n+Industrial+Productiva+%28FINPRO%29%2C...&rft_id=https%3A%2F%2Fwww.bivica.org%2Ffile%2Fview%2Fid%2F838&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-111"><a href="#cite_ref-111">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://agaciro.rw/index.php?id=2">"Agaciro Development Fund"</a>. Agaciro Development Fund. 24 November 2018. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20181126092711/http://agaciro.rw/index.php?id=2">Archived</a> from the original on 26 November 2018. Retrieved 24 November 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Agaciro+Development+Fund&rft.atitle=Agaciro+Development+Fund&rft.date=2018-11-24&rft_id=http%3A%2F%2Fagaciro.rw%2Findex.php%3Fid%3D2&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-112"><a href="#cite_ref-112">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05a7da">"Agaciro Development Fund (Agaciro) - Sovereign Wealth Fund, Rwanda - SWFI"</a>. Sovereign Wealth Fund Institute. Retrieved 16 June 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Sovereign+Wealth+Fund+Institute&rft.atitle=Agaciro+Development+Fund+%28Agaciro%29+-+Sovereign+Wealth+Fund%2C+Rwanda+-+SWFI&rft_id=https%3A%2F%2Fwww.swfinstitute.org%2Fprofile%2F598cdaa50124e9fd2d05a7da&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-113"><a href="#cite_ref-113">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05c31e">"West Virginia Future Fund - Sovereign Wealth Fund, United States - SWFI"</a>. Sovereign Wealth Fund Institute. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20230405194609/https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05c31e">Archived</a> from the original on 5 April 2023. Retrieved 23 March 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Sovereign+Wealth+Fund+Institute&rft.atitle=West+Virginia+Future+Fund+-+Sovereign+Wealth+Fund%2C+United+States+-+SWFI&rft_id=https%3A%2F%2Fwww.swfinstitute.org%2Fprofile%2F598cdaa60124e9fd2d05c31e&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-114"><a href="#cite_ref-114">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://code.wvlegislature.gov/11-13A-5b">"West Virginia Code 11-13A-5b"</a>. West Virginia Code. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220710163821/https://code.wvlegislature.gov/11-13A-5B/">Archived</a> from the original on 10 July 2022. Retrieved 23 March 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=West+Virginia+Code&rft.atitle=West+Virginia+Code+11-13A-5b&rft_id=https%3A%2F%2Fcode.wvlegislature.gov%2F11-13A-5b&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-115"><a href="#cite_ref-115">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05b8d7">"National Fund for Hydrocarbon Reserves (FNRH) - Sovereign Wealth Fund, Mauritania - SWFI"</a>. Sovereign Wealth Fund Institute. Retrieved 16 June 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Sovereign+Wealth+Fund+Institute&rft.atitle=National+Fund+for+Hydrocarbon+Reserves+%28FNRH%29+-+Sovereign+Wealth+Fund%2C+Mauritania+-+SWFI&rft_id=https%3A%2F%2Fwww.swfinstitute.org%2Fprofile%2F598cdaa60124e9fd2d05b8d7&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-116"><a href="#cite_ref-116">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://mof.gov.mn/en">"Монгол Улсын Сангийн яам"</a>. Монгол Улсын Сангийн яам. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210820152436/https://mof.gov.mn/en/">Archived</a> from the original on 20 August 2021. Retrieved 23 August 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=%D0%9C%D0%BE%D0%BD%D0%B3%D0%BE%D0%BB+%D0%A3%D0%BB%D1%81%D1%8B%D0%BD+%D0%A1%D0%B0%D0%BD%D0%B3%D0%B8%D0%B9%D0%BD+%D1%8F%D0%B0%D0%BC&rft.atitle=%D0%9C%D0%BE%D0%BD%D0%B3%D0%BE%D0%BB+%D0%A3%D0%BB%D1%81%D1%8B%D0%BD+%D0%A1%D0%B0%D0%BD%D0%B3%D0%B8%D0%B9%D0%BD+%D1%8F%D0%B0%D0%BC&rft_id=https%3A%2F%2Fmof.gov.mn%2Fen&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> <li id="cite_note-117"><a href="#cite_ref-117">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.fonsis.org/fr">"Fonds Souverain d'Investissements Stratégiques (FONSIS)"</a>. Fonsis. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210823011105/https://www.fonsis.org/fr">Archived</a> from the original on 23 August 2021. Retrieved 24 August 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Fonsis&rft.atitle=Fonds+Souverain+d%27Investissements+Strat%C3%A9giques+%28FONSIS%29&rft_id=https%3A%2F%2Fwww.fonsis.org%2Ffr&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASovereign+wealth+fund" class="Z3988"> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2>[<a href="/w/index.php?title=Sovereign_wealth_fund&action=edit&section=12" title="Edit section: Further reading">edit</a>]</div> <style data-mw-deduplicate="TemplateStyles:r1235681985">.mw-parser-output .side-box{margin:4px 0;box-sizing:border-box;border:1px solid #aaa;font-size:88%;line-height:1.25em;background-color:var(--background-color-interactive-subtle,#f8f9fa);display:flow-root}.mw-parser-output .side-box-abovebelow,.mw-parser-output .side-box-text{padding:0.25em 0.9em}.mw-parser-output .side-box-image{padding:2px 0 2px 0.9em;text-align:center}.mw-parser-output .side-box-imageright{padding:2px 0.9em 2px 0;text-align:center}@media(min-width:500px){.mw-parser-output .side-box-flex{display:flex;align-items:center}.mw-parser-output .side-box-text{flex:1;min-width:0}}@media(min-width:720px){.mw-parser-output .side-box{width:238px}.mw-parser-output .side-box-right{clear:right;float:right;margin-left:1em}.mw-parser-output .side-box-left{margin-right:1em}}</style><div class="side-box metadata side-box-right"><style data-mw-deduplicate="TemplateStyles:r1126788409">.mw-parser-output .plainlist ol,.mw-parser-output .plainlist ul{line-height:inherit;list-style:none;margin:0;padding:0}.mw-parser-output .plainlist ol li,.mw-parser-output .plainlist ul li{margin-bottom:0}</style> <div class="side-box-abovebelow"> <a href="/wiki/Wikipedia:The_Wikipedia_Library" title="Wikipedia:The Wikipedia Library">Library resources</a> about Sovereign wealth fund <hr /></div> <div class="side-box-flex"> <div class="side-box-text plainlist"><ul><li><a class="external text" href="https://ftl.toolforge.org/cgi-bin/ftl?st=wp&su=Sovereign+wealth+fund">Resources in your library</a></li> <li><a class="external text" href="https://ftl.toolforge.org/cgi-bin/ftl?st=wp&su=Sovereign+wealth+fund&library=0CHOOSE0">Resources in other libraries</a></li> </ul></div></div> </div> <ul><li>Sovereign Wealth Fund Institute – What is a SWF? <a rel="nofollow" class="external text" href="https://www.swfinstitute.org/research/sovereign-wealth-fund">What is a Sovereign Wealth Fund? - SWFI</a></li> <li>Natural Resource Governance Institute & Columbia Center for Sustainable Investment "Managing the Public Trust: How to make natural resource funds work for citizens", 2014. <a rel="nofollow" class="external autonumber" href="https://resourcegovernance.org/sites/default/files/NRF_Complete_Report_EN.pdf">[1]</a></li> <li>Castelli Massimiliano and Fabio Scacciavillani "The New Economics of Sovereign Wealth Funds", John Wiley & Sons, 2012</li> <li>Saleem H. Ali and Gary Flomenhoft. <a rel="nofollow" class="external text" href="http://www.policyinnovations.org/ideas/innovations/data/000186">"Innovating Sovereign Wealth Funds"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20110303103021/http://www.policyinnovations.org/ideas/innovations/data/000186">Archived</a> 3 March 2011 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. Policy Innovations, 17 February 2011.</li> <li>M. Nicolas J. Firzli <a href="/wiki/World_Pensions_%26_Investments_Forum" title="World Pensions & Investments Forum">World Pensions Council (WPC)</a> Asset Owners Report: “Infrastructure Investments in an Age of Austerity: The Pension and Sovereign Funds Perspective”, USAK/JTW 30 July 2011 and Revue Analyse Financière, Q4 2011</li> <li>M. Nicolas J. Firzli and Joshua Franzel. <a rel="nofollow" class="external text" href="https://www.academia.edu/7789625/Non-Federal_Sovereign_Wealth_Funds_in_the_United_States_and_Canada">"Non-Federal Sovereign Wealth Funds in the United States and Canada"</a>. Revue Analyse Financière, Q3 2014</li> <li>Xu Yi-chong and Gawdat Bahgat, eds. The Political Economy of Sovereign Wealth Funds (Palgrave Macmillan; 2011) 272 pages; case studies of SWFs in China, Kuwait, Russia, the United Arab Emirates, and other countries.</li> <li>Lixia, Loh. "Sovereign Wealth Funds: States Buying the World" (Global Professional Publishing: 2010).</li></ul> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374" /><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output .navbox-inner,.mw-parser-output .navbox-subgroup{width:100%}.mw-parser-output .navbox-group,.mw-parser-output .navbox-title,.mw-parser-output .navbox-abovebelow{padding:0.25em 1em;line-height:1.5em;text-align:center}.mw-parser-output .navbox-group{white-space:nowrap;text-align:right}.mw-parser-output .navbox,.mw-parser-output .navbox-subgroup{background-color:#fdfdfd}.mw-parser-output .navbox-list{line-height:1.5em;border-color:#fdfdfd}.mw-parser-output .navbox-list-with-group{text-align:left;border-left-width:2px;border-left-style:solid}.mw-parser-output tr+tr>.navbox-abovebelow,.mw-parser-output tr+tr>.navbox-group,.mw-parser-output tr+tr>.navbox-image,.mw-parser-output tr+tr>.navbox-list{border-top:2px solid #fdfdfd}.mw-parser-output .navbox-title{background-color:#ccf}.mw-parser-output .navbox-abovebelow,.mw-parser-output .navbox-group,.mw-parser-output .navbox-subgroup .navbox-title{background-color:#ddf}.mw-parser-output .navbox-subgroup .navbox-group,.mw-parser-output .navbox-subgroup .navbox-abovebelow{background-color:#e6e6ff}.mw-parser-output .navbox-even{background-color:#f7f7f7}.mw-parser-output .navbox-odd{background-color:transparent}.mw-parser-output .navbox .hlist td dl,.mw-parser-output .navbox .hlist td ol,.mw-parser-output .navbox .hlist td ul,.mw-parser-output .navbox td.hlist dl,.mw-parser-output .navbox td.hlist ol,.mw-parser-output .navbox td.hlist ul{padding:0.125em 0}.mw-parser-output .navbox .navbar{display:block;font-size:100%}.mw-parser-output .navbox-title .navbar{float:left;text-align:left;margin-right:0.5em}body.skin--responsive .mw-parser-output .navbox-image img{max-width:none!important}@media print{body.ns-0 .mw-parser-output .navbox{display:none!important}}</style></div><div role="navigation" class="navbox" aria-labelledby="Private_equity_and_venture_capital411" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374" /><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231" /><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Private_equity_and_venture_capital" title="Template:Private equity and venture capital"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Private_equity_and_venture_capital" title="Template talk:Private equity and venture capital"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Private_equity_and_venture_capital" title="Special:EditPage/Template:Private equity and venture capital"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Private_equity_and_venture_capital411" style="font-size:114%;margin:0 4em"><a href="/wiki/Private_equity" title="Private equity">Private equity</a> and <a href="/wiki/Venture_capital" title="Venture capital">venture capital</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Investment types</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Buyout" title="Buyout">Buyout</a> <ul><li><a href="/wiki/Leveraged_buyout" title="Leveraged buyout">Leveraged</a></li> <li><a href="/wiki/Growth_buyout" title="Growth buyout">Growth</a></li></ul></li> <li><a href="/wiki/Venture_capital" title="Venture capital">Venture</a></li> <li><a href="/wiki/Mezzanine_capital" title="Mezzanine capital">Mezzanine</a></li> <li><a href="/wiki/Growth_capital" title="Growth capital">Growth</a></li> <li><a href="/wiki/Private_equity_secondary_market" class="mw-redirect" title="Private equity secondary market">Secondaries</a></li> <li><a href="/wiki/Equity_co-investment" title="Equity co-investment">Equity co-investment</a></li> <li><a href="/wiki/NAV_lending" title="NAV lending">NAV lending</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/History_of_private_equity_and_venture_capital" title="History of private equity and venture capital">History</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Early_history_of_private_equity" title="Early history of private equity">Early history</a></li> <li><a href="/wiki/Private_equity_in_the_1980s" title="Private equity in the 1980s">1980s</a></li> <li><a href="/wiki/Private_equity_in_the_1990s" title="Private equity in the 1990s">1990s</a></li> <li><a href="/wiki/Private_equity_in_the_2000s" title="Private equity in the 2000s">2000s</a></li> <li><a href="/wiki/Private_equity_in_the_2010s" title="Private equity in the 2010s">2010s</a></li> <li><a href="/wiki/Private_equity_in_the_2020s" title="Private equity in the 2020s">2020s</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Terms and concepts</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Leveraged_buyout" title="Leveraged buyout">Buyout</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Financial_sponsor" title="Financial sponsor">Financial sponsor</a></li> <li><a href="/wiki/Management_buyout" title="Management buyout">Management buyout</a></li> <li><a href="/wiki/Divisional_buyout" title="Divisional buyout">Divisional buyout</a></li> <li><a href="/wiki/Buy%E2%80%93sell_agreement" title="Buy–sell agreement">Buy–sell agreement</a></li> <li><a href="/wiki/Leveraged_recapitalization" title="Leveraged recapitalization">Leveraged recapitalization</a></li> <li><a href="/wiki/Dividend_recapitalization" title="Dividend recapitalization">Dividend recapitalization</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Venture_capital" title="Venture capital">Venture</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Angel_investor" title="Angel investor">Angel investor</a></li> <li><a href="/wiki/Business_incubator" title="Business incubator">Business incubator</a></li> <li><a href="/wiki/Post-money_valuation" title="Post-money valuation">Post-money valuation</a></li> <li><a href="/wiki/Pre-money_valuation" title="Pre-money valuation">Pre-money valuation</a></li> <li><a href="/wiki/Simple_agreement_for_future_equity" title="Simple agreement for future equity">SAFE</a></li> <li><a href="/wiki/Seed_money" title="Seed money">Seed money</a></li> <li><a href="/wiki/Startup_company" title="Startup company">Startup company</a></li> <li><a href="/wiki/Venture_capital_financing" class="mw-redirect" title="Venture capital financing">Venture capital financing</a></li> <li><a href="/wiki/Venture_debt" title="Venture debt">Venture debt</a></li> <li><a href="/wiki/Venture_round" title="Venture round">Venture round</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Structure</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Private_equity_firm" title="Private equity firm">Private equity firms</a> and <a href="/wiki/Private_equity_fund" title="Private equity fund">funds</a></li> <li><a href="/wiki/Limited_partnership" title="Limited partnership">Limited partnership</a></li> <li><a href="/wiki/Limited_liability_company" title="Limited liability company">Limited liability company</a></li> <li><a href="/wiki/Carried_interest" title="Carried interest">Carried interest</a></li> <li><a href="/wiki/Management_fee" title="Management fee">Management fee</a></li> <li><a href="/wiki/Pledge_fund" title="Pledge fund">Pledge fund</a></li> <li><a href="/wiki/Publicly_traded_private_equity" title="Publicly traded private equity">Publicly traded private equity</a> <ul><li><a href="/wiki/Business_Development_Company" title="Business Development Company">Business Development Company</a></li> <li><a href="/wiki/Venture_capital_trust" title="Venture capital trust">Venture capital trust</a></li></ul></li> <li><a href="/wiki/Private_investment_in_public_equity" title="Private investment in public equity">Private investment in public equity (PIPE)</a></li> <li><a href="/wiki/Special-purpose_acquisition_company" title="Special-purpose acquisition company">SPAC</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Investors</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Corporate_venture_capital" title="Corporate venture capital">Corporations</a></li> <li><a href="/wiki/Institutional_investor" title="Institutional investor">Institutional investors</a></li> <li><a href="/wiki/Pension_fund" title="Pension fund">Pension funds</a></li> <li><a href="/wiki/Insurance#Insurance_companies" title="Insurance">Insurance companies</a></li> <li><a href="/wiki/Fund_of_funds" title="Fund of funds">Fund of funds</a></li> <li><a href="/wiki/Financial_endowment" title="Financial endowment">Endowments</a></li> <li><a href="/wiki/Private_foundation" title="Private foundation">Foundations</a></li> <li><a href="/wiki/Investment_banking" title="Investment banking">Investment banks</a></li> <li><a href="/wiki/Merchant_bank" title="Merchant bank">Merchant banks</a></li> <li><a href="/wiki/Commercial_bank" title="Commercial bank">Commercial banks</a></li> <li><a href="/wiki/High-net-worth_individual" title="High-net-worth individual">High-net-worth individuals</a></li> <li><a href="/wiki/Family_office" title="Family office">Family offices</a></li> <li><a class="mw-selflink selflink">Sovereign wealth funds</a></li> <li><a href="/wiki/Crowdfunding" title="Crowdfunding">Crowdfunding</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related financial terms</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Assets_under_management" title="Assets under management">AUM</a></li> <li><a href="/wiki/Capitalization_table" title="Capitalization table">Cap table</a></li> <li><a href="/wiki/Capital_call" title="Capital call">Capital call</a></li> <li><a href="/wiki/Capital_commitment" title="Capital commitment">Capital commitment</a></li> <li><a href="/wiki/Capital_structure" title="Capital structure">Capital structure</a></li> <li><a href="/wiki/Distribution_waterfall" title="Distribution waterfall">Distribution waterfall</a></li> <li><a href="/wiki/Earnings_before_interest,_taxes,_depreciation_and_amortization" title="Earnings before interest, taxes, depreciation and amortization">EBITDA</a></li> <li><a href="/wiki/Envy_ratio" title="Envy ratio">Envy ratio</a></li> <li><a href="/wiki/High-yield_debt" title="High-yield debt">High-yield debt</a></li> <li><a href="/wiki/Initial_public_offering" title="Initial public offering">IPO</a></li> <li><a href="/wiki/Internal_rate_of_return" title="Internal rate of return">IRR</a></li> <li><a href="/wiki/Leverage_(finance)" title="Leverage (finance)">Leverage</a></li> <li><a href="/wiki/Liquidation_preference" title="Liquidation preference">Liquidation preference</a></li> <li><a href="/wiki/Mergers_and_acquisitions" title="Mergers and acquisitions">M&A</a></li> <li><a href="/wiki/Public_Market_Equivalent" title="Public Market Equivalent">PME</a></li> <li><a href="/wiki/Taxation_of_private_equity_and_hedge_funds" title="Taxation of private equity and hedge funds">Taxation of private equity and hedge funds</a></li> <li><a href="/wiki/Undercapitalization" title="Undercapitalization">Undercapitalization</a></li> 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