Sovereign wealth fund

Short description: State-owned investment fund

Public finance

Policies

* Agricultural
* Economic
* Energy
* Industrial
* Investment
* Social
* Trade
* Fiscal
* Monetary
* Policy mix

Fiscal policy

* Budget
* policy
* Debt
* internal
* Deficit / surplus
* Finance ministry
* Fiscal union
* Revenue
* Spending
* deficit
* Tax

Monetary policy

* Bank reserves
* requirements
* Discount window
* Gold reserves
* Interest rate
* Monetary authority
* central bank
* currency board
* Monetary base
* Monetary (currency) union
* Money supply

Trade policy

* Balance of trade
* Free trade
* Gains from trade
* Non-tariff barrier
* Protectionism
* Tariff
* Trade bloc
* Trade creation
* Trade diversion
* Trade / commerce ministry

* Revenue
* Spending

* Non-tax revenue
* Tax revenue
* Discretionary spending
* Mandatory spending

Optimum

* Balanced budget
* Economic growth
* Price stability

Reform

* Fiscal adjustment
* Monetary reform

* Portal

* v
* t
* e

Template:Georgism

A sovereign wealth fund (SWF), or sovereign investment fund, is a state-owned investment fund that invests in real and financial assets such as stocks, bonds, real estate, precious metals, or in alternative investments such as private equity funds or hedge funds. Sovereign wealth funds invest globally. Most SWFs are funded by revenues from commodity exports or from foreign exchange reserves held by the central bank.

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, special drawing rights (SDRs) and International Monetary Fund (IMF) reserve positions held by central banks and monetary authorities, along with other national assets such as pension investments, oil funds, or other industrial and financial holdings. These are assets of the sovereign nations that are typically held in domestic and different reserve currencies (such as the dollar, euro, pound, and yen). Such investment management 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.[citation needed] 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.

## Contents

* 1 History
* 1.1 Early sovereign wealth funds
* 2 Nature and purpose
* 3 Concerns
* 3.1 Recent governmental interest
* 3.2 Santiago Principles
* 4 Size
* 5 Depletion
* 6 Largest sovereign wealth funds
* 7 See also
* 8 References
* 9 Further reading

## History

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.[1] The previous edition of the journal described the shift from traditional reserve management to sovereign wealth management.

China's sovereign wealth funds entered global markets in 2007.[2]: 4 Since then, their scale and scope have expanded significantly.[2]: 4

SWFs were the first institutions to use sovereign capital in an effort to contain the financial damage in the early stages of the 2008 financial crisis.[2]: 1–2 SWFs are able to react quickly in such circumstances because unlike regulators, SWFs actively participate in the market.[2]: 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.[2]: 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.[3] In the first half of 2014, global sovereign wealth fund direct deals amounted to $50.02 billion according to the SWFI.[4]

### Early sovereign wealth funds

Sovereign wealth funds have existed for more than a century, but the number has increased dramatically since 2000. The first SWFs were non-federal U.S. state funds established in the mid-19th century to fund specific public services.[5] The state of Texas was the first to establish such a scheme, to fund public education. The Permanent School Fund (PSF) was created in 1854 to benefit primary and secondary schools, with the Permanent University Fund (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 Republic of Texas 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 SWFs of the Gulf Cooperation Council states are among the oldest and largest SWFs.[6]: 101 The first SWF established for a sovereign state is the Kuwait Investment Authority, 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 worth $853 billion.[7]

Another early registered SWF is the Revenue Equalization Reserve Fund of Kiribati. Since its creation in 1956, when the British administration of the Gilbert Islands in Micronesia put a levy on the export of phosphates used in fertilizer, the fund has grown to over $1.5 billion [ million.[8]

## Nature and purpose

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.

SWFs are typically created when governments have budgetary surpluses and have little or no international debt. It is not always possible or desirable to hold this excess liquidity 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.[2]: 5 SWFs of China are a notable exception to this more typical model.[2]: 5

Other reasons for creating SWFs may be economic, or strategic, such as war chests for uncertain times. For example, the Kuwait Investment Authority during the Gulf War managed excess reserves above the level needed for currency reserves (although many central banks do that now). The Government of Singapore Investment Corporation, Temasek Holdings, or Mubadala are partially the expression of a desire to bolster their countries' standing as an international financial centre. The Korea Investment Corporation has since been similarly managed. Sovereign wealth funds invest in all types of companies and assets, including startups like Xiaomi and renewable energy companies like Bloom Energy.[9]

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.[10]

As market participants, SWFs influence other institutional investors, who may see investments made alongside SWFs as inherently safer.[2]: 9 This effect can be seen with increasing frequency, especially with regard to investments made by the Government Pension Fund of Norway, Abu Dhabi Investment Authority, Temasek Holdings, and China Investment Corporation.[2]: 9 SLFs help facilitate a state's ability to use its selective equity investments to promote its industrial policies and strategic interests.[2]: 9

In the context of artificial intelligence (AI) development, SWFs have been proposed as tools for managing potential social and economic disruption from automation, including supporting national AI leadership through strategic infrastructure investment, acquiring equity stakes in AI companies, and distributing AI-derived returns through universal basic dividends or stabilization funds.[11][12][13][14]

## Concerns

The growth of sovereign wealth funds is attracting close attention[according to whom?] because:

* As this asset pool continues to expand in size and importance, so does its potential impact on various asset markets.
* 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.
* Former U.S. Secretary of the Treasury Lawrence Summers has argued that the U.S. could potentially lose control of assets to wealthier foreign funds whose emergence "shake[s] [the] capitalist logic".[5] These concerns have led the European Union (EU) to reconsider whether to allow its members to use "golden shares" to block certain foreign acquisitions.[15] 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 Exon–Florio Amendment 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 Committee on Foreign Investment in the United States (CFIUS). * 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.
* SWFs are not nearly as homogeneous as central banks or public pension funds.
* A lack of transparency and hence an increase in risk to the financial system, perhaps becoming the "new hedge funds".[16]

The governments of SWFs commit to follow certain rules:

* Accumulation rule (what portion of revenue can be spent/saved)
* Withdraw rule (when the Government can withdraw from the fund)
* Investment (where revenue can be invested in foreign or domestic assets)[17]

### Recent governmental interest

* On 5 March 2008, a joint sub-committee of the U.S. House Financial Services Committee 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 U.S. Department of Treasury, the U.S. Securities and Exchange Commission, the Federal Reserve Board, Norway's Ministry of Finance, Singapore's Temasek Holdings, and the Canada Pension Plan Investment Board.
* 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 Michael Glos 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.[18][19]
* On 3 February 2025, President Donald Trump signed an executive order directing the creation of a United States sovereign wealth fund within the next year.[20]
* On 23 February 2025, Indonesian President Prabowo Subianto announced a new sovereign wealth fund Daya Anagata Nusantara, also known as Danantara, which is expected to manage $900 billion in assets.[21] The $20 billion first wave of investments were announced as targeting natural resource processing, artificial intelligence, and energy and food security.[22]
* Sovereign wealth funds from Oman, Qatar, Saudi Arabia, Singapore, and the United Arab Emirates have acquired stakes in frontier AI companies including OpenAI, Anthropic, and xAI.[11]
* On 27 April 2026, Prime Minister Mark Carney announced the creation of a Canadian sovereign wealth fund.[23]

### Santiago Principles

A number of transparency indices sprang up before the Santiago Principles, some more stringent than others. To address these concerns, some of the world's main SWFs came together in a summit in Santiago, 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 Santiago Principles, to set out a common global set of international standards regarding transparency, independence, and accountability in the way that SWFs operate.[24][25] These were published after being presented to the IMF International Monetary Financial Committee on 11 October 2008.[25] They also considered a standing committee to represent them, and so a new organisation, the International Forum of Sovereign Wealth Funds was set up to maintain the new standards going forward and represent them in international policy debates.[26]

As of 2016, 30 funds[27] have formally signed up to the Principles, representing collectively 80% of the assets managed by sovereign funds globally or US$5.5 trillion.[28]

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.[29]

## Size

Assets under management of SWFs amounted to $13–15 trillion as of 2025.[30][31][32]

As of 2020, SWFs funded by oil and gas exports held a combined total of $5.4 trillion.[33] Non-commodity SWFs are generally financed through transfers from foreign exchange reserves, government budget surpluses, or privatization proceeds. Countries in the Middle East and Asia account for 77% of all SWFs.[34][35]

## Depletion

Numerous SWFs have gone bankrupt throughout history. The most notable ones have been Algeria's FRR, Brazil's FSB, 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.[36]

## Largest sovereign wealth funds

Country or region  | Abbrev.  | Fund name  | Assets[37]
(billions US$)  | Inception  | Origin

|
|
|
|
|

Norway | GPF-G | Government Pension Fund Global | 2,117[38] | 1990 | Oil & Gas
China | SAFE | SAFE Investment Company | 1,952[39] | 1997[39] | Non-commodity
China | CIC | China Investment Corporation | 1,567[40] | 2007 | Non-commodity
United Arab Emirates | ADIA | Abu Dhabi Investment Authority | 1,128[41] | 1976 | Oil & Gas
Kuwait | KIA | Kuwait Investment Authority | 1,072[42] | 1953 | Oil & Gas
Singapore | GIC | GIC Private Limited | 936[43] | 1981 | Non-commodity
Saudi Arabia | PIF | Public Investment Fund | 925[44] | 1971 | Oil & Gas
Indonesia | Danantara | Daya Anagata Nusantara Investment Management Agency | 900[45][46][47][48][49] | 2025 | Minerals / Non-commodity
Qatar | QIA | Qatar Investment Authority | 557[50] | 2005 | Oil & Gas
Hong Kong | HKMA | Exchange Fund | 533[51] | 1935[52] | Non-commodity
Singapore  | CPF  | Central Provident Fund  | 436[53] | 1955  | Pension fund
China | NSSF | National Council for Social Security Fund | 414[54] | 2000 | Non-commodity
United Arab Emirates | ICD | Investment Corporation of Dubai | 341[41] | 2006 | Oil & Gas
Turkey | TWF | Turkey Wealth Fund | 360[55] | 2017 | Non-commodity
United Arab Emirates | PJSC | Mubadala Investment Company | 302[56] | 2002 | Oil & Gas
Singapore | TH | Temasek Holdings | 434[57][58] | 1974 | Non-commodity
Australia | FF | Future Fund | 158[59] | 2006 | Non-commodity
United Arab Emirates  | ADQ  | Abu Dhabi Developmental Holding Company  | 196[60] | 2018  | Non-commodity
South Korea | KIC | Korea Investment Corporation | 189[61] | 2005 | Non-commodity
Iran | NDFI | National Development Fund | 156[62] | 2011 | Oil & Gas
Russia | NWF | Russian National Wealth Fund | 133[63][64] | 2008 | Oil & Gas
United Arab Emirates | EIA | Emirates Investment Authority | 116[65][66] | 2007 | Oil & Gas
Kazakhstan | SK | Samruk-Kazyna | 80.665[67] | 2008 | Oil & Gas
United Arab Emirates | DW | Dubai World | 80[68] | 2005 | Non-commodity
United States | APF | Alaska Permanent Fund | 80.463[69] | 1976 | Oil & Gas
Brunei | BIA | Brunei Investment Agency | 73[70] | 1983 | Oil & Gas
Libya | LIA | Libyan Investment Authority | 67[71] | 2006 | Oil & Gas
Oman | OIA | Oman Investment Fund | 60 | 2020 | Oil & Gas
United States | PSF | Texas Permanent School Fund | 57.291[72] | 1854 | Land & Mineral Royalties
Kazakhstan | NF | Kazakhstan National Fund | 55.7[73] | 2012 | Oil & Gas
Azerbaijan | SOFAZ | State Oil Fund of the Republic of Azerbaijan[74] | 73.541 | 1999 | Oil & Gas
Ethiopia | EIH | Ethiopian Investment Holdings[75] | 45 | 2021 | Non-commodity
Austria | ÖBAG | Österreichische Beteiligungs AG | 38.4[76] | 1967 | Non-commodity
United States | PUF | Texas Permanent University Fund | 36.469[77] | 1876 | Land & Mineral Royalties
Malaysia | KN | Khazanah Nasional | 36.1[78] | 1993 | Non-commodity
New Zealand | NZSF | New Zealand Superannuation Fund | 35.1[79] | 2003 | Non-commodity
France | BPI | Bpifrance | 33.5[80] | 2008 | Non-commodity
United States | LGPF | New Mexico Land Grant Permanent Fund | 32.093[81] | 1912 | Land & Mineral Royalties
Russia | RDIF | Russian Direct Investment Fund | 25[82] | 2011 | Non-commodity
Germany | NWDF | Nuclear Waste Disposal Fund | 25[83] | 2017 | Non-commodity
Norway | GPF-N | Government Pension Fund – Norway | 22 | 2006 | Oil & Gas
Papua New Guinea | PNGSWF | Papua New Guinea Sovereign Wealth Fund | 22 | 2011 | Oil & Gas
Canada | AHSTF | Alberta Heritage Savings Trust Fund | 18.9[84][85] | 1976 | Oil & Gas
Bahrain | BMHC | Mumtalakat Holding Company | 18.3[86] | 2006 | Oil & Gas
Template:Country data TLSScript error: The function "pwarning" does not exist. Timor Leste | TLPF | Timor-Leste Petroleum Fund | 17[87] | 2005 | Oil & Gas
Ireland | ISIF | Ireland Strategic Investment Fund[88] | 17.3[89] | 2014 | Non-commodity
Japan  | JIC  | Japan Investment Corporation  | 12.2[90] | 2018  | Non-commodity
Colombia | FAEP | Fondo de Ahorro y Estabilización Petrolera | 12 | 1995 | Oil & Gas
Greece  | HCAP  | Growthfund | 12[91] | 2016  | Non-commodity
Chile | ESSF | Economic and Social Stabilization Fund[92] | 11 | 2007 | Copper
Chile | PRF | Pension Reserve Fund | 11 | 2006 | Copper
United States | PWMTF | Permanent Wyoming Mineral Trust Fund | 11.130[93] | 1974 | Minerals
Philippines | MIF | Maharlika Investment Fund | 9.2 | 2023 | Non-commodity
Ireland | FIF | Future Ireland Fund | 8.8[94] | 2024 | Non-commodity
United States | NDLF | North Dakota Legacy Fund | 10.879[95] | 2011 | Oil & Gas
United States | STPF | New Mexico Severance Tax Permanent Fund | 9.747[81] | 1973 | Oil & Gas
United Kingdom  | NWF  | National Wealth Fund  | 30[96] | 2024  | Non-commodity
Indonesia | INA | Indonesia Investment Authority | 8.61[97] | 2021 | Non-commodity
Pakistan | PK | Pakistan Sovereign Wealth Fund | 8.06[98] | 2023 | Non-commodity
Mexico | FMP | Fondo Mexicano del Petroleo para la Estabilizacion y el Desarrollo | 7 | 2000 | Oil & Gas
Trinidad & Tobago | HSF | Heritage and Stabilization Fund[99] | 5.6[100] | 2000 | Oil & Gas
India  | NIIF  | National Investment and Infrastructure Fund | 5.3[101] | 2015  | Non-commodity
China | CADF | China-Africa Development Fund | 5[102] | 2007 | Non-commodity
Peru | FSF | Fiscal Stabilization Fund[103] | 5 | 1999 | Non-commodity
Italy | CDP Equity | Cassa Depositi e Prestiti Equity[104] | 394[105] | 2011 | Non-commodity
Template:Country data BOTScript error: The function "pwarning" does not exist. Botswana | PF | Pula Fund | 4.1[106] | 1994 | Diamonds
United States | ATF | Alabama Trust Fund | 3.4[107] | 1985 | Oil & Gas
United States | IEFIB | Idaho Endowment Fund Investment Board[108] | 3.2[109] | 1969 | Land & Mineral Royalties
United States | SIFTO | Utah School and Institutional Trust Funds Office[110] | 2.5 | 1983 | Land & Mineral Royalties
Vietnam | SCIC | State Capital Investment Corporation | 2.4[111] | 2006 | Non-commodity
Nigeria | NSIA | Nigeria Sovereign Investment Authority | 2.3[112] | 2011 | Oil & Gas
Template:Country data ANGScript error: The function "pwarning" does not exist. Angola | FSDEA | Fundo Soberano de Angola | 2.2[113] | 2012 | Oil & Gas
Israel | CIF | Israeli Citizens' Fund | 2.08[114] | 2022 | Gas & Minerals
Belgium | SFPIM | Federale Participatie- en Investeringsmaatschappij (fr) | 2 | 1962 | Non-commodity
United Arab Emirates | RAKIA | Ras Al Khaimah Investment Authority | 2 | 2005 | Oil & Gas
United Arab Emirates | SAM | Sharjah Asset Management Holding[115][116] | 2 | 2008 | Non-Commodity
United States | CSF | Oregon Common School Fund | 2 | 1859 | Lands & Mineral Royalties
Kuwait | AWQAF | Awqaf and Islamic Affairs Fund[117] | 1.99 | 1993 | Non-commodity
Panama | FAP | Fondo de Ahorro de Panama[118] | 3.6[119] | 2012 | Non-commodity
United States | LEQTF | Louisiana Education Quality Trust Fund[120] | 1.5[121] | 1986 | Oil & Gas
United States | BCPL | Wisconsin Board of Commissioners of Public Lands | 1.4 | 1848 | Land, Timber and Non-commodity
United States | FMP | Colorado Public School Fund Endowment Board | 1.2 | 2016 | Lands and Minerals Royalties
Gabon | FGIS | Fonds Gabonais d'Investissements Strategiques | 1.0 | 2012 | Oil & Gas
Template:Country data PLEScript error: The function "pwarning" does not exist. Palestine | PIF | Palestine Investment Fund | 0.9[122] | 2003 | Non-commodity
Ghana | GPF | Ghana Petroleum Funds | 0.9 | 2011 | Oil & Gas
Australia | WAFF | Western Australian Future Fund | 0.9[123] | 2012 | Minerals
Turkmenistan | TSF | Turkmenistan Stabilization Fund | 0.5 | 2008 | Oil & Gas
Bolivia | FINPRO | Fondo para la Revolución Industrial Productiva[124] | 0.4 | 2015 | Non-commodity
Template:Country data KIRScript error: The function "pwarning" does not exist. Kiribati | RERF | Revenue Equalization Reserve Fund | 1.5 | 1956 | Phosphates
Template:Country data GEQScript error: The function "pwarning" does not exist. Equatorial Guinea | FRGF | Fonds de Réserves pour Générations Futures  | 0.2 | 2002 | Oil & Gas
Rwanda | AGDF | Agaciro Development Fund[125] | 0.2[126] | 2012 | Non-commodity
United States  | WVFF  | West Virginia Future Fund  | 0.1[127] | 2014[128] | Oil & Gas
Template:Country data MRTScript error: The function "pwarning" does not exist. Mauritania | NFHR | National Fund for Hydrocarbon Reserves | 0.1[129] | 2006 | Oil & Gas
Template:Country data MGLScript error: The function "pwarning" does not exist. Mongolia | FHF | Chinggis Fund, Future Heritage Fund[130] | 0.1 | 2011 | Minerals
Nigeria | BDIC | Bayelsa Development and Investment Corporation | 0.1 | 2012 | Non-commodity
Senegal | FONSIS | Fonds Souverain d'Investissement Strategiques[131] | 0.1 | 2012 | Non-commodity

## See also

* Boutique investment bank
* Fund of funds
* Global financial system
* Investment management
* List of exchange-traded funds
* List of hedge funds
* List of investment banks
* List of private equity firms
* List of countries by total private wealth
* List of U.S. states by sovereign wealth funds
* Local wealth fund or a Public wealth fund

## References

1. ↑ "Who holds the wealth of nations?". Central Banking Journal 15 (4). May 2005. http://www.ssga.com/library/esps/Who_Holds_Wealth_of_Nations_Andrew_Rozanov_8.15.05REVCCRI1145995576.pdf. Retrieved 2 September 2008.
2. ↑ 2.00 2.01 2.02 2.03 2.04 2.05 2.06 2.07 2.08 2.09 Liu, Zongyuan Zoe (2023). Sovereign Funds: How the Communist Party of China Finances its Global Ambitions. The Belknap Press of Harvard University Press. ISBN 9780674271913.
3. ↑ "Sovereign Funds Embrace Direct Real Asset Deals". SWF Institute. 1 August 2013. https://www.swfinstitute.org/news/11593/sovereign-funds-embrace-direct-real-asset-deals.
4. ↑ Dunkley, Dan (7 August 2014). "Sovereign-Wealth Funds Pump Near Record Amount of Cash in Deals". The Wall Street Journal. https://blogs.wsj.com/privateequity/2014/08/07/sovereign-wealth-funds-pump-near-record-amount-of-cash-in-deals/.
5. ↑ 5.0 5.1 M. Nicolas J. Firzli and Joshua Franzel: 'Non-Federal Sovereign Wealth Funds in the United States and Canada', Revue Analyse Financière, Q3 2014
6. ↑ Zhang, Chuchu (2025). China's Changing Role in the Middle East: Filling a Power Vacuum?. Changing Dynamics in Asia-Middle East Relations series. Abingdon, Oxon; New York, NY: Routledge. ISBN 978-1-032-76275-3.
7. ↑ "Kuwait Sovereign Fund Ranks Fifth in World, 2nd Regionally". Arab Times. 15 July 2023. https://www.arabtimesonline.com/news/kuwait-sovereign-fund-ranks-fifth-in-world-2nd-regionally/.
8. ↑ "The world's most expensive club". The Economist. 24 May 2007. http://www.economist.com/finance/displaystory.cfm?story_id=9230598.
9. ↑ "Sovereign-Wealth Funds Went Full Steam Ahead Direct Investing in 2014". The Wall Street Journal. 6 January 2015. https://blogs.wsj.com/privateequity/2015/01/06/sovereign-wealth-funds-went-full-steam-ahead-direct-investing-in-2014/.
10. ↑ Chwieroth, Jeffrey M. (1 December 2014). "Fashions and Fads in Finance: The Political Foundations of Sovereign Wealth Fund Creation" (in en). International Studies Quarterly 58 (4): 752–763. doi:10.1111/isqu.12140. ISSN 0020-8833.
11. ↑ 11.0 11.1 Epstein, Liam (2025), Lead, Own, Share: Sovereign Wealth Funds for Transformative AI, doi:10.2139/ssrn.5343934, https://www.ssrn.com/abstract=5343934, retrieved 2025-07-23
12. ↑ Gelsinger, Pat. "A Sovereign-Wealth Fund to Keep America's Technological Edge." The Wall Street Journal, July 15, 2025.
13. ↑ Perrigo, Billy. "In the Loop: A Blueprint for Redistributing AI's Profits." TIME, July 11, 2025.
14. ↑ "Creating New Financing Incentives for Critical Industries | The Techno-Industrial Policy Playbook" (in en). https://www.rebuilding.tech/posts/creating-new-financing-incentives-for-critical-industries.
15. ↑ "Sovereign Wealth Funds: The New Hedge Fund?". The New York Times. 1 August 2007. http://dealbook.blogs.nytimes.com/2007/08/01/sovereign-wealth-funds-the-new-hedge-fund/.
16. ↑ Duncan, Gary (27 June 2007). "IMF concern over 'black box' funds of reserve rich nations". The Times (London). http://business.timesonline.co.uk/tol/business/economics/article1991137.ece.
17. ↑ "Rebuilding America: The Role of Foreign Capital and Global Public Investors". The Brookings Institution. 11 March 2011. http://www.brookings.edu/research/papers/2011/03/11-sovereign-wealth-funds.
18. ↑ Global, IndraStra. "How Are Sovereign Wealth Fund Decisions Made?". IndraStra. ISSN 2381-3652. https://www.indrastra.com/2017/12/How-are-sovereign-wealth-fund-decisions-made-003-12-2017-0022.html. Retrieved 25 December 2017.
19. ↑ "Qatar to invest $35bn in U.S. over 5 years". The WorldFolio. http://www.theworldfolio.com/news/qatar-to-invest-35bn-in-us-over-5-years/4186/.
20. ↑ "Trump orders creation of US sovereign wealth fund, says it could own part of TikTok" (in en). 2025-02-03. https://apnews.com/article/trump-tiktok-wealth-fund-saudi-arabia-b71c92cb0deb1eb39352cd1cd4db4b98.
21. ↑ Sulaiman, Stefanno; Teresia, Ananda (23 February 2025). "New Indonesia sovereign wealth fund to invest $20 billion in projects". https://www.reuters.com/world/asia-pacific/indonesias-prabowo-officially-establishes-new-sovereign-wealth-fund-2025-02-24/.
22. ↑ Nangoy, Fransiska; Sulaiman, Stefanno (28 February 2025). "Indonesia's new sovereign fund will run with commercial mindset, official says". https://www.reuters.com/markets/asia/indonesias-new-sovereign-fund-will-run-with-commercial-mindset-official-says-2025-02-28/.
23. ↑ Zimonjic, Peter (27 April 2026). "Carney announces creation of Canada's first national sovereign wealth fund". CBC News. https://www.cbc.ca/news/politics/sovereign-wealth-fund-carney-major-projects-9.7178238.
24. ↑ Sovereign Wealth Funds: Generally Accepted Principles and Practices (Santiago Principles) , International Working Group of Sovereign Wealth Funds, October 2008
25. ↑ 25.0 25.1 International Forum of Sovereign Wealth Funds. "Santiago Principles". http://www.ifswf.org/santiago-principles.
26. ↑ International Forum of Sovereign Wealth Funds. "About us". http://www.ifswf.org/about-us.
27. ↑ International Forum of Sovereign Wealth Funds. "Our Members". http://www.ifswf.org/our-members.
28. ↑ "International Forum of Sovereign Wealth Funds (IFSWF) and Hedge Fund Standards Board (HFSB) establish Mutual Observer relationship". Hedge Fund Standards Board. 4 April 2016. http://www.hedgeweek.com/2016/04/04/238050/international-forum-sovereign-wealth-funds-ifswf-and-hedge-fund-standards-board-hf.
29. ↑ Asian Development Bank; Sandagdorj, Bold; Enkhbold, Enerelt; Asian Development Bank (2024-12-01). ﻿Do Local Producers Contribute to Mongolia's Mining Supply Chain?﻿ (Report). Asian Development Bank. doi:10.22617/brf240565-2. https://www.adb.org/publications/local-producers-mongolia-mining-supply-chain.
30. ↑ Libby George (2026-01-02). "US draws bulk of state-owned investment in 2025 as assets hit record $60 trillion". https://www.reuters.com/world/americas/us-draws-bulk-state-owned-investment-2025-assets-hit-record-60-trln-2026-01-01/.
31. ↑ "Assets under management of SWFs worldwide 2025" (in en). https://www.statista.com/statistics/1267499/assets-under-management-of-swfs-worldwide/.
32. ↑ "Sovereign wealth funds - 2024 Resilience and growth in a new global landscape". https://static.ie.edu/CGC/SovereignWealthFunds_2024report_IECGC.pdf.
33. ↑ "Sovereign Wealth Fund Rankings". swfinstitute.org. https://www.swfinstitute.org/fund-rankings/sovereign-wealth-fund.
34. ↑ "Sovereign Wealth Funds and Public Pension Funds Data Platform -" (in en). https://globalswf.com/.
35. ↑ "Torrent of middle eastern money flooding into global marketplace — Expectations for new business opportunities". https://www.mitsui.com/mgssi/en/report/detail/__icsFiles/afieldfile/2025/05/21/2503_Insight_ohnishi_fujishiro_e.pdf.
36. ↑ Di Bonaventura Altuve, Leonardo (2024). "The demise of sovereign wealth funds". Taylor & Francis 31: 277–303. doi:10.1080/09692290.2023.2190601. https://www.tandfonline.com/doi/abs/10.1080/09692290.2023.2190601?journalCode=rrip20. Retrieved 5 April 2023.
37. ↑ "SWFI". https://www.swfinstitute.org/fund-rankings/sovereign-wealth-fund.
38. ↑ "Norway Government Pension Fund Global (Norway GPFG) – Sovereign Wealth Fund, Norway – SWFI". https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05b9af.
39. ↑ 39.0 39.1 "SAFE Investment Company (SAFE Investment Company) – Sovereign Wealth Fund, China – SWFI". https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05bd9b.
40. ↑ "China Investment Corporation (CIC) – Sovereign Wealth Fund, China – SWFI". https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05ac89.
41. ↑ 41.0 41.1 "Investment Corporation of Dubai (ICD) – Sovereign Wealth Fund, United Arab Emirates – SWFI". https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b49f.
42. ↑ "Kuwait Investment Authority (KIA) – Sovereign Wealth Fund, Kuwait – SWFI". https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b5f2.
43. ↑ "GIC Private Limited (GIC) – Sovereign Wealth Fund, Singapore – SWFI". https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b242.
44. ↑ "Public Investment Fund (PIF) – Sovereign Wealth Fund, Saudi Arabia – SWFI". https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05bc3b.
45. ↑ "Danantara eyes up to USD 10 billion in dividends within five years – Regulations" (in en). https://www.idnfinancials.com/news/57935/danantara-eyes-up-to-usd-10-billion-in-dividends-within-five-years.
46. ↑ antaranews.com (2025-02-26). "Danantara: What to know about Indonesia's sovereign wealth fund" (in en). https://en.antaranews.com/news/346397/danantara-what-to-know-about-indonesias-sovereign-wealth-fund.
47. ↑ "Sovereign fund Danantara Indonesia names 'dream team' of former presidents, Sachs, Dalio and ex-Thai PM Thaksin" (in en-US). Reuters. https://www.reuters.com/business/finance/sovereign-fund-danantara-indonesia-names-dream-team-former-presidents-sachs-2025-03-24/.
48. ↑ "Danantara Bakal Diluncurkan pada 24 Februari 2025, Kelola Dana Jumbo US$ 900 Miliar". Kontan. 15 February 2025. https://nasional.kontan.co.id/news/danantara-bakal-diluncurkan-pada-24-februari-2025-kelola-dana-jumbo-us-900-miliar.
49. ↑ "Danantara: Sovereign Wealth Fund in Indonesia, Asia - SWFI". https://www.swfinstitute.org/profile/672e2b53cd98213e68164cb5.
50. ↑ "Qatar Investment Authority (QIA) – Sovereign Wealth Fund, Qatar – SWFI". https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05bc5a.
51. ↑ "Hong Kong Monetary Authority Investment Portfolio (HKMA IP) – Sovereign Wealth Fund, Hong Kong – SWFI". https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b3a7.
52. ↑ "Hong Kong Monetary Authority Investment Portfolio (HKMA IP) – Sovereign Wealth Fund, Hong Kong – SWFI". https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b3a7.
53. ↑ "Sovereign Wealth Fund Institute – SWFI". https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05ac13.
54. ↑ "National Council for Social Security Fund of the People's Republic of China (NSSF) – Sovereign Wealth Fund, China – SWFI". https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05ac89.
55. ↑ "Türkiye Wealth Fund among world’s 10 largest sovereign wealth funds". https://www.aa.com.tr/en/economy/turkiye-wealth-fund-among-world-s-10-largest-sovereign-wealth-funds/3692471.
56. ↑ "Mubadala Investment Company (PJSC) – Sovereign Wealth Fund, United Arab Emirates – SWFI". https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05b883.
57. ↑ "Portfolio Performance" (in en). https://www.temasek.com.sg/content/temasek-corporate/en/our-financials/portfolio-performance.
58. ↑ "Temasek Holdings (Temasek) – Sovereign Wealth Fund, Singapore – SWFI". https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05c04a.
59. ↑ "Future Fund March 2024 Update, Australia". https://www.futurefund.gov.au/-/media/031D3442D35C42D9B8646128C048CA80.ashx.
60. ↑ "Abu Dhabi Developmental Holding Company (ADQ) – Sovereign Wealth Fund, United Arab Emirates – SWFI". https://www.swfinstitute.org/profile/5d0c7854d5ad707266741fc3.
61. ↑ "Korea Investment Corporation (KIC) – Sovereign Wealth Fund, South Korea – SWFI". https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b5cb.
62. ↑ "National Development Fund of Iran (NDFI) – Sovereign Wealth Fund, Iran – SWFI". https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05b8d2.
63. ↑ "Russia's National Wealth Fund at $148 billion at Jan 1 – Finance Ministry" (in en). euronews. 19 January 2023. https://www.euronews.com/next/2023/01/19/russia-reserves-national-wealth-fund.
64. ↑ "Russia | National Wealth Fund: Total Amount | CEIC". https://www.ceicdata.com/en/russia/national-wealth-fund-total-amount.
65. ↑ "EIA (UAE) - Fund Profile -" (in en). https://globalswf.com/fund/EIA.
66. ↑ "UAE becomes world's 4th largest state investor with Dh10.75 trillion assets" (in en). https://www.khaleejtimes.com/uae/uae-becomes-worlds-4th-largest-state-investor-with-dh1075-trillion-assets.
67. ↑ "Samruk-Kazyna (Samruk Kazyna) – Sovereign Wealth Fund, Kazakhstan – SWFI". https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05bdc0.
68. ↑ "Dubai World (UAE – Dubai) – Fund Profile –" (in en). https://globalswf.com/fund/DUB-WRD.
69. ↑ "Alaska Permanent Fund Corporation 2024 Annual Report". https://apfc.org/annual-report-2024/.
70. ↑ "Brunei Investment Agency (BIA) – Sovereign Wealth Fund, Brunei – SWFI". https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05aadd.
71. ↑ "Libyan Investment Authority (LIA) – Sovereign Wealth Fund, Libya – SWFI". https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b66a.
72. ↑ "Annual Comprehensive Financial Report For the Fiscal Year Ended August 31, 2024". https://texaspsf.org/reports/.
73. ↑ "Kazakhstan National Fund (Kazakhstan National Fund) – Sovereign Wealth Fund, Kazakhstan – SWFI". https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b556.
74. ↑ "Recent figures". https://www.oilfund.az/en/report-and-statistics/recent-figures.
75. ↑ "Ethiopian Investment Holdings (EIH) was ranked as the 34th biggest sovereign wealth fund in the world, with nearly 45 billion dollars of assets. The Sovereign Wealth Fund Institute’s (SWFI) latest ranking places EIH as ..". https://www.https://eih.et/ethiopias-sovereign-wealth-fund-ranked-largest-in-africa-2/.
76. ↑ "Portfolio". https://www.oebag.gv.at/en/organisation/portfolio/.
77. ↑ "Financial Statements and Independent Auditor's Report Permanent University Fund Years Ended August 31, 2024 and 2023". https://www.utimco.org/media/4474/2024-puf-audited-financial-statements.pdf.
78. ↑ "Khazanah Nasional (Khazanah) – Sovereign Wealth Fund, Malaysia – SWFI". https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b58c.
79. ↑ "New Zealand Superannuation Fund (NZ Super Fund) – Sovereign Wealth Fund, New Zealand – SWFI". https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05b948.
80. ↑ "Bpifrance (Bpifrance) – Development Bank, France – SWFI". https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05aa99.
81. ↑ 81.0 81.1 "Report of Independent Auditors and Financial Statements with Supplementary Information, State of New Mexico Investment Council – Investment Office, A Department of the State of New Mexico, June 30, 2024". https://www.sic.state.nm.us/publications-reports/sic-annual-audit-reports/.
82. ↑ "Russian Direct Investment Fund (RDIF) – Sovereign Wealth Fund, Russia – SWFI". https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05bd89.
83. ↑ "Nuclear Waste Disposal Fund (Kenfo) – Sovereign Wealth Fund, Germany – SWFI". https://www.swfinstitute.org/profile/5ac240adce6eca492d272cb5.
84. ↑ ﻿Alberta Heritage Savings Trust Fund Annual Report 2024-25﻿ (Report). Edmonton: Treasury Board and Finance, Government of Alberta. June 2025. p. 1. ISBN 978-1-4601-6337-5. https://open.alberta.ca/dataset/3675e470-646e-4f8a-86a7-c36c6f45471a/resource/09ab213a-a4ba-45dd-b130-e01816f96cc9/download/tbf-alberta-heritage-savings-trust-fund-annual-report-2024-2025.pdf. Retrieved 17 April 2026. "Highlights… $27.2 billion Net financial assets… as at March 31, 2025"
85. ↑ "Daily exchange rates: Lookup tool". Bank of Canada. 2025-03-31. https://www.bankofcanada.ca/rates/exchange/daily-exchange-rates-lookup/?lookupPage=lookup_daily_exchange_rates_2017.php&startRange=2017-01-01&series[]=FXUSDCAD&lookupPage=lookup_daily_exchange_rates_2017.php&startRange=2017-01-01&rangeType=range&rangeValue=&dFrom=2025-03-31&dTo=&submit_button=Submit. "Date: 2025-03-31 | CAD → USD: 0.6956"
86. ↑ "Mumtalakat Holding (Mumtalakat) – Sovereign Wealth Fund, Bahrain – SWFI". https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05b88b.
87. ↑ "Timor-Leste Petroleum Fund (Timor-Leste Petroleum Fund) – Sovereign Wealth Fund, East Timor – SWFI". https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05c12c.
88. ↑ "Homepage | ISIF" (in en). https://isif.ie/.
89. ↑ "Ireland Strategic Investment Fund (ISIF) – Sovereign Wealth Fund, Ireland – SWFI". https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b4b3.
90. ↑ "事業報告｜公表資料｜入札結果｜JIC JAPAN INVESTMENT CORPORATION". https://www.j-ic.co.jp/jp/finance/report/report01.html.
91. ↑ "GrowthFund (Greece) – Fund Profile –" (in en). https://globalswf.com/fund/HCAP.
92. ↑ "Economic and Social Stabilization Fund (2 contenidos)" (in en). http://www.hacienda.cl/english/investor-relations-office/reports/sovereign-wealth-funds-reports/economic-and-social-stabilization-fund.
93. ↑ "Wyoming State Treasurer Annual Report, July 1, 2023 – June 30, 2024". https://statetreasurer.wyo.gov/wp-content/uploads/2024/11/Annual-Report-FY24pdf.pdf.
94. ↑ "Future Ireland Fund – Sovereign Wealth Fund, Ireland – SWFI". https://www.swfinstitute.org/profile/66ba3678c001f7d1eecabcd0.
95. ↑ "Investment Performance Review for North Dakota State Investment Board Legacy Fund, Period Ending: June 30, 2024". https://www.rio.nd.gov/sites/www/files/documents/PDFs/SIB/Reports/veruslegacy202406.pdf.
96. ↑ "National Wealth Fund: Mobilising Private Investment" (in en). https://www.gov.uk/government/publications/national-wealth-fund-mobilising-private-investment.
97. ↑ "Indonesia Investment Authority (Indonesia Investment Authority) – Sovereign Wealth Fund, Indonesia – SWFI". https://www.swfinstitute.org/profile/5f7dde9916e98059cc6f024e.
98. ↑ "Pakistan passes law to set up a sovereign wealth fund". https://www.brecorder.com/news/40255872.
99. ↑ "Heritage and Stabilization Fund – Ministry of Finance" (in en-US). https://www.finance.gov.tt/category/heritage-and-stabilization-fund/.
100. ↑ "Heritage and Stabilization Fund (Heritage and Stabilization Fund) – Sovereign Wealth Fund, Trinidad and Tobago – SWFI". https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b364.
101. ↑ "National Investment and Infrastructure Fund (NIIF) – Government Fund, India – SWFI". https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05b8df.
102. ↑ "China-Africa Development Fund (CAD Fund) – Government Fund, China – SWFI". https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05acbc.
103. ↑ "State Fiscal Stabilization Fund | U.S. Department of Education". https://www.ed.gov/category/program/state-fiscal-stabilization-fund.
104. ↑ "CDP Equity" (in it). https://www.cdpequity.it/cdp-equity/it/home.page.
105. ↑ "1H 2023" (in it). https://www.cdp.it/sitointernet/it/bilancio_2023.page.
106. ↑ "Pula Fund (Pula Fund) – Sovereign Wealth Fund, Botswana – SWFI". https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05bc49.
107. ↑ "Alabama Trust Fund (ATF) – Sovereign Wealth Fund, United States – SWFI". https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05a800.
108. ↑ Idaho, Access. "Home" (in EN). https://efib.idaho.gov/.
109. ↑ "Idaho Endowment Fund Investment Board (Idaho EFIB)". https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b40f.
110. ↑ "SITFO". https://sitfo.utah.gov/.
111. ↑ "State Capital Investment Corporation (SCIC) – Sovereign Wealth Fund, Vietnam – SWFI". https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05bf53.
112. ↑ "Nigeria Sovereign Investment Authority (NSIA) – Sovereign Wealth Fund, Nigeria – SWFI". https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05b968.
113. ↑ "Fundo Soberano de Angola (FSDEA) – Sovereign Wealth Fund, Angola – SWFI". https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b1a8.
114. ↑ "Citizens of Israel fund". https://www.cif.gov.il/en/homepage/.
115. ↑ "Sharjah Asset Management (Sharjah Asset Management) – Sovereign Wealth Fund, United Arab Emirates – SWFI". https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05be47.
116. ↑ SAMH. "Sharjah Asset Management – The Investment Arm of the Government of Sharjah" (in en-US). https://sam.ae/.
117. ↑ "إلى 150 مليون دينار خسارة محفظة الأوقاف". https://alqabas.com/article/114139-100-إلى-150-مليون-دينار-خسارة-محفظة-الأوقاف.
118. ↑ "Fondo de Ahorro de Panama" (in es-PA). https://www.fondoahorropanama.com/.
119. ↑ "Fondo de Ahorro de Panama (FAP) – Sovereign Wealth Fund, Panama – SWFI". https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b136.
120. ↑ "Investments | Louisiana State Treasurer | Louisiana" (in en). https://www.treasury.la.gov/investments.
121. ↑ "Louisiana Education Quality Trust Fund (LEQTF) – Sovereign Wealth Fund, United States – SWFI". https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b6ba.
122. ↑ "Palestine Investment Fund (Palestine Investment Fund) – Sovereign Wealth Fund, Palestine – SWFI". https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05ba86.
123. ↑ "Western Australian Future Fund (WAFF) – Sovereign Wealth Fund, Australia – SWFI". https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05c326.
124. ↑ "Ley del Fondo para la Revolución Industrial Productiva (FINPRO),..." (in en). https://www.bivica.org/file/view/id/838.
125. ↑ "Agaciro Development Fund". 24 November 2018. http://agaciro.rw/index.php?id=2.
126. ↑ "Agaciro Development Fund (Agaciro) – Sovereign Wealth Fund, Rwanda – SWFI". https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05a7da.
127. ↑ "West Virginia Future Fund – Sovereign Wealth Fund, United States – SWFI". https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05c31e.
128. ↑ "West Virginia Code 11-13A-5b" (in en-US). https://code.wvlegislature.gov/11-13A-5b.
129. ↑ "National Fund for Hydrocarbon Reserves (FNRH) – Sovereign Wealth Fund, Mauritania – SWFI". https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05b8d7.
130. ↑ "Монгол Улсын Сангийн яам" (in en). https://mof.gov.mn/en.
131. ↑ "Fonds Souverain d'Investissements Stratégiques (FONSIS)". https://www.fonsis.org/fr.

## Further reading

Library resources about
Sovereign wealth fund

* * *

* Resources in your library
* Resources in other libraries

* Ahmadov, Anar K; Althuis, Jente; Guliyev, Farid; Jurvanen, Outi; van den Dijssel, Sofia (2025). "Treasure Troves: Understanding Sovereign Wealth Funds Using the SWIFT Dataset". International Studies Quarterly. 69(4).
* Sovereign Wealth Fund Institute – What is a SWF? What is a Sovereign Wealth Fund? – SWFI
* Castelli Massimiliano and Fabio Scacciavillani "The New Economics of Sovereign Wealth Funds", John Wiley & Sons, 2012
* 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.

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