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# Investor Country Est. Type AuM ($b)* Alternatives (%)**
1 PBoC China 1948 CB 3,307 0%
2 GPIF Japan 2006 PPF 1,425 1%
3 NBIM Norway 1997 SWF 1,375 3%
4 CIC China 2007 SWF 1,351 25%
5 BoJ Japan 1882 CB 1,223 0%
6 ECB Eurosystem 1998 CB 1,150 0%
7 SAFE IC China 1997 SWF 1,034 22%
8 ADIA UAE - Abu Dhabi 1967 SWF 993 29%
9 SNB Switzerland 1907 CB 935 0%
10 KIA Kuwait 1953 SWF 769 23%
11 PIF Saudi Arabia 1971 SWF 730 37%
12 NPS South Korea 1988 PPF 707 15%
13 GIC Singapore 1981 SWF 690 25%
14 FRTIB USA 1986 PPF 690 0%
15 CBR Russia 1990 CB 630 0%
16 RBI India 1935 CB 563 0%
17 APG Netherlands 1922 PPF 555 21%
18 CBC Taiwan 1924 CB 555 0%
19 NSSF China 2000 SWF 474 14%
20 BoK South Korea 1950 CB 463 0%
21 QIA Qatar 2005 SWF 450 41%
22 CalPERS USA - CA 1932 PPF 442 18%
23 CPP Canada 1997 PPF 422 52%
24 HKMA China - HKSAR 1993 CB 404 0%
25 BCBr Brazil 1964 CB 403 0%
26 MAS Singapore 1971 CB 388 0%
27 CPF Singapore 1955 PPF 377 0%
28 SAMA Saudi Arabia 1952 CB 326 0%
29 ICD UAE - Dubai 2006 SWF 320 65%
30 GOSI Saudi Arabia 1969 PPF 320 33%
31 CalSTRS USA - CA 1913 PPF 302 33%
32 Temasek Singapore 1974 SWF 298 53%
33 CDPQ Canada - QC 1965 PPF 297 42%
34 DB Germany 1957 CB 293 0%
35 Mubadala UAE - Abu Dhabi 2002 SWF 276 67%
36 AP1-7 Sweden 2001 PPF 253 18%
37 Fed USA 1913 CB 244 0%
38 PGGM Netherlands 1969 PPF 243 18%
39 NYSCRF USA - NY 1983 PPF 242 24%
40 NYC Compt USA - NY 1920 PPF 242 23%
41 BdF France 1800 CB 240 0%
42 BdI Italy 1893 CB 223 0%
43 BoT Thailand 1942 CB 217 0%
44 KWSP Malaysia 1951 PPF 208 6%
45 MN Netherlands 2014 PPF 208 15%
46 Banxico Mexico 1925 CB 205 0%
47 BLF Taiwan 2014 PPF 195 11%
48 BoI Israel 1954 CB 195 0%
49 EPFO India 1952 PPF 194 5%
50 PSP Canada 1999 PPF 185 47%
51 Texas TRS USA - TX 1937 PPF 184 41%
52 OTPP Canada - ON 1917 PPF 182 58%
53 AustralianSuper Australia 2006 PPF 178 21%
54 SBA Florida USA - FL 1943 PPF 178 25%
55 PIC South Africa 2015 PPF 176 6%
56 BoE UK 1694 CB 176 0%
57 CDC France 1816 PPF 175 23%
58 TVF Turkey 2017 SWF 171 80%
59 KIC South Korea 2005 SWF 169 17%
60 BCI Canada - BC 1999 PPF 169 39%
61 UC Investments USA - CA 1961 PPF 168 17%
62 NBP Poland 1945 CB 167 0%
63 Future Fund Australia 2006 SWF 165 40%
64 ADQ UAE - Abu Dhabi 2018 SWF 157 45%
65 Q+Sun Australia - QLD 1912 PPF 152 26%
66 NDFI Iran 2011 SWF 150 79%
67 NWF Russia 2008 SWF 148 20%
68 ART Australia - QLD 2022 PPF 148 26%
69 WSIB USA - WA 2005 PPF 147 38%
70 MPFA China - HKSAR 1995 PPF 143 0%
71 CBIraq Iraq 1947 CB 140 0%
72 CNB CzechRepublic 1993 CB 139 0%
73 PIFSS-Wafra Kuwait 1976 PPF 137 40%
74 BI Indonesia 1953 CB 137 0%
75 Alecta Sweden 1917 PPF 136 21%
76 CBUAE UAE 1980 CB 133 0%
77 NDF Saudi Arabia 2017 SWF 132 100%
78 NYS TRS USA - NY 1913 PPF 132 26%
79 TCMB Turkey 1931 CB 129 0%
80 Ohio PERS USA - OH 1935 PPF 127 23%
81 MSBI USA - MN 1981 PPF 124 25%
82 SWIB USA - WI 1951 PPF 123 16%
83 BVK Germany 1995 PPF 122 47%
84 AIMCo Canada - AB 1976 PPF 117 29%
85 PFA JP Japan 1967 PPF 113 0%
86 BNM Malaysia 1959 CB 112 0%
87 NCRS USA - NC 1941 PPF 111 19%
88 SBV Vietnam 1951 CB 109 0%
89 BoC Canada 1935 CB 107 0%
90 PFA DK Denmark 1917 PPF 106 39%
91 Virginia RS USA - VA 1942 PPF 101 34%
92 BSP Philippines 1993 CB 100 0%
93 Aware Australia 2020 PPF 100 20%
94 Amitim Israel 2011 PPF 98 25%
95 ATP Denmark 1964 PPF 97 35%
96 NPST India 2008 PPF 97 0%
97 Michigan ORS USA - MI 1942 PPF 95 47%
98 Oregon PERF USA - OR 1946 PPF 95 49%
99 BdE Spain 1782 CB 94 0%
100 OMERS Canada - ON 1962 PPF 92 52%
101 KLP Norway 1949 PPF 91 16%
102 EIA UAE - Abu Dhabi 2007 SWF 91 21%
103 MassPRIM USA - MA 1983 PPF 90 35%
104 Georgia TRS USA - GA 1943 PPF 87 3%
105 NJ DoI USA - NJ 1950 PPF 85 28%
106 Ohio STF USA - OH 1919 PPF 83 31%
107 PNB Malaysia 1978 SWF 81 8%
108 Chikyoren Japan 1984 PPF 81 1%
109 CBL Libya 1956 CB 78 0%
110 HOOPP Canada - ON 1960 PPF 77 30%
111 Northern LGPS UK 2017 PPF 76 20%
112 Penn PSERS USA - PA 1917 PPF 76 35%
113 Alaska PFC USA - AK 1976 SWF 75 41%
114 BCRP Peru 1922 CB 72 0%
115 Kokkyoren Japan 2017 PPF 71 0%
116 Samruk Kazyna Kazakhstan 2008 SWF 71 62%
117 UniSuper Australia 2000 PPF 70 10%
118 LIA Libya 2006 SWF 68 23%
119 NBK Kazakhstan 1993 CB 68 0%
120 LACERA USA - CA 1937 PPF 68 35%
121 QIC Australia - QLD 1991 SWF 67 29%
122 TCorp Australia - NSW 1983 SWF 66 12%
123 KEVA Finland 1988 PPF 66 25%
124 UTIMCO USA - TX 1876 SWF 66 59%
125 COPERA USA - CO 1931 PPF 66 20%
126 SSO Thailand 1990 PPF 66 0%
127 BNR Romania 1880 CB 66 0%
128 NB Norway 1816 CB 65 0%
129 HostPlus Australia 2021 PPF 64 45%
130 SRB Sweden 1668 CB 64 0%
131 Illinois STRS USA - IL 1939 PPF 62 24%
132 PKA Denmark 1954 PPF 61 8%
133 SARB South Africa 1921 CB 61 0%
134 BoA Algeria 1962 CB 60 0%
135 DNB Netherlands 1814 CB 58 0%
136 BanRep Colombia 1923 CB 57 0%
137 RBA Australia 1959 CB 56 0%
138 Texas PSF USA - TX 1854 SWF 56 35%
139 BIA Brunei 1983 SWF 55 18%
140 IMCO Canada - ON 2016 PPF 54 31%
141 FGS Argentina 2008 PPF 52 0%
142 BCPP UK 2018 PPF 50 12%
143 Bpifrance France 2008 SWF 50 61%
144 VFMC Australia - VIC 1994 SWF 50 30%
145 CBUS Australia 1984 PPF 49 25%
146 PUBLICA Switzerland 2001 PPF 48 20%
147 CBK Kuwait 1969 CB 48 0%
148 SamPension Denmark 1999 PPF 46 29%
149 HESTA Australia 1999 PPF 46 30%
150 EIH Ethiopia 2022 SWF 46 100%
151 PREVI Brazil 1904 PPF 45 5%
152 SOFAZ Azerbaijan 1999 SWF 45 9%
153 BVK Zurich Switzerland 1926 PPF 45 20%
154 PensionDanmark Denmark 1993 PPF 45 25%
155 BCRA Argentina 1935 CB 45 0%
156 KTCU South Korea 1971 PPF 44 56%
157 REST Australia 1988 PPF 43 27%
158 QCB Qatar 1973 CB 42 0%
159 CBIran Iran 1960 CB 42 0%
160 Dubai World UAE - Dubai 2005 SWF 42 100%
161 OIA Oman 2020 SWF 42 31%
162 CSC Australia 1976 PPF 41 28%
163 BNB Bulgaria 1879 CB 41 0%
164 NBB Belgium 1850 CB 41 0%
165 BVV Germany 1909 PPF 39 1%
166 KWAP Malaysia 2007 PPF 38 11%
167 Compenswiss Switzerland 1948 PPF 38 14%
168 New Mexico SIC USA - NM 1958 SWF 37 29%
169 Bcentral Chile 1925 CB 37 0%
170 NZ Super Fund New Zealand 2001 SWF 37 20%
171 CBN Nigeria 1958 CB 37 0%
172 MNB Hungary 1924 CB 36 0%
173 GPF Thailand 1997 PPF 36 18%
174 CBU Uzbekistan 1991 CB 36 0%
175 CDG Morocco 1959 PPF 35 33%
176 ESSS / BPJS Indonesia 1977 PPF 35 5%
177 BB Bangladesh 1971 CB 34 0%
178 OENB Austria 1816 CB 33 0%
179 BKAM Morocco 1959 CB 33 0%
180 OBAG Austria 2019 SWF 33 27%
181 Bportugal Portugal 1846 CB 33 0%
182 FTF Norway 2006 SWF 32 0%
183 GRSIA Qatar 2002 PPF 31 40%
184 Khazanah Malaysia 1993 SWF 30 29%
185 GSIS Philippines 1936 PPF 30 5%
186 FDC Luxembourg 2004 PPF 30 5%
187 FRR France 2001 PPF 29 5%
188 NBU Ukraine 1839 CB 28 0%
189 RDIF Russia 2011 SWF 28 100%
190 KENFO Germany 2017 SWF 27 10%
191 BdL Lebanon 1964 CB 27 0%
192 AMCM China - MSAR 1999 CB 26 0%
193 DN Denmark 1818 CB 26 0%
194 NBSr Serbia 1884 CB 26 0%
195 PMAC Japan 1954 PPF 26 0%
196 ADPF UAE - Abu Dhabi 2000 PPF 25 40%
197 WYO USA - WY 1974 SWF 25 12%
198 HNB Croatia 1990 CB 24 0%
199 UFRD Uzbekistan 2006 SWF 23 34%
200 Aramco PF Saudi Arabia 2017 PPF 23 33%
201 WVIMB USA - WV 1997 SWF 23 30%
202 OCERS USA - CA 1945 PPF 23 35%
203 Baiterek Kazakhstan 2014 SWF 22 100%
204 AIH Azerbaijan 2020 SWF 22 100%
205 VER Finland 1990 PPF 21 11%
206 PFR Poland 2016 SWF 21 95%
207 BanGuat Guatemala 1945 CB 20 0%
208 CBJ Jordan 1964 CB 20 0%
209 CBO Oman 1974 CB 20 0%
210 Mumtalakat Bahrain 2006 SWF 19 79%
211 OPTrust Canada - ON 1995 PPF 18 53%
212 NBC Cambodia 1954 CB 18 0%
213 Bouwinvest Netherlands 2002 PPF 18 100%
214 ND RIO USA - ND 1989 SWF 17 8%
215 TL PF Timor-Leste 2005 SWF 17 4%
216 CBE Egypt 1961 CB 17 0%
217 ISIF Ireland 2014 SWF 16 31%
218 POBA South Korea 1952 PPF 16 58%
219 SK CIC Canada - SK 1947 SWF 16 100%
220 BCU Uruguay 1967 CB 15 0%
221 CBKy Kenya 1966 CB 15 0%
222 RBNZ NewZealand 1934 CB 15 0%
223 BCRD Dominican Republic 1947 CB 14 0%
224 BCEAO WestAfricanSystem 1959 CB 14 0%
225 BNA Angola 1926 CB 14 0%
226 Chile (ESSF+PRF) Chile 2007 SWF 14 0%
227 CDP Equity Italy 2011 SWF 13 81%
228 CBIreland Ireland 1943 CB 13 0%
229 SSH Slovenia 2012 SWF 12 75%
230 SP Finland 1811 CB 11 0%
231 TtE Greece 1927 CB 11 0%
232 NBSl Slovakia 1993 CB 10 0%
233 BoG Ghana 1957 CB 10 0%
234 CADF China 2007 SWF 10 41%
235 Texas ESF USA - TX 2014 SWF 10 0%
236 BCV Venezuela 1939 CB 10 0%
237 NRB Nepal 1956 CB 10 0%
238 BEAC CentralAfricanSystem 1972 CB 10 0%
239 BCP Paraguay 1952 CB 10 0%
240 CBAR Azerbaijan 1992 CB 9 0%
241 BCE Ecuador 1927 CB 8 0%
242 NBRB Belarus 1990 CB 8 0%
243 BCH Honduras 1950 CB 8 0%
244 BdM Mozambique 1975 CB 8 0%
245 SBP Pakistan 1947 CB 8 0%
246 GPSSA UAE - Abu Dhabi 1999 PPF 8 40%
247 HKIC China - HKSAR 2022 SWF 8 0%
248 BoM Mauritius 1967 CB 8 0%
249 BCT Tunisia 1958 CB 8 0%
250 Solidium Finland 1991 SWF 8 100%
251 BCCR Costa Rica 1950 CB 7 0%
252 Growthfund Greece 2016 SWF 7 95%
253 CBTT Trinidad & Tobago 1964 CB 7 0%
254 INA Indonesia 2020 SWF 7 100%
255 FRC Monaco 1962 SWF 6 70%
256 SBI Iceland 1961 CB 6 0%
257 BeS Albania 1992 CB 6 0%
258 LiB Lithuania 1990 CB 6 0%
259 LaB Latvia 1993 CB 5 0%
260 CBB Bahrain 2006 CB 5 0%
261 T&T HSF Trinidad & Tobago 2000 SWF 5 0%
262 FEF Peru 1999 SWF 5 0%
263 BCBo Bolivia 1928 CB 5 0%
264 MB Mongolia 1991 CB 4 0%
265 NIIF India 2015 SWF 4 100%
266 BBB IP UK 2014 SWF 4 100%
267 COFIDES Spain 1988 SWF 4 100%
268 KWAN / NTF Malaysia 1988 SWF 3 0%
269 Pula Fund Botswana 1994 SWF 3 0%
270 Alabama USA - AL 1985 SWF 3 14%
271 NSIA Nigeria 2011 SWF 3 60%
272 FAE+FAEP Colombia 1995 SWF 3 0%
273 FSDEA Angola 2012 SWF 3 22%
274 SFPIM Belgium 2006 SWF 2 60%
275 MGI Malta 2015 SWF 2 100%
276 FEIP+FMPED Mexico 2000 SWF 2 0%
277 TSFE Egypt 2018 SWF 2 23%
278 ECCB E.CaribbeanSystem 1983 CB 2 0%
279 SCIC Vietnam 2006 SWF 2 100%
280 SAM UAE - Sharjah 2008 SWF 2 85%
281 FGIS Gabon 2012 SWF 2 100%
282 Ithmar Capital Morocco 2011 SWF 2 52%
283 RSSB Rwanda 2010 PPF 2 20%
284 FAP Panama 2012 SWF 1 0%
285 Mauritius IC Mauritius 2020 SWF 1 100%
286 ANIF Armenia 2019 SWF 1 100%
287 FHRIF Australia - WA 2012 SWF 1.0 100%
288 GSF+GHF Ghana 2011 SWF 1.0 0%
289 Palestine Palestine 2003 SWF 1.0 100%
290 NIF Cyprus 2019 SWF 0.8 0%
291 RERF Kiribati 1956 SWF 0.7 0%
292 FGRF Bahrain 2006 SWF 0.5 23%
293 FINPRO Bolivia 2015 SWF 0.4 100%
294 Citizens Fund Israel 2022 SWF 0.3 0%
295 GIIF Ghana 2016 SWF 0.3 100%
296 Agaciro Fund Rwanda 2012 SWF 0.2 6%
297 FHF+FSF Mongolia 2010 SWF 0.2 0%
298 FSD Djibouti 2020 SWF 0.2 100%
299 Nauru Trust Fund Nauru 2015 SWF 0.2 12%
300 NRF Guyana 2019 SWF 0.1 0%
301 FONSIS Senegal 2012 SWF 0.1 100%
302 Welwitschia Fund Namibia 2022 SWF 0.0 0%
303 NSF Taiwan 2000 SWF 0 0%

Source: Global SWF. Last updated June 2023

* Assets under management: Latest period USD figure if available, estimation otherwise

** Allocation to Alternative Assets, incl. real estate, infrastructure, private equity and hedge funds