SovereignWealthFunds.comSovereign wealth funds in Africa
We track 38 entities in Africa: 15 core national funds, 9 state holding companies and development funds, 3 sub-national funds, 1 central bank reserve arm, and 10 funds that are proposed or not yet operating. Nigeria has the most, with 4.
Africa is where much of the new activity is. Kenya's Sovereign Wealth Fund Act commenced on 24 July 2026, with a rule that sends 30% of resource proceeds to a future generations account. Guinea, Tanzania, Zambia, Eswatini and South Africa all have funds announced or in preparation. A few older mechanisms, such as stabilisation funds in the Republic of the Congo and South Sudan, exist in law but are reported as dormant or not operating.
Among established funds, profiles include the Nigeria Sovereign Investment Authority, Botswana's Pula Fund, the Libyan Investment Authority, whose assets are under a UN asset freeze, and the Fundo Soberano de Angola.
Size figures in the region are often small, old or estimated. Eight African entities are full IFSWF members. Each profile shows what the fund publishes and what it does not.
Funds in Africa (38)
| Fund | Country | Type | Size, as published | Transparency | Founded |
|---|---|---|---|---|---|
| Libyan Investment Authority | Libya Africa | Savings and future generations fund | About USD 51.8B (direct portfolio incl. cash) Portfolio value, | 7.0 | 2006 |
| Ethiopian Investment Holdings | Ethiopia Africa | State holding company | About USD 45B Estimate Published estimate, | 5.5 | 2021 |
| Mutapa Investment Fund (Zimbabwe) | Zimbabwe Africa | State holding company | USD 16.5B Total assets (balance sheet), | 8.0 | 2014 |
| Fundo Soberano de Angola (FSDEA) | Angola Africa | Savings and future generations fund | USD 4.72B Total assets (balance sheet), | 7.5 | 2011 |
| Caisse des Depots et Consignations Tunisia | Tunisia Africa | Strategic development fund | TND 13.52B Total assets (balance sheet), | 8.0 | 2011 |
| Royal Bafokeng Holdings | South Africa (Royal Bafokeng Nation, North West province) Africa | Savings and future generations fund | R66B Net assets or equity, | 8.5 | 2006 |
| Nigeria Sovereign Investment Authority | Nigeria Africa | Strategic development fund | USD 3.40B NAV Net assets or equity, | 8.0 | 2011 |
| Pula Fund (Botswana, Bank of Botswana) | Botswana Africa | Savings and future generations fund | BWP 27.87B Fund market value, | 7.5 | 1994 |
| Fonds Gabonais d'Investissements Strategiques | Gabon Africa | Strategic development fund | About USD 1.9B Portfolio value, | 7.0 | 2012 |
| Deposit and Consignment Fund of Benin | Benin Africa | Strategic development fund | XOF 1,062B Total assets (balance sheet), | 7.0 | 2018 |
| Ghana Petroleum Funds (Ghana Stabilisation Fund and Ghana Heritage Fund) | Ghana Africa | Stabilisation fund | USD 1.64B (30 June 2026) Fund market value, | 9.0 | 2011 |
| Mohammed VI Investment Fund (FM6I) | Morocco Africa | Strategic development fund | MAD 15B initial capital Committed or authorised capital | 4.0 | 2020 |
| Mauritius Investment Corporation Ltd (MIC) | Mauritius Africa | Strategic development fund | MUR 57.5B Committed or authorised capital, | 7.5 | 2020 |
| Ghana Infrastructure Investment Fund | Ghana Africa | Strategic development fund | GHS 7.83B Total assets (balance sheet), | 7.5 | |
| Agaciro Development Fund | Rwanda Africa | Strategic development fund | FRW 456B Assets under management | 7.0 | 2012 |
| Eswatini Sovereign Wealth Fund Announced | Eswatini Africa | Proposed or pipeline fund | E5B planned (about USD 275M) Announced target, not current assets, | 0.0 | |
| National Fund for Hydrocarbon Revenues (Mauritania) | Mauritania Africa | Stabilisation fund | USD 214.5M Total assets (balance sheet), | 6.5 | 2006 |
| Fundo Soberano de Mocambique (FSM) | Mozambique Africa | Savings and future generations fund | USD 144.4M Fund market value, | 7.5 | 2024 |
| Sovereign Private Investment Guarantee Fund of Cabo Verde | Cape Verde Africa | Strategic development fund | ECV 11.55B Total assets (balance sheet), | 8.0 | 2019 |
| Fund for Future Generations (Equatorial Guinea) | Equatorial Guinea Africa | Savings and future generations fund | FCFA 57B (USD 95.2M) Estimate Published estimate, | 1.0 | 2002 |
| Tanzania Oil and Gas Fund (Natural Gas Revenue Fund) Legislated, not yet investing | Tanzania Africa | Proposed or pipeline fund | TZS 190.94B Fund market value, | 2.5 | 2015 |
| Petroleum Revenue Investment Reserve (Uganda) | Uganda Africa | Savings and future generations fund | UGX 212.6B Fund market value, | 4.0 | 2015 |
| Welwitschia Fund (Sovereign Wealth Fund for Namibia) | Namibia Africa | Savings and future generations fund | N$508.47M (31 July 2026) Fund market value, | 5.5 | 2022 |
| Congo Budget Revenue Stabilization Fund | Republic of the Congo Africa | Stabilisation fund | FCFA 1,131M (about USD 2.0M) Total assets (balance sheet), | 1.0 | |
| Bayelsa State Development and Investment Corporation | Nigeria (Bayelsa State) Africa | Strategic development fund | Not disclosed Estimate Published estimate, | 1.5 | 2012 |
| Botswana Sovereign Wealth Fund (BSWF) Legislated, not yet investing | Botswana Africa | Proposed or pipeline fund | Not yet capitalised Committed or authorised capital, | 2.0 | 2025 |
| Ekiti State Wealth Fund | Nigeria (Ekiti State) Africa | Strategic development fund | Not published Fund market value | 1.0 | 2023 |
| Fonds Souverain d'Investissements Strategiques | Senegal Africa | Strategic development fund | Not disclosed Estimate Published estimate, | 5.5 | 2012 |
| Fonds Souverain de Guinee (proposed) Proposed | Guinea Africa | Proposed or pipeline fund | Not yet capitalised Announced target, not current assets, | 1.5 | |
| Ithmar Capital | Morocco Africa | Strategic development fund | Not disclosed Total assets (balance sheet) | 5.0 | 2011 |
| Kenya Sovereign Wealth Fund Legislated, not yet investing | Kenya Africa | Proposed or pipeline fund | Not disclosed Fund market value, | 1.5 | 2026 |
| Lagos State Wealth Fund Proposed | Nigeria (Lagos State) Africa | Proposed or pipeline fund | Not created Announced target, not current assets, | 0.0 | |
| Minerals Income Investment Fund (MIIF) | Ghana Africa | Savings and future generations fund | Not published Total assets (balance sheet) | 3.5 | 2018 |
| Revenue Regulation Fund (Algeria) | Algeria Africa | Stabilisation fund | DZD 0.01 Fund market value, | 3.5 | 2000 |
| South Africa Sovereign Wealth Fund (proposed) Proposed | South Africa Africa | Proposed or pipeline fund | Not established Estimate Published estimate, | 0.0 | |
| South Sudan Oil Revenue Stabilization Fund Legislated, not yet investing | South Sudan Africa | Proposed or pipeline fund | Not disclosed Fund market value | 1.0 | 2013 |
| Tanzania Minerals Sovereign Wealth Fund (announced) Announced | Tanzania Africa | Proposed or pipeline fund | No assets Announced target, not current assets, | 0.0 | |
| Zambia Sovereign Wealth Fund (proposed) Announced | Zambia Africa | Proposed or pipeline fund | No assets Announced target, not current assets, | 0.0 |
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