SovereignWealthFunds.comAsia sovereign wealth funds
Asia is our largest region, with 46 entities: 20 core national funds, 17 state holding companies and development funds, 3 sub-national funds, 3 central bank reserve arms and 3 proposed funds. China and Malaysia have 5 each, Hong Kong SAR and Kazakhstan 4 each.
The region covers very different models. Singapore runs both GIC, which invests the government's reserves and does not publish its size, and Temasek, a holding company that reports a net portfolio value. China has the China Investment Corporation and SAFE Investment Company. Japan's GPIF is a public pension fund that often appears on sovereign fund lists. Indonesia has Danantara, a new holding of state company stakes whose size figures are not yet audited. Malaysia has Khazanah, and Hong Kong has the HKMA Exchange Fund.
Because the mix is so wide, our Asia table labels each entity's tier and size basis clearly. Japan and Taiwan both have sovereign fund proposals on our pipeline tracker.
Funds in Asia (46)
46 shown
| Fund | Country | Type | Size, as published | Transparency | Founded |
|---|---|---|---|---|---|
| Government Pension Investment Fund (GPIF) | Japan Asia | Pension reserve fund | JPY 293.6T Fund market value, | 9.5 | 2006 |
| China Investment Corporation | China Asia | Reserve investment corporation | USD 1,567B Total assets (balance sheet), | 8.0 | 2007 |
| GIC Private Limited | Singapore Asia | Reserve investment corporation | About USD 1.16T Estimate Published estimate, | 7.0 | 1981 |
| SAFE Investment Company | China Asia | Reserve investment corporation | About USD 1T Estimate Published estimate, | 1.5 | 1997 |
| Danantara Indonesia | Indonesia Asia | State holding company | About USD 900B to USD 1T (unaudited) Estimate Published estimate, | 4.0 | 2025 |
| Hong Kong Monetary Authority Exchange Fund | Hong Kong SAR, China Asia | Reserve investment corporation | HKD 4,463.6B Total assets (balance sheet), | 8.0 | 1935 |
| National Council for Social Security Fund (NSSF) | China Asia | Pension reserve fund | RMB 3,808B Total assets (balance sheet), | 8.0 | 2000 |
| Temasek Holdings | Singapore Asia | State holding company | S$518B Portfolio value, | 10.0 | 1974 |
| Korea Investment Corporation | South Korea Asia | Reserve investment corporation | USD 232.0B Assets under management, | 8.5 | 2005 |
| Permodalan Nasional Berhad (PNB) | Malaysia Asia | State holding company | RM365.3B Assets under management, | 8.5 | 1978 |
| Samruk-Kazyna JSC | Kazakhstan Asia | State holding company | KZT 44.2T Total assets (balance sheet), | 8.5 | 2008 |
| National Fund of the Republic of Kazakhstan | Kazakhstan Asia | Savings and future generations fund | USD 73.8B Fund market value, | 7.5 | 2000 |
| State Oil Fund of the Republic of Azerbaijan (SOFAZ) | Azerbaijan Asia | Savings and future generations fund | USD 72.6B Total assets (balance sheet), | 9.0 | 1999 |
| National Development Fund (Taiwan) | Taiwan Asia | Strategic development fund | NT$2,098.5B Total assets (balance sheet), | 8.0 | 2006 |
| Khazanah Nasional Berhad | Malaysia Asia | State holding company | RM156B Total assets (balance sheet), | 9.0 | 1993 |
| Baiterek National Investment Holding | Kazakhstan Asia | Strategic development fund | KZT 19,047.6B Total assets (balance sheet), | 9.5 | 2013 |
| Hong Kong Future Fund | Hong Kong SAR, China Asia | Savings and future generations fund | HK$235.1B Fund market value, | 4.0 | 2016 |
| Beijing State-owned Assets Management Co., Ltd. | China (Beijing) Asia | State holding company | RMB 171.92B total assets Total assets (balance sheet), | 6.5 | 1992 |
| Japan Investment Corporation (JIC) | Japan Asia | Strategic development fund | JPY 2.60T Committed or authorised capital, | 6.5 | 2018 |
| Tamilnadu Industrial Development Corporation Ltd (TIDCO) | India (Tamil Nadu) Asia | State holding company | INR 103,607 crore Fair value of state company holdings, | 5.0 | 1965 |
| CNIC Corporation Limited | Hong Kong SAR, China Asia | Strategic development fund | USD 11.1B capital Committed or authorised capital | 1.5 | 2012 |
| China-Africa Development Fund (CADFund) | China Asia | Strategic development fund | USD 10B fund scale Committed or authorised capital, | 2.5 | 2007 |
| Hong Kong Investment Corporation (HKIC) | Hong Kong SAR, China Asia | Strategic development fund | HK$62B Committed or authorised capital | 6.0 | 2022 |
| Indonesia Investment Authority | Indonesia Asia | Strategic development fund | Rp111.0tn Total assets (balance sheet), | 9.0 | 2021 |
| Kumpulan Wang Amanah Negara (National Trust Fund) | Malaysia Asia | Savings and future generations fund | RM22.43B (end 2024) Total assets (balance sheet) | 2.5 | 1988 |
| National Investment and Infrastructure Fund (NIIF), India | India Asia | Strategic development fund | USD 5B+ Committed or authorised capital, | 6.0 | 2015 |
| Druk Holding and Investments | Bhutan Asia | State holding company | Nu 402.17B Total assets (balance sheet), | 7.5 | 2007 |
| National Investment Corporation of the National Bank of Kazakhstan | Kazakhstan Asia | Reserve investment corporation | USD 3.4B Assets under management, | 4.0 | 2012 |
| Armed Forces Fund Board | Malaysia Asia | Pension reserve fund | RM13.36B Assets under management, | 5.5 | 1972 |
| State Capital Investment Corporation | Vietnam Asia | State holding company | VND 72,474bn total assets (end 2025) Total assets (balance sheet), | 8.5 | 2005 |
| Maharlika Investment Corporation (MIC) | Philippines Asia | Strategic development fund | PHP 128.23B Total assets (balance sheet), | 6.5 | 2023 |
| Chinggis Khaan Sovereign Wealth Fund (Mongolia) | Mongolia Asia | Savings and future generations fund | MNT 7.5T Fund market value, | 6.5 | 2025 |
| Sarawak Sovereign Wealth Future Fund | Malaysia (Sarawak) Asia | Savings and future generations fund | RM 8.6B Fund market value, | 2.5 | 2022 |
| JSC Development Fund of Georgia (DFG) Dormant | Georgia Asia | Strategic development fund | GEL 473.1M Total assets (balance sheet), | 6.5 | 2011 |
| Bhutan Economic Stabilization Fund (BESF) | Bhutan Asia | Stabilisation fund | Nu 167M Fund market value, | 1.5 | 2018 |
| Azerbaijan Investment Holding | Azerbaijan Asia | State holding company | Not published Total assets (balance sheet) | 4.0 | 2020 |
| Bangladesh National Citizen Wealth Fund (proposed) Proposed | Bangladesh Asia | Proposed or pipeline fund | Not created Announced target, not current assets, | 0.0 | |
| Brunei Investment Agency (BIA) | Brunei Darussalam Asia | Savings and future generations fund | Not disclosed Estimate Published estimate, | 1.5 | 1983 |
| Fund for Reconstruction and Development of the Republic of Uzbekistan | Uzbekistan Asia | Strategic development fund | Not disclosed Total assets (balance sheet) | 5.5 | 2006 |
| Japan Sovereign Wealth Fund (proposed) Proposed | Japan Asia | Proposed or pipeline fund | Not established Estimate Published estimate, | 0.5 | |
| Mongolia Fiscal Stability Fund | Mongolia Asia | Stabilisation fund | Not published Fund market value | 2.0 | 2010 |
| Pakistan Sovereign Wealth Fund Legislated, not yet investing | Pakistan Asia | State holding company | Not operating Announced target, not current assets, | 2.0 | 2023 |
| Sentosa Development Corporation | Singapore Asia | State holding company | Not published Total assets (balance sheet) | 3.5 | 1972 |
| Stabilization Fund of Turkmenistan | Turkmenistan Asia | Stabilisation fund | Not disclosed Estimate Published estimate, | 1.0 | 2008 |
| Taiwan National Stabilization Fund | Taiwan Asia | Stabilisation fund | NT$500B funding ceiling Committed or authorised capital, | 5.0 | 2000 |
| Taiwan Sovereign Wealth Fund (proposed) Announced | Taiwan Asia | Proposed or pipeline fund | No assets Announced target, not current assets | 0.0 |
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