Botswana Sovereign Wealth Fund (BSWF)

At a glance. Botswana Sovereign Wealth Fund Limited is a state-owned company set up in May 2025 to preserve and grow national assets as diamond income declines. It is separate from the central bank's Pula Fund. A board chaired by Farouk Gumel and CEO Moemedi Malindah are in place, but as of August 2026 seed capital had not been injected and no investments had been made. S1 S4 S5 S6

Key points

• Incorporated 27 May 2025 and wholly owned by the Government. S1
• No capital deployed and no seed capital injected as of 28 August 2026. S5
• Funding is expected to come largely from state enterprises transferred as assets in kind. S3
• A Sovereign Wealth Fund Bill is being prepared; the investment policy follows its passage. S5
• First audited IFRS statements are due by 30 November 2026. S5

Interesting facts

• The fund adopted the Santiago Principles from the start. S1
• Its chairman previously chaired the Nigeria Sovereign Investment Authority. S4
• The Government calls it a hybrid vehicle for both financial and non-financial state assets. S3

Mandate and goals

Preserve and grow Botswana's sovereign assets for future generations and support diversification away from diamonds, run on commercial lines. S4 S6

• Hold and improve state enterprises transferred to it. S3
• Invest ring-fenced mineral revenue. S3

How it invests

Past investments

The fund has not published a list of investments.

Investment process

A board of local and international members, including the Bank of Botswana Governor, oversees management and reports through the executive to Parliament. S3 S6

1. Pass the Sovereign Wealth Fund Bill. S5
2. Adopt an Investment Policy Statement. S5
3. Inject seed capital and transfer assets. S5 S3

How to approach: No approach route is published during set-up. S5

Size and returns

• Headline size: Not yet capitalised (Committed or authorised capital, as of 2026-08-28) S5
• Returns: the fund does not publish a return figure.

Leadership

Governance and transparency

• Legal basis: Companies Act incorporation; Sovereign Wealth Fund Bill in preparation S1 S5
• Oversight: Office of the President and Parliament S3 S6
• Public Interest Entity required to publish annual IFRS audited statements. S5

Transparency score: 2.0 of 10 (band 1 of 5). Our own 10-item rubric; see the methodology page.

• Published: named leadership. S4
• Partly published: governance and mandate documents, regular reporting schedule. S1 S6
• Not published: total assets, annual return, long-term returns, asset allocation, geographic or sector split, holdings or deal list, audited financial statements. S5

History

Common questions

Is the fund investing?

Not yet; seed capital had not been injected by August 2026. S5

How is it different from the Pula Fund?

The Pula Fund holds reserves at the central bank; this fund targets long-term growth and diversification. S6

Who leads it?

Chairman Farouk Gumel and CEO Moemedi Malindah. S4

Related profiles

• Eswatini Sovereign Wealth Fund Eswatini · E5B planned (about USD 275M)
• Tanzania Oil and Gas Fund (Natural Gas Revenue Fund) Tanzania · TZS 190.94B
• Fonds Souverain de Guinee (proposed) Guinea · Not yet capitalised
• Kenya Sovereign Wealth Fund Kenya · Not disclosed
• Lagos State Wealth Fund Nigeria (Lagos State) · Not created
• South Africa Sovereign Wealth Fund (proposed) South Africa · Not established, estimate

All sovereign wealth funds in Africa · All proposed or pipeline funds · All funds in Botswana

Sources

1. S1Daily News Botswana, parliamentary reply on the Botswana Sovereign Wealth Fund
2. S2IFSWF, Our members
3. S3na.co.bw, Presidency defends control of sovereign wealth fund
4. S4Appointment of Chief Executive Officer, Botswana Sovereign Wealth Fund Limited
5. S5Guardian Sun, Botswana Sovereign Wealth Fund yet to deploy capital
6. S6The Africa Report, Botswana sets up sovereign wealth fund to stave off diamond decline