Fundo Soberano de Angola (FSDEA)

Fundo Soberano de Angola · Angola · Africa · Founded 2011 · Savings and future generations fund · IFSWF full member

Focus

FSDEA: what it invests in

Agriculture and food securityMining and metalsTourism and hospitalityHealthcare and life sciencesInfrastructure and utilitiesReal estate

Public equitiesFixed incomeCash and money marketsPrivate equityReal estateInfrastructure

Geography Domestic and global

Scale

FSDEA: how big it is, and on what basis

USD 4.72B

Total assets (balance sheet)As of 2026-08-26

In US dollars: about USD 4.72B. Fund reports in US dollars

Portfolio return 2025 14.65% (target 5%)

Transparency

FSDEA: what it publishes

7.5 of 10 Band 4 of 5

Published 6 · Partly 3 · Not published 1

Our 10 item score. It measures what is public, not how well a fund is run.

Total assetsS3: USD 4.72B (December 2025, up 18%); As of 2026-08-25
Net profit 2025S3: USD 527M; As of 2026-08-25
Portfolio return 2025S4: 14.65% (target 5%); As of 2026-08-25
Alternatives return 2025S3: 42%; As of 2026-08-25
Initial endowmentS1: USD 5B
Withdrawal capS1: 40% of net assets
Transparency scoreS3: 7.5 of 10; As of 2026-08-25

At a glance. Angola's sovereign wealth fund saves oil wealth for future generations and invests in African alternatives such as agriculture, mining, hotels, health and forestry, alongside a global liquid portfolio. Total assets reached USD 4.72 billion at end 2025, up 18 percent, and net profit nearly tripled to USD 527 million as the investment portfolio returned 14.65 percent. S3 S4

Key points

Total assets of USD 4.716 billion at 31 December 2025, up 18 percent; equity of USD 4.512 billion. S3
Net profit of USD 527 million in 2025, against USD 176 million in 2024. S3
The net investment portfolio returned 14.65 percent in 2025 against a 5 percent target; alternatives returned 42 percent. S3 S4
Two business areas: liquid market investments (mostly North American equities and bonds) and alternatives. S5
The State drew USD 1 billion in 2019 for municipal works and USD 1.5 billion in 2020 for the budget. S6
Emergency withdrawals are capped at 40 percent of net assets in total. S1

Interesting facts

It launched a USD 500 million hotel fund for Africa in 2014. S7
Up to 7.5 percent of the portfolio could fund social projects; an early one supported a laptop programme for children. S7
Chairman Armando Manuel, a former Finance Minister, also chaired the fund in its first years. S7 S8

Mandate and goals

Save and transfer wealth to future generations and maximise results. The fund can also take specific mandates, such as fiscal stabilisation or national flagship projects, backed by assets endowed for that purpose. S1

Preserve capital and maximise long-term return through diversification. S4
Seek wider economic effects: suppliers, jobs, skills, import substitution, exports and private capital. S4
Beat an average annual return target of 5 percent. S3
Spending rule: Withdrawals only for emergencies such as natural disaster or severe economic crisis, on a presidential mandate, capped at 40 percent of net assets S1

How it invests

Industries	Agriculture and food security, Mining and metals, Tourism and hospitality, Healthcare and life sciences, Infrastructure and utilities, Real estate S4
Asset classes	Public equities, Fixed income, Cash and money markets, Private equity, Real estate, Infrastructure S5 S1
Stages	Public markets, Growth, Infrastructure, Real estate S4
Geography	Domestic and global. Alternatives weighted to Africa; liquid equities mostly North American S4 S5
Direct / through funds / co-invest	Yes / Yes / Yes S1 S3
Ticket size	No ticket range is published. S6
Deal sizes seen	USD 12M (2016 social projects) to USD 500M (2014 hotel fund)
External managers	External managers run liquid portfolios under supervision S1
Co-investment programme	Partnerships with institutions such as TDB Group and with State bodies S3

Asset mix: Liquid investments 71%, Alternative investments 29% (as of 2025-09-13) S5

Published criteria

Listed investments are run against benchmarks. S1
External managers are chosen under the Public Procurement Law. S1
Projects should create local suppliers, jobs and exports. S4

Past investments

Year	Investment	Type	Sector	Stage	Amount	Stake
2026	Mussulo road link studies. Advance for studies linking the mainland with Cazanga and Mussulo islands, refundable by the State. S6	Direct investment	Infrastructure and utilities	Infrastructure	Up to USD 14M
2026	Roque Santeiro and Boa Vista land, Luanda. Full title to the former market area in Sambizanga transferred to the fund. S6	State asset transfer	Real estate	Real estate	Not published	100.0%
2026	Flat Veleiro vehicle. Investment vehicle for a Luanda real estate project, authorised in April 2026. S6	Joint venture or partnership	Real estate	Real estate	Not published
2025	TDB Group partnership. To build Angola's productive and export capacity. S3	Co-investment	Financial services	Not stated	Not published
2025	Investment property from the State. Received in settlement of part of the State receivable. S9	State asset transfer	Real estate	Real estate	USD 56.2M
2016	Social development projects. Ten projects in health, education, water and enterprise across seven provinces. S7	Direct investment	Healthcare and life sciences	Not stated	USD 12M
2016	Kijinga programme. Rebuilding the former Super soap factory. S7	Direct investment	Industrials and manufacturing	Not stated	Not published
2014	Hotel fund for Africa. Fund for hotels in Angola and the wider continent. S7	Fund commitment	Tourism and hospitality	Real estate	USD 500M

Case studies

Hotel fund for Africa S7

What: The fund set up a dedicated hotel fund as part of its alternatives plan.
When: 2014
Size: USD 500M
Why: Hospitality was singled out as a priority within African real estate.
Outcome: Hospitality remains a core alternatives sector in 2026.

A strong 2025 S3 S4

What: Alternatives returned 42 percent and the net portfolio 14.65 percent, nearly tripling profit.
When: 2025
Size: USD 4.72B total assets
Why: Shows the payoff of the African alternatives book alongside liquid assets.
Outcome: Net profit USD 527M; total assets up 18 percent.

Domestic real estate role in Luanda S6

What: The State gave the fund land in central Luanda and approved a vehicle with Recredit for Flat Veleiro.
When: 2026
Size: Not published
Why: The State has asked the fund to take on domestic assets and projects.
Outcome: Projects authorised by presidential dispatch in 2026.

Investment process

The Board of Directors takes investment decisions under the Investment Policy (Decree 216/24). The Ministry of Finance supervises and approves the budget; a Fiscal Council and an Advisory Council support oversight. S1

Committee	Role
Board of Directors	Takes investment decisions; appointed by the President for five years S1
Fiscal Council	Named by the Minister of Finance S1
Advisory Council	External members named by the Finance and Economy ministries and the Central Bank; added in 2024 S1

Opportunities are screened by internal divisions or external managers. S1
The Board decides under the Investment Policy. S1
Alternatives are held in specialised structures and valued yearly. S1 S3
Quarterly reports go to the Finance Minister and the President. S1

How to approach: No public application route; contact through the fund's website. S1

Size and returns

Headline size: USD 4.72B (Total assets (balance sheet), as of 2026-08-26) S9 S3
In US dollars: about USD 4.72B. Fund reports in US dollars
Equity, December 2025: USD 4.51B (Net assets or equity, as of 2026-08-25) S3
Investment portfolio, December 2024: USD 2.43B (Portfolio value, as of 2025-09-13) S5
Return, 2025: 14.65 percent (net investment portfolio; target 5 percent) S4
Size over time (USD billion): 2024 3.99, 2025 4.716 S5 S9

Leadership

Name	Title	Since
Armando Manuel	Chairman of the Board S8	2023-12
Alcides Horacio Frederico Safeca	Executive Director S8	2023-12
Gabriel Augusto da Silva	Executive Director S8	2023-12
Igor Ricardo de Pina Lima	Executive Director S8	2023-12
Rui Jorge Van-Dunem Alves de Ceita	Executive Director S8	2023-12
Ismael Abraao Gaspar Martins	Non-executive Director S8	2023-12
Pedro Sebastiao Teta	Non-executive Director S8	2023-12

Governance and transparency

Legal basis: Decree 48/11 (creation), 212/19 (Organic Statutes), 213/19 and 214/19 (governance and management), 216/24 (Investment Policy), 218/24 (statute changes) S1
Oversight: Ministry of Finance; Court of Auditors S1
Auditor: EY, under IFRS; appointed yearly by the President S1 S9
Santiago Principles: IFSWF full member; 2025 self-assessment published S2 S1
Annual reports and accounts are published in newspapers and online after audit. S1
Board terms are five years, renewable once. S1

Transparency score: 7.5 of 10 (band 4 of 5). Our own 10-item rubric; see the methodology page.

Published: total assets, annual return, audited financial statements, governance and mandate documents, named leadership, regular reporting schedule. S1 S3 S4 S8 S9 S10
Partly published: asset allocation, geographic or sector split, holdings or deal list. S5 S6
Not published: long-term returns. S1

History

Date	Event
2011-09-03	Fund created by Decree 48/11. S1
2014	USD 500M hotel fund launched. S7
2016-03-30	USD 12M of social projects announced. S7
2019	Organic Statutes adopted; USD 1B drawn for municipal works. S6
2020-04-09	USD 1.5B mobilised for the budget. S9
2023-12	Armando Manuel named chairman. S8
2024-10-21	New Investment Policy and Advisory Council. S1
2026-08-25	2025 results presented at FSDEA Day. S3

For family offices

The fund partners with institutions such as TDB Group and State bodies on African alternatives in agriculture, mining, hospitality, health, infrastructure and forestry. It publishes no application route. S3 S4

Institutional partnerships and joint vehicles for domestic projects. S3 S6

Reports

IFSWF self-assessment 2025: https://www.ifswf.org/assessment/fsdea-2025 S1
Annual reports and interim statements: https://issuu.com/fundosoberanoao S10

Common questions

What is the FSDEA?

Angola's sovereign wealth fund, created by Decree 48/11 in 2011. S1

How big is it?

Total assets of USD 4.716 billion at 31 December 2025. S9

Who chairs it?

Armando Manuel, since December 2023. S8

Is it an IFSWF member?

Yes, a full member. S2

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All sovereign wealth funds in Africa · All savings and future generations funds · All funds in Angola

Sources

Disclaimer

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