Libyan Investment Authority

المؤسسة الليبية للاستثمار · Libya · Africa · Founded 2006 · Savings and future generations fund · IFSWF full member

Focus

Libyan Investment Authority: what it invests in

Real estateTourism and hospitalityEnergy: oil and gasFinancial servicesIndustrials and manufacturingInfrastructure and utilities

Cash and money marketsPublic equitiesFixed incomeHedge funds and absolute returnReal estateStrategic state holdings

Geography Domestic and global

Scale

Libyan Investment Authority: how big it is, and on what basis

About USD 51.8B (direct portfolio incl. cash)

Portfolio valueAs of 2026-06-15

In US dollars: about USD 51.8B. Fund publishes USD

2025 return USD 2B

Transparency

Libyan Investment Authority: what it publishes

7.0 of 10 Band 4 of 5

Published 5 · Partly 4 · Not published 1

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

Direct portfolio incl. cashS4: About USD 51.8B (31 March 2026); As of 2026-06-15
2025 yieldS5: 4.79%; As of 2025-12-31
2025 returnS5: USD 2B; As of 2025-12-31
Term depositsS4: USD 25.2B; As of 2026-06-15
Group value, 2019S7: USD 68.353B; As of 2021
Companies heldS6: 450+ (plus 200 properties); As of 2026-09-30
Transparency scoreS10: 7.0 of 10

At a glance. LIA is Libya's sovereign wealth fund, set up in 2006 to invest surplus oil revenue for future generations. Its directly managed portfolio, including cash, was about USD 51.8B at 31 March 2026, mostly term deposits and listed equities. Five subsidiaries, including LAFICO and Oilinvest, own more than 450 companies and 200 properties across Africa, Europe and the Americas, last valued at USD 28.2B in 2019. S4 S5 S6

Key points

Earned USD 2B in 2025 on USD 41.7B of directly held assets, a yield of 4.79 percent. S5
Q1 2026 portfolio: term deposits USD 25.2B, equities USD 13.5B, investment funds USD 3.9B, plus USD 9.22B of uninvested cash. S4
Q1 2026 income was USD 307.7M from dividends and deposit interest. S4
Deloitte valued the whole group at USD 68.353B at end 2019, across 439 business assets and 203 property assets. S7
Plans to reinvest about USD 5B of cash in low-risk instruments under exemptions in UN Security Council Resolution 2819. S4 S8
An advisory firm is revaluing subsidiary assets for 2025. S4

Interesting facts

In 2019, real estate and hospitality made up 63 percent of its business and property assets; land alone was 42 percent of the real estate. S7
The Prime Minister chairs its Board of Trustees. S3 S9
In 2010 its subsidiary LAFICO held 7.5 percent of Italian football club Juventus. S3

Mandate and goals

Law No. 13 of 2010 charges the board with preserving, protecting and growing the sovereign wealth; the stated aim is sustainable returns for future generations. S3 S10

Preserve the wealth of the Libyan people entrusted to the Authority. S1
Earn sustainable investment returns for future generations. S10
Invest part of the fund at home in infrastructure, education and health to strengthen the economy. S6

How it invests

Industries	Real estate, Tourism and hospitality, Energy: oil and gas, Financial services, Industrials and manufacturing, Infrastructure and utilities, Agriculture and food security S7 S6
Asset classes	Cash and money markets, Public equities, Fixed income, Hedge funds and absolute return, Real estate, Strategic state holdings S4 S7
Stages	Public markets, Real estate, Buyout S4 S7
Geography	Domestic and global. 2019 split excluding cash; Africa mostly businesses and property, North America mostly funds S7 S6
Direct / through funds / co-invest	Yes / Yes / Not published S7 S4
Ticket size	No ticket size published S4
Deal sizes seen	USD 2B (Qatar joint fund, 2007)
External managers	Fund investments held with custodians including HSBC and Deutsche Bank in 2019; most of the fund book was managed in house S7
Co-investment programme	No programme; partnerships are state to state, such as the 2026 memorandum with Oman's OQ S12 S3

Asset mix: Term deposits 48.6%, Equities 26.1%, Uninvested cash 17.8%, Investment funds 7.5% (as of 2026-06-15) S4

Sector weights: Real estate and hospitality 63%, Oil and gas 20%, Financial services 11%, Manufacturing and industrial 6% (as of 2021) S7

Largest country weights: Europe 37%, USA and Canada 33%, Africa 23%, Middle East and Asia 6% S7

Largest holdings: Long Term Portfolio USD 11,047M (2019) (100%), Libyan Local Investment and Development Fund USD 8,918M (2019) (100%), LAFICO USD 4,466M (2019) (100%), Libyan Africa Investment Portfolio USD 2,166M (2019) (100%), Oilinvest USD 1,634M (2019) (100%) (as of 2021) S7

Published criteria

Reinvestment of idle cash limited to low-risk term deposits and fixed income, with licences from the countries where funds are held. S4 S8

Past investments

Year	Investment	Type	Sector	Stage	Amount	Stake
2026	OQ Exploration and Production memorandum. Memorandum with the Omani company on oil, energy and joint investments; technical committees planned. S12	Joint venture or partnership	Energy: oil and gas	Not stated	Not published
2026	Cash reinvestment plan. Planned reinvestment of idle cash in low-risk deposits and fixed income. S4	Direct investment	Multi-sector	Credit	About USD 5B
2007	Libya-Qatar joint fund. Joint investment fund with Qatar. S3	Joint venture or partnership	Multi-sector	Not stated	USD 2B
2007	BP exploration agreement. 15 percent partner in a production sharing agreement signed through the National Oil Corporation. S3	Joint venture or partnership	Energy: oil and gas	Not stated	Not published	15%
Not published	Juventus (via LAFICO). LAFICO held 7.5 percent of the club at June 2010. S3	Direct investment	Sports, entertainment and gaming	Public markets	Not published	7.5%

Case studies

Valuing the whole group S7

What: Deloitte valued every LIA entity, from the direct portfolio to five subsidiaries.
When: 2020 (values at end 2019)
Size: USD 68.353B
Why: To give the board a full fair value across 439 businesses and 203 properties.
Outcome: Direct portfolio was 58.7 percent of value; a new subsidiary revaluation for 2025 is under way.

Putting idle cash to work S4 S8

What: LIA applied for licences to reinvest about USD 5B of its USD 9.22B of uninvested cash.
When: 2026
Size: About USD 5B
Why: Resolution 2819 clarified that cash may go into low-risk deposits and fixed income.

Investment process

A Board of Trustees chaired by the Prime Minister, with the finance, planning and economy ministers and the central bank governor, is the top body. It appoints a seven-member Board of Directors that runs investments through four committees. S3 S10

Committee	Role
Investment Committee	Investment decisions and policy S10
Audit, Risk and Compliance Committee	Audit and risk oversight S10
Recruitment and Remuneration Committee	Staffing and pay S10
Governance Committee	Governance across the group S10

Board of Trustees sets direction; Board of Directors approves investments under the Investment Policy Statement. S3 S11
A Corporate Governance Division oversees subsidiary boards, policies and ESG. S13
Cash reinvestment requests go through the host Member State and need prior approval under UN procedures. S4 S8

How to approach: Use the contact page on the LIA website. No intake programme for outside investors is published. S14

Size and returns

Headline size: About USD 51.8B (direct portfolio incl. cash) (Portfolio value, as of 2026-06-15) S4
In US dollars: about USD 51.8B. Fund publishes USD
Group valuation, end 2019 (Deloitte): USD 68.353B (Fair value of state company holdings, as of 2021) S7
Subsidiaries, 2019 valuation: USD 28.2B (Fair value of state company holdings, as of 2025-12-31) S5
Return, 2025: 4.79 percent (yield on directly held financial assets) S5
Size over time (USD billion): 2010 64, 2012 67, 2019 68.353 S3 S7

Leadership

Name	Title	Since
Ali Mahmoud Hassan Mohamed	Chairman of the Board and Chief Executive Officer S10	2017
Youssef Ahmed Al Mabrouk	Vice Chairman S10	2019-02
Anas Saad Lamin	Board member S10	Not published
Ahmed Abdullah Ammar	Board member S10	Not published
Mustafa Mohamed Elmanea	Board member S10	Not published
Abdul Hamid Dbeibah	Chairman, Board of Trustees; Prime Minister S9	Not published

Governance and transparency

Legal basis: Law No. 13 of 2010; organisational structure approved by Board of Trustees decision 12 of 2012 S3 S13
Oversight: Board of Trustees led by the Prime Minister S3
Auditor: Separate financial statements audited to 2024; consolidated IFRS statements prepared to 2022 S4
Santiago Principles: IFSWF member; publishes a 2020 IFSWF self-assessment S11 S2
Publishes a board charter, investment policy statement and risk, compliance and procurement policies. S11
Strategy 2025 to 2027 and sustainability reports for 2024 and 2025 are on its reports page. S11

Transparency score: 7.0 of 10 (band 4 of 5). Our own 10-item rubric; see the methodology page.

Published: total assets, annual return, asset allocation, governance and mandate documents, named leadership. S4 S5 S10 S11
Partly published: geographic or sector split, holdings or deal list, audited financial statements, regular reporting schedule. S4 S6 S7
Not published: long-term returns. S11

History

Date	Event
2006-08-28	LIA established. S1
2007	BP exploration agreement and Libya-Qatar fund. S3
2010	Law No. 13 of 2010 sets the current structure. S1
2012	Deloitte validates value at USD 67B. S3
2017	Ali Mahmoud Hassan Mohamed becomes Chairman and CEO. S10
2019-12-31	Project Alfa values the group at USD 68.353B. S7
2026-04-14	Resolution 2819 adopted. S8
2026-05-07	Strategic roadmap update. S15
2026-06-03	OQ memorandum moves to executive tracks. S12
2026-06-15	Q1 2026 results published. S4

For family offices

LIA publishes no co-investment or partner programme. Its recent partnerships are with state companies, such as Oman's OQ, and new investment of cash is limited to low-risk instruments. S12 S4

State-to-state memoranda in oil, energy and joint investments. S12

Reports

Statement on 2025 financial performance: https://lia.ly/en/media_releases/libyan-investment-authority-statement-on-2025-financial-performance-results/ S5
Statement on Q1 2026 performance: https://lia.ly/en/media_releases/statement-on-first-quarter-2026-financial-and-investment-performance/ S4
Project Alfa executive summary: https://lia.ly/mahupam/2021/07/Project-Alfa_Executive-Summary_2021-en-1.pdf S7
Reports and data: https://lia.ly/en/reports-data/ S11

Common questions

How big is the Libyan Investment Authority?

Its directly managed portfolio, including cash, was about USD 51.8B at 31 March 2026. Subsidiaries were valued at USD 28.2B in 2019. S4 S5

What return does LIA earn?

USD 2B in 2025, a yield of 4.79 percent on USD 41.7B of directly held assets. S5

Who leads LIA?

Ali Mahmoud Hassan Mohamed, Chairman of the Board and CEO since 2017. S10

Is LIA an IFSWF member?

Yes, it is listed on the IFSWF members page. S2

What are its main subsidiaries?

LAFICO, Oilinvest, the Libyan Africa Investment Portfolio, the Libyan Local Investment and Development Fund and the Long Term Portfolio. S3

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

Sources

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