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National Development and Social Fund (Malta)

Malta · Europe · Founded 2015 · Strategic development fund · Not an IFSWF member

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Focus

Malta: what it invests in

Financial servicesSportsentertainment and gamingHealthcare and life sciencesInfrastructure and utilities
Public equitiesFixed incomeCash and money marketsStrategic state holdings

Geography Domestic and global

Scale

Malta: how big it is, and on what basis

EUR 846.7M
Net assets or equityAs of

In US dollars: about USD 0.995B. At 0.85106 euros per US dollar, ECB reference rate for 31 December 2025.

Transparency

Malta: what it publishes

9.5 of 10 Band 5 of 5

Published 9 · Partly 1 · Not published 0

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

Net assetsS3
EUR 846.7M (about USD 995M, end 2025)
As of
Net profit 2025S3
EUR 30.5M (record)
As of
Directed PortfolioS3
EUR 500.5M
As of
Discretionary portfoliosS3
EUR 316.8M
As of
Proceeds since 2015S3
EUR 836.5M
As of
Bank of Valletta stakeS3
EUR 34.9M (listed equity)
As of
Transparency scoreS3
9.5 of 10
As of

At a glance. Malta's National Development and Social Fund invests a share of citizenship programme revenue for long-term returns and national development and social projects. Net assets were EUR 846.7 million (about USD 995 million) at end 2025 after a record EUR 30.5 million profit. Roughly 70 percent sits in a Directed Portfolio of Maltese securities and projects; 30 percent is run by the Central Bank of Malta. S3 S4

Key points

  • Net assets EUR 846.7 million at 31 December 2025, up from EUR 772.3 million. S3
  • Record net profit of EUR 30.5 million in 2025. S3
  • EUR 836.5 million received from citizenship programmes since 2015, including EUR 50.4 million in 2025. S3
  • Directed Portfolio of EUR 500.5 million: Maltese listed securities, Malta Government Stocks and foreign Treasury bills. S3
  • Discretionary portfolios of EUR 316.8 million run by the Central Bank of Malta and sub-managers. S3
  • About EUR 41 million committed to national sport facilities and EUR 10 million to primary healthcare. S3

Interesting facts

  • It holds a 2.88 percent stake in Bank of Valletta, bought in 2017. S3
  • Its exclusion list draws mostly on those of Norway's central bank investment arm and Allianz. S3
  • The Board met 19 times in 2025. S3

Mandate and goals

Earn sustainable real returns while preserving capital, follow the Santiago Principles, and support development and social initiatives of national importance for present and future generations. S5

  • Real positive returns and capital preservation over the long term. S5
  • Integrity and professionalism in management. S5
  • Fund national development and social projects. S5
  • Spending rule: Social and development commitments are approved by the Board and paid from the Directed Portfolio S3

How it invests

IndustriesFinancial services, Sports, entertainment and gaming, Healthcare and life sciences, Infrastructure and utilities S3
Asset classesPublic equities, Fixed income, Cash and money markets, Strategic state holdings S3
StagesPublic markets, Credit S3
GeographyDomestic and global. Heavily Maltese; the Board is adding foreign securities to offset local exposure S3
Direct / through funds / co-investYes / Yes / No S9 S10
Ticket sizeNo ticket range is published. S3
Deal sizes seenEUR 10M (healthcare programme) to EUR 40M (BOV bonds, 2025)
External managersCentral Bank of Malta, with Allianz Global Investors and Bank of Valletta Asset Management S3
Co-investment programmeNone published S3

Asset mix: Directed Portfolio 60.4%, CBM/Allianz global bond and equity 16.3%, CBM/BOVAM local active income 11.2%, CBM global fixed income 6.2%, CBM/BOVAM global equity 4.5%, Unallocated 1.4% (as of 2025-12-31) S3

Published criteria

  • Directed tools: direct equity, SPV and bank notes, guarantees, syndicated loans and strategic stakes. S9
  • Exclusion list applied to discretionary mandates. S3
  • Follows the Santiago Principles. S5

Past investments

YearInvestmentTypeSectorStageAmountStake
2025Bank of Valletta 5% subordinated bonds. Bought in two tranches, maturing 2030 to 2035. S3Direct investmentFinancial servicesCreditEUR 40M
2025Malta Government Stock. 2030, 2035 and 2040 maturities; MGS holdings total EUR 238.7M. S3Direct investmentFinancial servicesPublic marketsEUR 35M nominal
Not publishedNational Multi-purpose Motorsports Hub, Hal Far. Strategic sport initiative. S3Direct investmentSports, entertainment and gamingNot statedPart of about EUR 41M for sport
Not publishedMalta Football Association National Football Centre. Strategic sport initiative. S3Direct investmentSports, entertainment and gamingNot statedPart of about EUR 41M for sport
Not publishedPrimary Healthcare Upgrading Programme. About EUR 5.55M disbursed by end 2025. S3Direct investmentHealthcare and life sciencesNot statedEUR 10M
2018CBM discretionary mandate. Global bond and equity, local income and global fixed income sleeves. S3Fund commitmentMulti-sectorPublic marketsEUR 316.8M at end 2025
2017Bank of Valletta plc. Listed equity stake in the bank. S3Direct investmentFinancial servicesPublic marketsEUR 34.9M value at end 20252.88%

Case studies

Backing national sport facilities S3

  • What: The fund committed about EUR 41M to a motorsports hub at Hal Far and the National Football Centre, among others.
  • When: Ongoing
  • Size: About EUR 41M
  • Why: Its mandate covers social and development projects of national importance.
  • Outcome: Commitments carried in the Directed Portfolio.

Diversifying away from Malta S3

  • What: The fund added foreign Treasury bills and grew its global mandates with the Central Bank.
  • When: 2024 to 2025
  • Size: EUR 316.8M discretionary
  • Why: To hedge its large exposure to the Maltese economy.
  • Outcome: Discretionary assets rose from EUR 252.8M to EUR 316.8M in 2025.

Investment process

A seven-member Board of Governors approves investments and commitments, coordinating with Cabinet through the citizenship minister's office. An Advisory Board appointed by the Prime Minister is chaired by the CEO. S7 S3

CommitteeRole
Board of GovernorsSeven members appointed by Cabinet; approves strategy and investments S7
Advisory BoardAppointed by the Prime Minister; chaired by the CEO S7
  1. Programme proceeds are received. S3
  2. Board allocates between Directed and Discretionary portfolios. S3
  3. Directed deals and social commitments are approved by the Board. S3
  4. Audited accounts are laid before Parliament. S7

How to approach: No public intake process; contact via the fund's website. S1

Size and returns

  • Headline size: EUR 846.7M (Net assets or equity, as of 2025-12-31) S3 S4
  • In US dollars: about USD 0.995B. At 0.85106 euros per US dollar, ECB reference rate for 31 December 2025.
  • Total assets, December 2025: EUR 847.9M (Total assets (balance sheet), as of 2025-12-31) S3
  • Programme proceeds since 2015: EUR 836.5M (Committed or authorised capital, as of 2025-12-31) S3
  • Return, 2025, CBM/Allianz mandate: 3.37 percent (benchmark 3.42 percent) S3
  • Return, CBM/Allianz mandate since 4 September 2018: 1.8 percent a year (one external mandate only) S3
  • Size over time (EUR million): 2024 772.34, 2025 846.74 S3 S6

Leadership

NameTitleSince
Kurt FarrugiaChairman, Board of Governors S32026-07-01
Joseph M ZrinzoDeputy Chairman S3Not published
John BenciniBoard member S3Not published
Maria CamilleriBoard member S3Not published
Monica FarrugiaBoard member S3Not published
James GrechBoard member S3Not published
Joseph BrincatBoard member S3Not published

Governance and transparency

  • Legal basis: Individual Investor Programme Regulations (S.L. 188.03) and S.L. 595.12 giving separate legal personality S1
  • Oversight: Cabinet, through the citizenship minister; accounts laid before the House of Representatives by the Finance Minister S7
  • Auditor: PricewaterhouseCoopers S3
  • New HR and conflict of interest policies approved in 2025. S3
  • Board is reviewing the legal framework as the fund evolves toward a sovereign wealth fund. S3

Transparency score: 9.5 of 10 (band 5 of 5). Our own 10-item rubric; see the methodology page.

  • Published: total assets, annual return, long-term returns, asset allocation, geographic or sector split, holdings or deal list, audited financial statements, governance and mandate documents, named leadership. S3 S7
  • Partly published: regular reporting schedule. S8

History

DateEvent
2015-01-06Fund established. S1
2015-09First Board of Governors. S3
2017Buys 2.88 percent of Bank of Valletta. S3
2018-09Central Bank of Malta mandate begins. S3
2025EUR 40M of BOV bonds bought; record profit. S3
2026-07-01Kurt Farrugia becomes chairman. S3
2026-08-272025 accounts signed. S3

For family offices

A Maltese state fund investing mainly in local securities and national projects through Board-approved deals. No co-investment programme is published. S3

Reports

Common questions

How big is the NDSF?

EUR 846.7 million of net assets at end 2025, about USD 995 million. S3 S4

Who chairs it?

Kurt Farrugia, since 1 July 2026. S3

Where does the money come from?

A share of revenue from Malta's citizenship programmes. S3

Is it an IFSWF member?

No. S2

All sovereign wealth funds in Europe · All strategic development funds · All funds in Malta

Sources

  1. S1NDSF, About us
  2. S2IFSWF, members list
  3. S3NDSF, Annual Report and Financial Statements 2025
  4. S4Frankfurter (ECB reference rates), USD/EUR 31 December 2025
  5. S5NDSF, Investment Strategy
  6. S6NDSF, Annual Report 2024
  7. S7NDSF, Governance
  8. S8NDSF, Annual reports and financial statements
  9. S9NDSF, Directed Portfolio
  10. S10NDSF, Discretionary Portfolio

Disclaimer

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