SovereignWealthFunds.comPublic Investment Fund (PIF)
PIF: what it invests in
Geography Domestic and global
PIF: how big it is, and on what basis
In US dollars: about USD 906B. Converted at the fixed rate of SAR 3.75 per US dollar.
Return since 2017 5.8% a year (total shareholder return)
PIF: what it publishes
Published 6 · Partly 4 · Not published 0
Our 10 item score. It measures what is public, not how well a fund is run.
At a glance. The Public Investment Fund is Saudi Arabia's sovereign wealth fund and the main investment engine of Vision 2030. It reported SAR 3,396 billion of assets under management at end 2025, about USD 906 billion at the 3.75 peg. About three quarters is at home, in 211 portfolio companies, giga-projects such as NEOM and new sectors; the international book of about SAR 663 billion mixes direct stakes, co-investments and fund commitments. S4
Key points
- A new 2026 to 2030 strategy, approved on 15 April 2026, swaps six investment pools for three portfolios: Vision, Strategic and Financial. S5
- End 2025 split: 76 percent local, 20 percent international and 4 percent treasury. S4
- 86 percent of assets are managed in house and 14 percent by external managers. S4
- Total shareholder return has averaged 5.8 percent a year since 30 September 2017. S4
- Rated Aa3 by Moody's and A+ by Fitch; it has raised USD 31 billion in public debt markets since 2022. S6 S4
- KPMG audits the group, which held 225 direct investments in subsidiaries, associates and joint ventures at end 2025. S1
- By sector, energy is 28 percent of investments, real estate 15, communication services 10 and technology 9. S4
Interesting facts
- Staff grew from about 50 in 2015 to nearly 500 in 2018, and to 3,321 by end 2025. S7 S4
- Through its companies it owns 16 percent of Saudi Aramco, built from state transfers of 4 percent in 2022, 4 percent in 2023 and 8 percent in 2024. S8
- Its USD 45 billion pledge in 2016 anchored the first SoftBank Vision Fund. S4
Mandate and goals
Under Article 3 of the PIF Law the fund has two jobs: earn returns on its capital and drive the transformation of the Saudi economy. S9
- Grow the assets under PIF's management over time. S9
- Open up new sectors in the Saudi economy. S9
- Bring advanced technology and know-how into the Kingdom. S9
- Build strategic economic partnerships abroad. S9
- From 2026: build ecosystems, actively manage strategic assets, lift long-term risk-adjusted returns and secure a resilient funding base. S5
How it invests
| Industries | Tourism and hospitality, Real estate, Industrials and manufacturing, Transport and logistics, Renewables and climate, Technology, Sports, entertainment and gaming, Mining and metals S13 S4 |
|---|---|
| Asset classes | Strategic state holdings, Public equities, Private equity, Venture capital, Real estate, Infrastructure, Cash and money markets S4 |
| Stages | Venture, Growth, Buyout, Infrastructure, Real estate, Public markets S4 |
| Geography | Domestic and global. The Governor described a target shape of about 80 percent domestic and 20 percent international in April 2026 S4 S14 |
| Direct / through funds / co-invest | Yes / Yes / Yes S4 |
| Managed in house | 86 percent S4 |
| Ticket size | No minimum or ticket size is published. S4 |
| Deal sizes seen | About USD 550M (Lucid, 2026) to USD 45B (SoftBank Vision Fund, 2016) in the deals listed below |
| External managers | 14 percent of assets run externally; the MENA External Managers Program, via the Managers Gate, seeks managers across asset classes, including emerging managers S16 S4 |
| Co-investment programme | International strategic investments combine direct deals and co-investments with selected partners; the 2026 strategy invites partners to co-invest in Saudi ecosystems S4 S6 |
Asset mix: Saudi equity holdings 33%, Saudi sector development 29%, Saudi real estate and infrastructure 7%, Saudi giga-projects 7%, International strategic 10%, International diversified 6%, International capital markets 3%, Treasury 4% (as of 2025-12-31) S4
Sector weights: Energy 28%, Real estate 15%, Communication services 10%, Information technology 9%, Financials 6%, Materials 5% (as of 2025-12-31) S4
Largest holdings: Saudi Aramco (16%), stc (62%), Saudi National Bank (37.24%), Maaden (63.78%), ACWA Power (44%), Elm (67%), Saudi Tadawul Group (60%), Lucid Group (56.85%) (dates from 2024-03-07 to 2026-04-28) S1 S8 S15
Fund commitments
Past investments
| Year | Investment | Type | Sector | Stage | Amount | Stake |
|---|---|---|---|---|---|---|
| 2026 | HUMAIN and AMD AI infrastructure. 500 MW of AMD-based computing over five years. S17 | Joint venture or partnership | Technology | Infrastructure | Up to USD 10B | |
| 2026 | Lucid Group. Series C preferred investment in the electric car maker. S15 | Direct investment | Industrials and manufacturing | Public markets | USD 550M | 56.85% |
| 2026 | Electronic Arts. Take-private of the games publisher, closed 4 August 2026. S18 | Direct investment | Sports, entertainment and gaming | Buyout | About USD 55B (total deal, as reported) | |
| 2026 | Al-Hilal Club Company. Sale of 70 percent; PIF keeps 30 percent. S19 S20 | Sale or exit | Sports, entertainment and gaming | Not stated | SAR 840M | 70% |
| 2025 | MBC Group. Majority stake in the broadcaster. S4 | Direct investment | Telecoms and media | Buyout | SAR 7.47B | 54% |
| 2025 | Niantic games business. Acquired through the Savvy group's Scopely. S1 | Direct investment | Sports, entertainment and gaming | Buyout | SAR 12.8B | 100% |
| 2025 | Olam Agri. SALIC raised its stake from 35.4 percent. S4 | Direct investment | Agriculture and food security | Buyout | SAR 6.69B | 80.01% |
| 2024 | Heathrow Airport. Bought alongside Ardian, which took 22.6 percent. S7 | Co-investment | Infrastructure and utilities | Infrastructure | USD 4.12B (with Ardian) | 15% |
| 2023 | Rocco Forte Hotels. Deal valued the hotel group at GBP 1.4B. S7 | Direct investment | Tourism and hospitality | Growth | Not published | 49% |
| 2021 | Newcastle United. PIF-led consortium completed the purchase on 7 October 2021. S7 | Direct investment | Sports, entertainment and gaming | Buyout | Not published | 85% |
| 2020 | Jio Platforms. Minority stake in the Indian digital group. S7 | Direct investment | Technology | Growth | USD 1.5B | 2.32% |
| 2020 | SABIC. Sold to Aramco; completed June 2020. S21 | Sale or exit | Energy: oil and gas | Public markets | USD 69.1B | 70% |
| 2016 | SoftBank Vision Fund I. Anchor commitment to the technology fund. S4 | Fund commitment | Technology | Venture | USD 45B | |
| 2016 | Uber. Investment in the ride-hailing group. S4 | Direct investment | Transport and logistics | Growth | USD 3.5B |
Case studies
SABIC: recycling capital through Aramco S21 S4
- What: Sold its 70 percent stake in petrochemicals group SABIC to Saudi Aramco.
- When: Completed June 2020
- Size: USD 69.1B
- Why: The Governor cites the sale as an example of recycling mature holdings into new sectors.
- Outcome: Full exit; Aramco pays the price in instalments running to 2028.
HUMAIN: building an AI champion S4 S17
- What: Launched HUMAIN, a wholly owned artificial intelligence company.
- When: May 2025
- Size: Up to USD 10B AI build-out with AMD announced October 2026
- Why: The strategy puts AI and bringing advanced technology into the Kingdom at the centre.
- Outcome: 18,000 NVIDIA Blackwell chips deployed, more than 500 staff, and Aramco agreed terms in October 2025 to become a significant minority shareholder.
Al-Hilal: bringing in private owners S19 S20
- What: Sold 70 percent of the Al-Hilal football club company to Kingdom Holding.
- When: April to September 2026
- Size: SAR 840M for 70 percent (SAR 1.2B equity value)
- Why: Part of the sports club privatisation programme, which brings private co-owners into the clubs.
- Outcome: PIF keeps 30 percent.
Investment process
A board chaired by the Crown Prince, with ministers and the Governor, sets direction under the PIF Law. Each ecosystem has an investment policy that defines allowed assets, targets, KPIs and risk tolerance. S3 S22
| Committee | Role |
|---|---|
| Board Investment Committee | Board-level investment approvals; the Governor is its only executive member S10 |
| Board Executive, Audit and Compliance, Risk and Remuneration Committees | Other board-level committees S10 |
| Management Investment Committee | Management-level investment review S10 |
| Management Risk and Liquidity Committees | Management-level risk and liquidity oversight S10 |
- The 2026 to 2030 strategy sets the ecosystems and the Vision, Strategic and Financial portfolios. S5
- An investment policy per ecosystem fixes allowed assets, targets, KPIs and risk limits. S22
- The Governor describes seven stages from concept to sale, with exit as the last one. S22
- Asset managers register their interest through the Managers Gate portal. S16
How to approach: Asset managers register on the Managers Gate for the MENA External Managers Program. Suppliers and entrepreneurs use the Private Sector Hub. S16 S4
Size and returns
- Headline size: SAR 3,396B (Assets under management, as of 2025-12-31) S4
- In US dollars: about USD 906B. Converted at the fixed rate of SAR 3.75 per US dollar.
- Consolidated total assets: SAR 4,541B (about USD 1.21T) (Total assets (balance sheet), as of 2025-12-31) S1
- Return, since 30 September 2017: 5.8 percent a year (total shareholder return) S4
- Staff: 3,321 employees at end 2025, 85.9 percent Saudi S4
- Size over time (SAR billion): 2015 570, 2016 720, 2017 835, 2018 972, 2019 1,208, 2020 1,500, 2021 1,980, 2022 2,230, 2023 2,871, 2024 3,434, 2025 3,396 S4 S10 S11
Leadership
| Name | Title | Since |
|---|---|---|
| Mohammed bin Salman | Crown Prince, Prime Minister and Chairman of the Board S3 | Not published |
| Yasir Al-Rumayyan | Governor and board member S3 S23 | 2015-09 |
| Turqi Al-Nowaiser | Deputy Governor and Head of International Investments S3 | 2021 |
| Yazeed Al-Humied | Deputy Governor and Head of MENA Investments S3 | Not published |
| Yasir AlSalman | Chief Financial Officer S3 | Not published |
| Saad Alkroud | Head of Local Real Estate Investments S3 | Not published |
| Feta Zabeli | Head of Risk and Chief Risk Officer S3 | 2020 |
| Rania Nashar | Head of Compliance and Governance S3 | Not published |
| Mohammed Al-Jadaan | Board member, Minister of Finance S3 | Not published |
Governance and transparency
- Legal basis: Royal Decree M/24 of 1971; PIF Law by Royal Decree M/92 of 2019, amended by M/25 of 2020 S1
- Oversight: Reports to the Council of Economic and Development Affairs since March 2015 S1
- Auditor: KPMG Professional Services Company; opinion dated 30 June 2026 S1
- Santiago Principles: Not an IFSWF member; its own self-assessment reports all 24 Santiago Principles as implemented S9 S2
- Credit ratings from Moody's, Fitch and S&P, with reports on the investor pages. S24
- Green Finance Framework with an annual allocation report; USD 9B of green bonds fully allocated. S24
Transparency score: 8.0 of 10 (band 4 of 5). Our own 10-item rubric; see the methodology page.
History
| Date | Event |
|---|---|
| 1971 | Founded by Royal Decree M/24 to fund projects of national importance. S23 |
| 2014-07-31 | Allowed to set up and invest in companies at home and abroad. S1 |
| 2015-03-23 | Oversight moves to the Council of Economic and Development Affairs. S1 |
| 2016 | USD 3.5B in Uber and USD 45B pledged to the SoftBank Vision Fund. S4 |
| 2019-04-18 | New PIF Law, Royal Decree M/92. S1 |
| 2020-06 | SABIC stake sold to Aramco for USD 69.1B. S21 |
| 2022 | First 4 percent Aramco transfer; first credit ratings. S4 |
| 2024-03-07 | Third Aramco transfer takes the stake to 16 percent. S8 |
| 2025 | HUMAIN launched; Paris, Beijing and Shanghai offices open. S4 S6 |
| 2026-04-15 | Board approves the 2026 to 2030 strategy. S5 |
| 2026-08-17 | 2025 annual report and audited accounts released. S12 |
For family offices
PIF publishes routes for outside parties: the Managers Gate for asset managers and the Private Sector Hub for suppliers and entrepreneurs. Its 2026 strategy seeks private partners to co-invest in Saudi ecosystems. S16 S4 S6
- Co-investment alongside PIF and its companies in domestic ecosystems such as tourism, real estate and industry. S6
- Buying stakes PIF sells as it recycles capital, as Kingdom Holding did with Al-Hilal. S19
- Managing money for PIF through the MENA External Managers Program. S16
- MENA External Managers Program (Managers Gate): Asset managers across asset classes, including emerging managers and firms entering the region https://www.pif.gov.sa/en/managers-gate/ S16
- Asset Managers Special Programs: Portfolio management and research training for the Saudi asset management industry https://www.pif.gov.sa/en/managers-gate/ S16
- Private Sector Hub: Suppliers and entrepreneurs working with PIF and its companies S4
Reports
- Annual report 2025: https://www.pif.gov.sa/-/media/project/pif-corporate/pif-corporate-site/annual-reports/reports/pif-annual-report-2025-english-hyperlinked.pdf S4
- Consolidated financial statements 2025: https://www.pif.gov.sa/-/media/project/pif-corporate/pif-corporate-site/our-financials/financial-statements/pdfs/consolidated-financial-statements-2025.pdf S1
- Strategy 2026 to 2030: https://www.pif.gov.sa/-/media/project/pif-corporate/pif-corporate-site/strategy-and-impact/our-strategy/pif-strategy-2026-2030-en.pdf S13
- Santiago Principles self-assessment: https://www.pif.gov.sa/-/media/project/pif-corporate/pif-corporate-site/our-investments/governance-and-investments/pdf/santiago-principles-self-assessment-report.pdf S9
Common questions
How big is PIF?
SAR 3,396 billion of assets under management at end 2025, about USD 906 billion. Consolidated total assets were SAR 4,541 billion. S4 S1
Who runs PIF?
Governor Yasir Al-Rumayyan. Crown Prince Mohammed bin Salman chairs the board. S3
What return has PIF made?
5.8 percent a year in total shareholder return since 30 September 2017. S4
How can an asset manager work with PIF?
Register through the Managers Gate for the MENA External Managers Program. S16
Is PIF an IFSWF member?
No. It publishes its own Santiago Principles self-assessment. S2 S9
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All sovereign wealth funds in Middle East · All strategic development funds · All funds in Saudi Arabia
Sources
- S1PIF, consolidated financial statements 2025 (KPMG audited)
- S2IFSWF, members list
- S3PIF, Our leadership
- S4PIF, annual report 2025
- S5PIF, Our strategy 2026 to 2030
- S6PIF release on 2025 results, via Zawya
- S7Wikipedia, Public Investment Fund (revision of 6 October 2026)
- S8PIF, completion of the 2024 Aramco share transfer
- S9PIF, Santiago Principles self-assessment
- S10Vision 2030, PIF Program 2021 to 2025
- S11Argaam, PIF assets chart (Arabic)
- S12PIF, Annual reports
- S13PIF, strategy 2026 to 2030 (PDF)
- S14Al Arabiya Business, interview with the Governor, April 2026
- S15Electric Vehicles, Lucid discloses PIF Series C terms
- S16PIF, Managers Gate
- S17Gulf Construction, HUMAIN and AMD AI infrastructure plan
- S18EBN, PIF gaming holdings re-registered (Korean)
- S19PIF, agreement for Kingdom Holding to acquire 70 percent of Al-Hilal
- S20Enterprise, Kingdom Holding completes Al-Hilal purchase, 2 September 2026
- S21Saudi Aramco, completion of the SABIC acquisition
- S22PIF, Governance and investment decisions
- S23PIF, Our history
- S24PIF, Credit ratings
Disclaimer
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