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Sarawak Sovereign Wealth Future Fund

Malaysia · Asia · Founded 2022 · Savings and future generations fund · IFSWF associate member

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Focus

Sarawak Sovereign Wealth Future Fund: what it invests in

Financial services
Public equitiesFixed incomeCash and money markets

Geography Global

Scale

Sarawak Sovereign Wealth Future Fund: how big it is, and on what basis

RM 8.6B
Fund market valueAs of

In US dollars: about USD 2.1B. RM 8.6B at MYR 4.049 per USD (ECB reference, 2026-03-31)

Transparency

Sarawak Sovereign Wealth Future Fund: what it publishes

2.5 of 10 Band 2 of 5

Published 2 · Partly 1 · Not published 7

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

Fund size, April 2026S2S4
RM 8.6B (about USD 2.1B)
As of
Initial capitalS4
RM 8B
As of
Lock-up horizonS4
20 years
As of
Appropriation, years 11 to 20S4
RM 650M a year
As of
Operations beganS1
2024
Transparency scoreS6
2.5 of 10

At a glance. The Sarawak Sovereign Wealth Future Fund (SSWFF) turns the Malaysian state's commodity revenue into long-term financial savings. Created by a 2022 ordinance and investing since 2024, it received RM 8 billion of starting capital and is due further yearly appropriations for 20 years. The Premier said it had grown to RM 8.6 billion (about USD 2.1 billion) by April 2026. S1 S2 S4

Key points

  • Started with RM 8 billion and had reached RM 8.6 billion by April 2026, according to state leaders. S2 S4
  • Planned appropriations: RM 300 million a year in years 2 to 5, RM 550 million in years 6 to 10 and RM 650 million in years 11 to 20. S4
  • The Premier says the money stays untouched for 20 years; returns are reinvested to compound. S4 S1
  • Capital preservation first, then a more growth-oriented target, set through a reference portfolio and strategic asset allocation. S1 S7
  • A March 2026 gazette change let the fund invest in collective investment schemes, beyond bank deposits. S8
  • External managers run the money after screening; the Board keeps all key decisions. S7

Interesting facts

  • Its guardians include Adrian Orr, former governor of New Zealand's central bank, and Grainne Dooley. S6
  • Returns above a set threshold move from the investment account into a separate endowment account. S5
  • It has offices in Kuching and in Kuala Lumpur's Tun Razak Exchange. S1

Mandate and goals

The fund safeguards and invests state money for future generations, converting finite resource income into lasting assets. As a long-term global investor it seeks optimal risk-adjusted returns, preserving capital early on. S1

  • Convert non-renewable resource revenue into enduring financial assets. S1
  • Preserve capital in the initial years, then pursue growth. S1 S7
  • Reinvest returns over a 20-year horizon. S4 S1
  • Build an endowment from returns above the threshold value. S5

How it invests

IndustriesFinancial services. Sector agnostic S7
Asset classesPublic equities, Fixed income, Cash and money markets S8 S7
StagesPublic markets S7
GeographyGlobal. Global long-term investor S1
Direct / through funds / co-investNo / Yes / No S7
Managed in house0 percent S7
Ticket sizeNo mandate sizes or managers are published. S7
Deal sizes seenNot disclosed
External managersExternal managers execute the strategic asset allocation; names not published S7
Co-investment programmeNo co-investment programme S7

Published criteria

  • Managers must pass a rigorous screening and are reviewed periodically. S7
  • Permitted investments are set in the Ordinance's Second Schedule, now including collective investment schemes. S8

Past investments

YearInvestmentTypeSectorStageAmount
2024Initial capital injection. Starting capital from the State Consolidated Fund. S4State asset transferFinancial servicesPublic marketsRM 8B
2025Annual appropriations, years 2 to 5. Scheduled top-ups approved by the state assembly. S4State asset transferFinancial servicesPublic marketsRM 300M a year
2026Collective investment schemes allowed. Gazette direction widening permitted investments beyond deposits. S8Fund commitmentMulti-sectorPublic marketsNot published

Case studies

A 20-year savings lock S4 S1

  • What: Sarawak placed RM 8 billion in the fund and set a schedule of rising yearly top-ups.
  • When: 2024 onward
  • Size: RM 8B plus RM 10.45B planned
  • Why: Commodity revenue is finite; locking it away builds wealth for future generations.
  • Outcome: RM 8.6 billion by April 2026.

From deposits to funds S8 S7

  • What: A 2026 gazette change let the fund move beyond bank deposits into collective investment schemes run by external managers.
  • When: January to March 2026
  • Size: Not published
  • Why: Needed to put the approved strategic asset allocation to work.

Investment process

A Board of Guardians, experts in finance, investment, law and governance, holds the assets in custody and makes all key strategic decisions. It appoints a CEO to run the fund day to day. S1 S6 S7

CommitteeRole
Board of GuardiansCustodian of the fund; sets strategy S6
Investment Advisory PanelAdvises the Board on investments S7
  1. The Board sets a reference portfolio that reflects its risk objectives. S7
  2. It approves a strategic asset allocation consistent with that portfolio. S7
  3. External managers are screened, appointed and reviewed periodically. S7
  4. Returns are reinvested; surplus above the threshold moves to the endowment account. S1 S5

How to approach: General contact via info@ssff.my; manager selection is run by the Board through its own screening. S1

Size and returns

  • Headline size: RM 8.6B (Fund market value, as of 2026-04-20) S2 S4 S9
  • In US dollars: about USD 2.1B. RM 8.6B at MYR 4.049 per USD (ECB reference, 2026-03-31)
  • Initial capital: RM 8B (Committed or authorised capital, as of 2026-04-20) S4
  • Planned appropriations, years 2 to 20: RM 10.45B (Committed or authorised capital, as of 2026-04-20) S4
  • Returns: the fund does not publish a return figure.

Leadership

NameTitle
Tan Sri Datuk Seri Panglima Sulong bin MatjeraieChairman, Board of Guardians S6
Datuk Patinggi Tan Sri Leonard Linggi Anak JugahDeputy Chairman S6
Abang Rahmat YusufChief Executive Officer S6
Adrian OrrGuardian S6
Grainne DooleyGuardian S6
Datuk Iain John LoGuardian S6
Tan Sri Ahmad Nizam bin SallehGuardian S6
Datu Haji Soedirman bin AiniGuardian S6

Governance and transparency

  • Legal basis: Sarawak Sovereign Wealth Future Fund Board Ordinance 2022 (Cap. 81, Laws of Sarawak) S5
  • Oversight: Board of Guardians with two ex-officio state members; appropriations approved by the state assembly S6 S1
  • Separate Investment Fund and Endowment Fund accounts under the Ordinance. S5
  • Whistleblowing channel and governance framework published on the website. S6

Transparency score: 2.5 of 10 (band 2 of 5). Our own 10-item rubric; see the methodology page.

  • Published: governance and mandate documents, named leadership. S5 S6 S8
  • Partly published: total assets. S2
  • Not published: annual return, long-term returns, asset allocation, geographic or sector split, holdings or deal list, audited financial statements, regular reporting schedule. S1 S7

History

DateEvent
2022-11-22Ordinance passed by the state assembly. S1
2024Fund begins operations with RM 8 billion. S2
2026-01-22Collective investment schemes allowed, gazetted 31 March 2026. S8
2026-04Premier says the fund has grown to RM 8.6 billion. S4

For family offices

The fund invests only through external managers and has no co-investment programme. Asset managers are the relevant counterparties. S7

  • Managers are selected after screening and reviewed on performance. S7

Reports

Common questions

How big is the fund?

RM 8.6 billion, about USD 2.1 billion, per state leaders in April 2026. S2 S4

Can the state spend it?

The Premier says the money will stay untouched for 20 years. S4

Who runs it?

A Board of Guardians chaired by Tan Sri Sulong bin Matjeraie, with CEO Abang Rahmat Yusuf. S6

Where does the money come from?

Yearly appropriations from Sarawak's Consolidated Fund. S1

All sovereign wealth funds in Asia · All savings and future generations funds · All funds in Malaysia

Sources

  1. S1SSWFF, Who we are
  2. S2Sarawak Tribune, fund grows to RM8.6 billion, 19 April 2026
  3. S3IFSWF, Our members
  4. S4DayakDaily, fund grows to RM8.6 billion, 20 April 2026
  5. S5Laws of Sarawak, Cap. 81, Sarawak Sovereign Wealth Future Fund Board Ordinance
  6. S6SSWFF, Board of Guardians
  7. S7SSWFF, Investment strategy
  8. S8Sarawak Gazette, Swk. L.N. 86, 31 March 2026
  9. S9Frankfurter (ECB reference rates), 31 March 2026

Disclaimer

Informational only. SovereignWealthFunds.com is an independent public-source reference. It is not affiliated with or endorsed by any fund named on it, and it is not investment, legal or tax advice. Figures are as of the dates shown next to them and may have changed; please read each fund's official pages, linked on its profile. To report an error, use the contact page. Copyright SovereignWealthFunds.com. All rights reserved.

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