Family Office ClubEvents
Text or WhatsApp (Not an AI Bot):(808) 600-9260Tell me your situation

Wafra

Wafra International Investment Company K.S.C. (Closed) · Kuwait · Middle East · Founded 1994 · State holding company · Not an IFSWF member

Report a correction
Focus

Wafra: what it invests in

Financial servicesReal estateAgriculture and food securityIndustrials and manufacturingConsumer and retail
Public equitiesFixed incomePrivate equityVenture capital

Geography Regional

Scale

Wafra: how big it is, and on what basis

KD 119.0M
Net assets or equityAs of

In US dollars: about USD 0.389B. Converted at about USD 3.27 per Kuwaiti dinar.

Transparency

Wafra: what it publishes

4.0 of 10 Band 2 of 5

Published 2 · Partly 4 · Not published 4

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

Total equityS3
KD 119.0M (Dec 2023)
As of
Profit 2023S3
KD 7.74M
As of
Fee income 2023S3
KD 11.0M
As of
Proposed dividendS3
KD 3.0M (For 2023)
As of
Mutual fundsS1
4
OwnerS3
PIFSS (100%)
As of
Transparency scoreS3
4.0 of 10
As of

At a glance. Wafra International Investment Company is a Kuwaiti asset manager wholly owned by the Public Institution for Social Security, the national pension fund. It runs portfolios, mutual funds, private equity and wealth management, and is regulated by the Central Bank of Kuwait and the Capital Markets Authority. At the end of 2023 it had KD 119 million of equity and earned KD 7.7 million, mostly from fees. S3 S1

Key points

  • Wholly owned by Kuwait's Public Institution for Social Security. S3
  • Total equity of KD 119.0 million at 31 December 2023. S3
  • 2023 profit of KD 7.74 million, up from KD 5.87 million. S3
  • Fee income of KD 11.0 million is its main revenue line. S3
  • Runs four mutual funds, portfolios, private equity and wealth management. S1
  • Holds MENA growth stakes through a Cayman segregated portfolio company. S3

Interesting facts

  • A KD 3 million dividend was proposed to its pension owner for 2023. S3
  • It can act as issuance manager for bonds. S3
  • Its licence covers real estate, industrial and agricultural investment. S3

Mandate and goals

Invest and manage assets for its pension owner and clients across securities, funds, portfolios, real estate, industry and agriculture. S3

  • Manage portfolios and mutual funds. S3
  • Invest in real estate, industrial and agricultural ventures. S3
  • Act as investment trustee and bond issuance manager. S3
  • Spending rule: Pays annual dividends to PIFSS as approved by shareholders S3

How it invests

IndustriesFinancial services, Real estate, Agriculture and food security, Industrials and manufacturing, Consumer and retail S3
Asset classesPublic equities, Fixed income, Private equity, Venture capital S1
StagesPublic markets, Growth, Venture S1
GeographyRegional. Kuwait and GCC funds; MENA growth stakes S3
Direct / through funds / co-investYes / Yes / No S1
Ticket sizeNo ticket size published. S3
External managersManages assets in-house S1
Co-investment programmeNone described S1

Published criteria

  • Activities within Central Bank and CMA licences. S3

Past investments

YearInvestmentTypeSectorStageStake
2023Wafra Mena Capital SPC: Pure Harvest segregated portfolio. Segregated portfolio holding a growth stake; 89 percent equity interest. S3Direct investmentAgriculture and food securityGrowth89.0%
2023Wafra Mena Capital SPC: SARY segregated portfolio. Segregated portfolio holding a growth stake; 73 percent equity interest. S3Direct investmentConsumer and retailGrowth73.0%
Not publishedWafra Fund. In-house mutual fund. S1New company or platformMulti-sectorPublic markets
Not publishedWafra Bond Fund. In-house fixed income fund. S1New company or platformMulti-sectorPublic markets
Not publishedAl Fajr Fund. In-house mutual fund. S1New company or platformMulti-sectorPublic markets
Not publishedWafra GCC Islamic Fund. Islamic fund focused on the GCC. S1New company or platformMulti-sectorPublic markets

Case studies

MENA growth stakes via a segregated portfolio company S3

  • What: Wafra holds two growth investments in separate cells of Wafra Mena Capital SPC, a Cayman vehicle.
  • When: 2022 to 2023
  • Size: Not published
  • Why: Each investment sits in its own segregated portfolio.
  • Outcome: Equity interests of 89 and 73 percent held through 2023.

Fee-led asset management S3

  • What: Wafra earns most revenue from managing portfolios and funds for clients.
  • When: 2023
  • Size: KD 11.0M fee income
  • Why: Fees are the core of its business model.
  • Outcome: Profit rose to KD 7.74 million in 2023.

Dividends to PIFSS S3

  • What: Wafra pays annual dividends to the pension institution that owns it.
  • When: 2022 to 2023
  • Size: KD 2.25M paid; KD 3.0M proposed
  • Why: Profits flow to Kuwait's social security system.
  • Outcome: Equity still grew to KD 119 million.

Investment process

A board of directors oversees executive management; activities are regulated by the Central Bank of Kuwait and the Capital Markets Authority. S3 S4

CommitteeRole
Board of DirectorsOversees the company S4
  1. Products set within regulatory licences. S3
  2. In-house teams manage portfolios and funds. S1
  3. Audited accounts approved by the board. S3

How to approach: Investors can access its funds, portfolios and wealth management through the website. S1

Size and returns

  • Headline size: KD 119.0M (Net assets or equity, as of 2023-12-31) S3
  • In US dollars: about USD 0.389B. Converted at about USD 3.27 per Kuwaiti dinar.
  • Share capital: KD 15.0M (Net assets or equity, as of 2023-12-31) S3
  • Returns: the fund does not publish a return figure.
  • Size over time (KWD million): Dec 2021 104.43, Dec 2022 108.47, Dec 2023 118.97 S3

Leadership

NameTitle
Waleed Hamad Al SumaitActing Chief Executive Officer S4

Governance and transparency

  • Legal basis: Closed Kuwaiti shareholding company (K.S.C. Closed) S3
  • Oversight: Central Bank of Kuwait and Capital Markets Authority; owner PIFSS S3
  • 2023 statements audited by EY Kuwait. S3
  • Corporate governance disclosures on the website. S1

Transparency score: 4.0 of 10 (band 2 of 5). Our own 10-item rubric; see the methodology page.

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

History

DateEvent
1994Wafra International Investment Company founded. S1
2022-12-31Equity KD 108.5M. S3
2023-12-31Equity KD 119.0M; profit KD 7.74M. S3
2024-112023 statements posted. S3

For family offices

A pension-owned Kuwaiti asset manager. Family offices can invest in its GCC funds and portfolios, but it does not run a co-investment programme. S1

  • Client portfolios, mutual funds and wealth management services. S1

Reports

Common questions

Who owns Wafra?

Kuwait's Public Institution for Social Security, 100 percent. S3

How large is it?

KD 119.0 million of equity at the end of 2023; client assets are not published. S3

Who leads it?

Acting CEO Waleed Hamad Al Sumait. S4

What does it offer?

Portfolios, mutual funds, private equity and wealth management. S1

All sovereign wealth funds in Middle East · All state holding companys · All funds in Kuwait

Sources

  1. S1Wafra International Investment Company, website
  2. S2IFSWF, members list
  3. S3Wafra International Investment Company, consolidated financial statements 2023
  4. S4Wafra, executive management

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.

Richard C. Wilson

Talk to a human.

I'm Richard C. Wilson, founder of Family Office Club. I read the messages that come in through this site myself. Text or WhatsApp me at (808) 600-9260, or email Richard@SovereignWealthFunds.com. Thank you.

Tell me your situation