How Sovereign Wealth Funds Invest in Technology and AI

At a glance

• 129 deals by 56 sovereign funds in our tables.
• 39 carry an amount we can show in USD; 9 are USD 1 billion or more.
• Most active fund: National Security Strategic Investment Fund with 8 deals.
• Main structure: direct investment.

Key findings

1. Our profile tables list 129 technology and AI deals across 56 funds, 11% of all deals we track.
2. Most active: NSSIF (8), Tesi (7), CDC Tunisia (6).
3. Most common structure: direct investment (64 deals, 50%). Co-investments and joint ventures: 22. Fund commitments: 34.
4. Biggest amount in our tables: USD 45.0B, PIF in SoftBank Vision Fund I (2016).
5. By fund home region: Europe 42, Asia 30, Middle East 28.
6. 84 operating funds name technology and AI as a focus sector on their profiles.
7. 76 of these deals are dated 2024 or later.
8. Top stages: venture (52), growth (37), infrastructure (11).

Most active funds

Biggest deals in our tables

Structures and stages

Regional patterns

Most common target countries: United States (26), Finland (12), China (10), India (6), Global (6), United Kingdom (5).

Mini case studies

Anthropic: leading a USD 30B AI round (GIC Private Limited)

• GIC led the Series G funding round of the AI developer Anthropic.
• When: 2026 / Size: USD 30B round
• Why: The 2025/26 report treats AI as a core theme and sets out how GIC looks for value across the AI chain.
• Src: S9

Anchoring AI infrastructure (KIA)

• Reported as the first non-founder financial anchor of the Microsoft and BlackRock AI Infrastructure Partnership.
• When: 2026 / Size: Partnership of USD 30B
• Why: Fits a stated plan of about USD 9B for digital and AI over five years.
• Src: S5

HUMAIN: building an AI champion (PIF)

• 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.
• Src: S4, S17

What this means for founders, managers and family offices

• Know the stage. Venture is the most common stage here (52 deals), then growth (37). Seed deals: 4.
• Data centres and AI infrastructure sit between tech and infrastructure. Pitch them with both the growth story and the contracted-revenue story.
• Check whether a fund backs tech through its own team or through national venture programmes before you pitch a round.
• Fund commitments are 26% of deals here. Managers have a real door in this sector.
• Family offices: 22 co-investments and joint ventures in our tables. Sitting beside a sovereign fund is more realistic than raising from one; start with the funds listed above.

Data notes: Counts come from the investment, case study and size tables in our fund profiles. They cover the deals each profile lists, not every deal a fund has done, so read them as a guide, not a full census. USD figures marked approx are either stated in USD in the profile or converted at the exchange rate implied by a fund profile headline in the same currency. Amounts are as the profile states them, so some are the full deal size and some are the fund's own ticket. Sector is the tag on each deal in our tables.

Sources

Every figure on this page comes from the fund profiles linked in the tables. Source ids such as S3 refer to the numbered sources on each fund's own profile page, where the original document is listed with its date.