At a glance
- 100 of the top 100 carry our transparency score: ten items, out of 10. One point per item, half a point if partly published.
- The score measures what a fund publishes, not how well it invests.
- Average across the top 100: 7.1.
Key findings
- The top 20 average 7.1 out of 10; funds ranked 51 to 100 average 6.9.
- The rank correlation between size and score is 0.09, so size tells you little about how much a fund discloses.
- Most commonly published in full: named leadership (87 of 100 funds). Least: geographic or sector split (33).
- 29 funds score 9 or more; 3 score 2 or less.
- By region, Australia and Pacific averages highest (8.6) and Middle East lowest (5.2).
- 53% of these funds publish audited statements in full.
Score by size band
| Size band | Funds | Avg score /10 | Publish returns | Audited statements | Full holdings or deal list |
|---|
| USD 500B and up | 13 | 6.7 | 69% | 38% | 31% |
| USD 100B to 500B | 16 | 6.6 | 38% | 50% | 50% |
| USD 25B to 100B | 25 | 8.0 | 76% | 68% | 52% |
| Under USD 25B | 46 | 6.9 | 41% | 50% | 39% |
Which items get published
| Item | Fully | Partly | Not |
|---|
| Named leadership | 87 | 10 | 3 |
| Governance and mandate documents | 79 | 20 | 1 |
| Total assets | 74 | 13 | 13 |
| Regular reporting schedule | 65 | 27 | 8 |
| Audited financial statements | 53 | 24 | 23 |
| Asset allocation | 50 | 37 | 13 |
| Annual return | 49 | 23 | 28 |
| Holdings or deal list | 43 | 41 | 16 |
| Long-term returns | 37 | 23 | 40 |
| Geographic or sector split | 33 | 57 | 10 |
Score by region
| Region | Funds | Avg score /10 |
|---|
| Australia and Pacific | 7 | 8.6 |
| Europe | 27 | 7.9 |
| North America | 15 | 7.8 |
| Latin America | 3 | 7.8 |
| Africa | 3 | 6.8 |
| Asia | 26 | 6.7 |
| Middle East | 19 | 5.2 |
Score by fund type
| Type | Funds | Avg score /10 | Score 8 or more |
|---|
| Pension reserve | 7 | 9.1 | 7 |
| Sub-national | 15 | 7.8 | 9 |
| State holding | 23 | 7.3 | 12 |
| Stabilisation | 5 | 7.2 | 3 |
| Development | 27 | 6.8 | 13 |
| Reserve investment | 7 | 6.4 | 3 |
| Savings | 14 | 6.2 | 5 |
| Fund of funds | 2 | 3.5 | 0 |
How scores spread
| Score out of 10 | Funds | Combined USD bn |
|---|
| 8.5 to 10 | 42 | 7,401 |
| 6.5 to 8 | 27 | 6,455 |
| 4.5 to 6 | 15 | 1,923 |
| 2.5 to 4 | 13 | 3,306 |
| 0 to 2 | 3 | 1,016 |
Most transparent in the top 100
Least disclosure in the top 100
What this means for you
- High-score funds publish holdings, allocation and returns. Read the annual report before any meeting; they expect you to have done it.
- Low-score funds are not closed, they just publish less. Expect relationship-led access and longer diligence on their side.
- Use the item table to see what you can and cannot verify before you pitch.
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. Scores use our ten-item method, scored on the date shown on each profile.
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.
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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