SovereignWealthFunds.comSovereign wealth funds: Under USD 1 billion
Our size pages group funds into four bands: over US$100bn, US$10bn to US$100bn, US$1bn to US$10bn, and under US$1bn. Of the 166 operating funds that have a comparable size figure, 28 sit in the top band, 49 in the second, 56 in the third and 33 in the smallest, using the headline figure shown in each profile.
Please read these bands with care. A fund's band depends on the figure we show, and figures come from different sources: 134 entities have a figure from the fund's own reports or audited accounts, and 33 have a press report or an estimate. Another 64 have no comparable figure. Some figures are portfolio values, some are group balance sheets, and some are converted from local currency on a stated date.
That is why every row shows its basis and date, and why we never publish a total for a band. If a fund sits near the line between two bands, a different source could move it.
Under USD 1 billion (35)
| Fund | Country | Type | Size, as published | Transparency | Founded |
|---|---|---|---|---|---|
| National Development and Social Fund (Malta) | Malta Europe | Strategic development fund | EUR 846.7M Net assets or equity, | 9.5 | 2015 |
| Palestine Investment Fund P.L.C. | Palestine Middle East | Strategic development fund | USD 935.3M total assets (end 2025) Total assets (balance sheet), | 8.5 | 2003 |
| Luxembourg Intergenerational Sovereign Fund (FSIL) | Luxembourg Europe | Savings and future generations fund | EUR 784.3M (end 2025) Total assets (balance sheet) | 9.5 | 2014 |
| Alaska Mental Health Trust Authority Trust Fund | United States (Alaska) North America | Sub-national permanent fund | USD 754.5M Fund market value, | 6.5 | 1994 |
| Michigan Natural Resources Trust Fund | United States (Michigan) North America | Sub-national permanent fund | USD 725.6M Estimate Published estimate, | 5.0 | 1976 |
| Native Hawaiian Trust Fund (Office of Hawaiian Affairs) | United States (Hawaii) North America | Sub-national permanent fund | USD 656M Fund market value, | 6.5 | 1978 |
| Fundo Soberano do Estado do Espirito Santo (FUNSES) | Brazil (Espírito Santo) Latin America and Caribbean | Strategic development fund | R$ 2.93B Fund market value, | 7.5 | 2019 |
| Ghana Infrastructure Investment Fund | Ghana Africa | Strategic development fund | GHS 7.83B Total assets (balance sheet), | 7.5 | |
| Ontario First Nations Sovereign Wealth Fund | Canada (Ontario) North America | Savings and future generations fund | C$634.2M Portfolio value, | 1.5 | 2018 |
| Marica Sovereign Fund | Brazil (Marica, Rio de Janeiro) Latin America and Caribbean | Sub-national permanent fund | R$ 2.10B Fund market value, | 4.5 | 2017 |
| Agaciro Development Fund | Rwanda Africa | Strategic development fund | FRW 456B Assets under management | 7.0 | 2012 |
| Fundo Soberano do Estado do Rio de Janeiro | Brazil (Rio de Janeiro) Latin America and Caribbean | Strategic development fund | R$ 2.07B Fund market value, | 3.0 | 2022 |
| Dakota Cement Trust (South Dakota) | United States (South Dakota) North America | Sub-national permanent fund | USD 392.3M Fund market value, | 5.5 | 2001 |
| Indiana Common School Fund | United States (Indiana) North America | Sub-national permanent fund | USD 390.7M Fund market value, | 3.5 | |
| Wafra | Kuwait Middle East | State holding company | KD 119.0M Net assets or equity, | 4.0 | 1994 |
| Fundo de Equalizacao da Receita de Niteroi | Brazil (Niteroi, Rio de Janeiro state) Latin America and Caribbean | Sub-national permanent fund | BRL 1.75B Net assets or equity, | 9.0 | 2019 |
| Washington Permanent Common School Fund | United States (Washington) North America | Sub-national permanent fund | USD 292.1M (31 March 2026) Fund market value, | 7.5 | |
| Eswatini Sovereign Wealth Fund Announced | Eswatini Africa | Proposed or pipeline fund | E5B planned (about USD 275M) Announced target, not current assets, | 0.0 | |
| Intergenerational Trust Fund for the People of the Republic of Nauru | Nauru Australia and Pacific | Savings and future generations fund | A$421.8M investments (30 June 2025) Portfolio value | 7.5 | 2015 |
| Tuvalu Trust Fund | Tuvalu Australia and Pacific | Savings and future generations fund | AUD 311.4M Fund market value, | 6.0 | 1987 |
| National Fund for Hydrocarbon Revenues (Mauritania) | Mauritania Africa | Stabilisation fund | USD 214.5M Total assets (balance sheet), | 6.5 | 2006 |
| JSC Development Fund of Georgia (DFG) Dormant | Georgia Asia | Strategic development fund | GEL 473.1M Total assets (balance sheet), | 6.5 | 2011 |
| Fundo Soberano de Mocambique (FSM) | Mozambique Africa | Savings and future generations fund | USD 144.4M Fund market value, | 7.5 | 2024 |
| Sovereign Private Investment Guarantee Fund of Cabo Verde | Cape Verde Africa | Strategic development fund | ECV 11.55B Total assets (balance sheet), | 8.0 | 2019 |
| Turks and Caicos National Wealth Fund | Turks and Caicos Islands Latin America and Caribbean | Savings and future generations fund | USD 98M Fund market value, | 3.0 | 2017 |
| Fund for Future Generations (Equatorial Guinea) | Equatorial Guinea Africa | Savings and future generations fund | FCFA 57B (USD 95.2M) Estimate Published estimate, | 1.0 | 2002 |
| Tanzania Oil and Gas Fund (Natural Gas Revenue Fund) Legislated, not yet investing | Tanzania Africa | Proposed or pipeline fund | TZS 190.94B Fund market value, | 2.5 | 2015 |
| Petroleum Revenue Investment Reserve (Uganda) | Uganda Africa | Savings and future generations fund | UGX 212.6B Fund market value, | 4.0 | 2015 |
| Malta Government Investments | Malta Europe | State holding company | EUR 44.9M Total assets (balance sheet), | 6.5 | 2014 |
| Northwest Territories Heritage Fund | Canada (Northwest Territories) North America | Sub-national permanent fund | C$52.5M (31 March 2025) Net assets or equity, | 7.5 | 2012 |
| Welwitschia Fund (Sovereign Wealth Fund for Namibia) | Namibia Africa | Savings and future generations fund | N$508.47M (31 July 2026) Fund market value, | 5.5 | 2022 |
| Kahnawake Sovereign Wealth Fund | Canada (Kahnawake Mohawk Territory, Quebec) North America | Sub-national permanent fund | CAD 40.4M Fund market value, | 5.5 | 2024 |
| Macroeconomic Stabilization Fund of Venezuela | Venezuela Latin America and Caribbean | Stabilisation fund | USD 3M Total assets (balance sheet), | 3.5 | 1998 |
| Bhutan Economic Stabilization Fund (BESF) | Bhutan Asia | Stabilisation fund | Nu 167M Fund market value, | 1.5 | 2018 |
| Congo Budget Revenue Stabilization Fund | Republic of the Congo Africa | Stabilisation fund | FCFA 1,131M (about USD 2.0M) Total assets (balance sheet), | 1.0 |
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.
