SovereignWealthFunds.comState holding or development funds
Tiers are how we sort the 231 entities on our list by what they are, not by size.
- Core national funds (78): national government funds investing for the long term.
- Sub-national funds (56): funds owned by states, provinces, regions and cities, 29 of them in the United States.
- Holding and development funds (67): state holding companies, strategic funds and development investors.
- Central bank reserve arms (5): long-term portfolios run inside a central bank or monetary authority.
- Pipeline (25): funds that are proposed, passed into law but not yet capitalised, or in set-up.
Tiers answer a common question: "how many sovereign wealth funds are there?" The honest answer is 78, 134, 206 or 231, depending on how many of these layers you count. Each tier page lists its funds with sources, and each profile explains why the fund sits in its tier.
State holding or development funds (67)
67 shown
| Fund | Country | Type | Size, as published | Transparency | Founded |
|---|---|---|---|---|---|
| Government Pension Investment Fund (GPIF) | Japan Asia | Pension reserve fund | JPY 293.6T Fund market value, | 9.5 | 2006 |
| Canada Pension Plan Investment Board | Canada North America | Pension reserve fund | C$863.6B Net assets or equity, | 10.0 | 1997 |
| National Council for Social Security Fund (NSSF) | China Asia | Pension reserve fund | RMB 3,808B Total assets (balance sheet), | 8.0 | 2000 |
| Investment Corporation of Dubai (ICD) | United Arab Emirates (Dubai) Middle East | State holding company | AED 1,680B Total assets (balance sheet), | 8.0 | 2006 |
| Turkiye Wealth Fund (TWF) | Turkiye Europe | State holding company | TRY 18,997B Total assets (balance sheet), | 7.0 | 2016 |
| Temasek Holdings | Singapore Asia | State holding company | S$518B Portfolio value, | 10.0 | 1974 |
| ADQ and L'IMAD Holding | United Arab Emirates (Abu Dhabi) Middle East | State holding company | AED 996.8B Total assets (balance sheet), | 7.0 | 2018 |
| XRG, ADNOC international investment company (Abu Dhabi) | United Arab Emirates (Abu Dhabi) Middle East | Strategic development fund | USD 150B+ Estimate Published estimate | 4.0 | 2024 |
| Dubai Holding | United Arab Emirates (Dubai) Middle East | State holding company | AED 500B Assets under management | 4.5 | 2004 |
| Bpifrance | France Europe | Strategic development fund | EUR 106.3B Total assets (balance sheet), | 9.0 | 2012 |
| Lunate | United Arab Emirates (Abu Dhabi) Middle East | Fund of funds or co-investment platform | More than USD 115B Assets under management, | 4.0 | 2023 |
| National Development Fund (NDF) | Saudi Arabia Middle East | Strategic development fund | About SAR 430B Committed or authorised capital, | 4.0 | 2017 |
| Permodalan Nasional Berhad (PNB) | Malaysia Asia | State holding company | RM365.3B Assets under management, | 8.5 | 1978 |
| Samruk-Kazyna JSC | Kazakhstan Asia | State holding company | KZT 44.2T Total assets (balance sheet), | 8.5 | 2008 |
| Dubai Investment Fund | United Arab Emirates (Dubai) Middle East | State holding company | About USD 80B Estimate Published estimate, | 2.5 | 2023 |
| Ethiopian Investment Holdings | Ethiopia Africa | State holding company | About USD 45B Estimate Published estimate, | 5.5 | 2021 |
| Folketrygdfondet (Government Pension Fund Norway) | Norway Europe | Pension reserve fund | NOK 429B Assets under management, | 9.0 | 1967 |
| Khazanah Nasional Berhad | Malaysia Asia | State holding company | RM156B Total assets (balance sheet), | 9.0 | 1993 |
| Baiterek National Investment Holding | Kazakhstan Asia | Strategic development fund | KZT 19,047.6B Total assets (balance sheet), | 9.5 | 2013 |
| National Wealth Fund | United Kingdom Europe | Strategic development fund | GBP 27.8B Committed or authorised capital, | 9.0 | 2021 |
| Oesterreichische Beteiligungs AG (OBAG) | Austria Europe | State holding company | EUR 30.05B Portfolio value, | 8.5 | 1967 |
| U.S. International Development Finance Corporation | United States North America | Strategic development fund | USD 23.6B total assets Total assets (balance sheet), | 9.0 | 2019 |
| Mumtalakat Holding Company | Bahrain Middle East | State holding company | BHD 7.22B Total assets (balance sheet), | 7.5 | 2006 |
| Sociedad Estatal de Participaciones Industriales | Spain Europe | State holding company | EUR 15.01B Portfolio value, | 7.0 | 1995 |
| Japan Investment Corporation (JIC) | Japan Asia | Strategic development fund | JPY 2.60T Committed or authorised capital, | 6.5 | 2018 |
| Mutapa Investment Fund (Zimbabwe) | Zimbabwe Africa | State holding company | USD 16.5B Total assets (balance sheet), | 8.0 | 2014 |
| Slovenian Sovereign Holding | Slovenia Europe | State holding company | EUR 14.0B Portfolio value, | 8.5 | 2014 |
| CDP Equity S.p.A. | Italy Europe | Strategic development fund | EUR 12.44B total assets Total assets (balance sheet), | 7.5 | 2011 |
| Polish Development Fund (PFR) | Poland Europe | Strategic development fund | PLN 49.77B Total assets (balance sheet), | 7.0 | 2012 |
| Federal Holding and Investment Company (SFPIM / FPIM), Belgium | Belgium Europe | State holding company | EUR 11,679M Total assets (balance sheet), | 7.0 | 1962 |
| Growthfund (Hellenic Corporation of Assets and Participations S.A.) | Greece Europe | State holding company | EUR 12.3B AUM (2024) Assets under management, | 8.5 | 2016 |
| Parpublica (Portugal) | Portugal Europe | State holding company | EUR 10.82B Total assets (balance sheet), | 8.5 | 2000 |
| Export and Investment Fund of Denmark (EIFO) | Denmark Europe | Strategic development fund | DKK 76.5B Total assets (balance sheet), | 8.0 | 2022 |
| CNIC Corporation Limited | Hong Kong SAR, China Asia | Strategic development fund | USD 11.1B capital Committed or authorised capital | 1.5 | 2012 |
| Solidium Oy | Finland Europe | State holding company | EUR 9.1B (end 2025) Portfolio value | 10.0 | 2008 |
| China-Africa Development Fund (CADFund) | China Asia | Strategic development fund | USD 10B fund scale Committed or authorised capital, | 2.5 | 2007 |
| British International Investment (BII) | United Kingdom Europe | Strategic development fund | GBP 6,641.2M Portfolio value, | 9.0 | 1948 |
| British Business Bank | United Kingdom Europe | Strategic development fund | GBP 6.01B Total assets (balance sheet), | 9.0 | 2014 |
| COFIDES (Spanish Development Finance Company) | Spain Europe | Strategic development fund | EUR 6.0B Assets under management, | 8.0 | 1988 |
| Awqaf and Islamic Affairs Fund (Kuwait) | Kuwait Middle East | Savings and future generations fund | KWD 1.47B Portfolio value, | 2.0 | 1993 |
| Druk Holding and Investments | Bhutan Asia | State holding company | Nu 402.17B Total assets (balance sheet), | 7.5 | 2007 |
| Caisse des Depots et Consignations Tunisia | Tunisia Africa | Strategic development fund | TND 13.52B Total assets (balance sheet), | 8.0 | 2011 |
| Tesi (Finnish Industry Investment Ltd) | Finland Europe | Fund of funds or co-investment platform | EUR 3.2B Assets under management, | 9.5 | 1995 |
| Investissement Québec | Canada (Quebec) North America | Strategic development fund | C$5.1B equity (31 March 2026) Net assets or equity, | 8.5 | 1998 |
| Gulf Investment Corporation (GIC), Kuwait | Kuwait Middle East | Strategic development fund | USD 3.50B Total assets (balance sheet), | 9.5 | 1983 |
| Armed Forces Fund Board | Malaysia Asia | Pension reserve fund | RM13.36B Assets under management, | 5.5 | 1972 |
| State Capital Investment Corporation | Vietnam Asia | State holding company | VND 72,474bn total assets (end 2025) Total assets (balance sheet), | 8.5 | 2005 |
| Deposit and Consignment Fund of Benin | Benin Africa | Strategic development fund | XOF 1,062B Total assets (balance sheet), | 7.0 | 2018 |
| Mohammed VI Investment Fund (FM6I) | Morocco Africa | Strategic development fund | MAD 15B initial capital Committed or authorised capital | 4.0 | 2020 |
| Mauritius Investment Corporation Ltd (MIC) | Mauritius Africa | Strategic development fund | MUR 57.5B Committed or authorised capital, | 7.5 | 2020 |
| Fund for the Productive Industrial Revolution (FINPRO) | Bolivia Latin America and Caribbean | Strategic development fund | USD 1.2B initial capital Committed or authorised capital, | 2.0 | 2012 |
| National Made in Italy Fund (FNMI) | Italy Europe | Strategic development fund | EUR 900M Committed or authorised capital, | 4.5 | 2023 |
| 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 |
| Ghana Infrastructure Investment Fund | Ghana Africa | Strategic development fund | GHS 7.83B Total assets (balance sheet), | 7.5 | |
| Wafra | Kuwait Middle East | State holding company | KD 119.0M Net assets or equity, | 4.0 | 1994 |
| JSC Development Fund of Georgia (DFG) Dormant | Georgia Asia | Strategic development fund | GEL 473.1M Total assets (balance sheet), | 6.5 | 2011 |
| Malta Government Investments | Malta Europe | State holding company | EUR 44.9M Total assets (balance sheet), | 6.5 | 2014 |
| Abu Dhabi Fund for Development | United Arab Emirates (Abu Dhabi) Middle East | Strategic development fund | Not disclosed Total assets (balance sheet), | 5.0 | 1971 |
| Azerbaijan Investment Holding | Azerbaijan Asia | State holding company | Not published Total assets (balance sheet) | 4.0 | 2020 |
| Dubai World | United Arab Emirates (Dubai) Middle East | State holding company | Not disclosed Total assets (balance sheet) | 2.5 | 2006 |
| EDGE Group | United Arab Emirates (Abu Dhabi) Middle East | State holding company | Not disclosed Estimate Published estimate | 3.5 | 2019 |
| Fund for Reconstruction and Development of the Republic of Uzbekistan | Uzbekistan Asia | Strategic development fund | Not disclosed Total assets (balance sheet) | 5.5 | 2006 |
| Ithmar Capital | Morocco Africa | Strategic development fund | Not disclosed Total assets (balance sheet) | 5.0 | 2011 |
| Minerals Income Investment Fund (MIIF) | Ghana Africa | Savings and future generations fund | Not published Total assets (balance sheet) | 3.5 | 2018 |
| National Security Strategic Investment Fund | United Kingdom Europe | Strategic development fund | Not disclosed Committed or authorised capital | 3.0 | 2018 |
| Saudi Technology Development and Investment Company (TAQNIA) | Saudi Arabia Middle East | Strategic development fund | Not published Total assets (balance sheet) | 0.5 | 2011 |
| Sentosa Development Corporation | Singapore Asia | State holding company | Not published Total assets (balance sheet) | 3.5 | 1972 |
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.
