SovereignWealthFunds.comSub-national 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.
Sub-national funds (56)
56 shown
| Fund | Country | Type | Size, as published | Transparency | Founded |
|---|---|---|---|---|---|
| Alaska Permanent Fund | United States (Alaska) North America | Sub-national permanent fund | USD 91.9B Fund market value, | 10.0 | 1976 |
| Queensland Investment Corporation | Australia (Queensland) Australia and Pacific | Sub-national permanent fund | A$131.6B gross AUM Assets under management | 8.0 | 1991 |
| NSW Treasury Corporation (TCorp) | Australia (New South Wales) Australia and Pacific | Sub-national permanent fund | A$118.6B Assets under management, | 8.5 | 1983 |
| New Mexico State Investment Council (SIC) | United States (New Mexico) North America | Sub-national permanent fund | USD 74.63B Net assets or equity, | 9.0 | 1957 |
| Victorian Funds Management Corporation (VFMC) | Australia (Victoria) Australia and Pacific | Sub-national permanent fund | AUD 95.3B Assets under management, | 8.5 | 1994 |
| Texas Permanent School Fund | United States (Texas) North America | Sub-national permanent fund | USD 60.6B Net assets or equity, | 9.5 | 1845 |
| Texas Permanent University Fund (PUF) | United States (Texas) North America | Sub-national permanent fund | USD 40.29B Net assets or equity, | 9.0 | 1876 |
| Texas Economic Stabilization Fund (Rainy Day Fund) | United States (Texas) North America | Stabilisation fund | USD 24.8B Fund market value, | 4.5 | 1988 |
| Beijing State-owned Assets Management Co., Ltd. | China (Beijing) Asia | State holding company | RMB 171.92B total assets Total assets (balance sheet), | 6.5 | 1992 |
| Alberta Heritage Savings Trust Fund | Canada (Alberta) North America | Sub-national permanent fund | C$31.9B Net assets or equity, | 8.5 | 1976 |
| Crown Investments Corporation of Saskatchewan (CIC) | Canada (Saskatchewan) North America | State holding company | C$26,852.8M Total assets (balance sheet), | 9.0 | 1947 |
| North Dakota Legacy Fund | United States (North Dakota) North America | Sub-national permanent fund | USD 15.10B Net assets or equity, | 9.0 | 2010 |
| Permanent Wyoming Mineral Trust Fund | United States (Wyoming) North America | Sub-national permanent fund | USD 13.02B Fund market value, | 6.5 | 1974 |
| NSW Generations Fund | Australia (New South Wales) Australia and Pacific | Sub-national permanent fund | A$18.921B Fund market value, | 7.0 | 2018 |
| Quebec Generations Fund | Canada (Quebec) North America | Sub-national permanent fund | C$16.64B Fund market value, | 6.5 | 2006 |
| Tamilnadu Industrial Development Corporation Ltd (TIDCO) | India (Tamil Nadu) Asia | State holding company | INR 103,607 crore Fair value of state company holdings, | 5.0 | 1965 |
| Arizona Permanent Land Endowment Trust Fund | United States (Arizona) North America | Sub-national permanent fund | USD 11.4B Fund market value, | 4.5 | 1912 |
| North Dakota Common Schools Trust Fund | United States (North Dakota) North America | Sub-national permanent fund | USD 8.87B Total assets (balance sheet), | 6.0 | 1889 |
| Wyoming Common School Permanent Land Fund | United States (Wyoming) North America | Sub-national permanent fund | USD 6.62B Fair value of state company holdings, | 6.5 | |
| Wallonie Entreprendre | Belgium (Walloon Region) Europe | Strategic development fund | EUR 4.98B equity (31 Dec 2025) Net assets or equity, | 4.5 | 2023 |
| Alabama Trust Fund | United States (Alabama) North America | Sub-national permanent fund | USD 4.19B Fund market value, | 8.5 | 1985 |
| Utah School and Institutional Trust Funds Office (SITFO) | United States (Utah) North America | Sub-national permanent fund | USD 4.05B Net assets or equity, | 8.5 | 2014 |
| Royal Bafokeng Holdings | South Africa (Royal Bafokeng Nation, North West province) Africa | Savings and future generations fund | R66B Net assets or equity, | 8.5 | 2006 |
| Idaho Endowment Fund Investment Board (EFIB) | United States (Idaho) North America | Sub-national permanent fund | USD 3,588.7M Fund market value, | 8.5 | 1969 |
| Oklahoma Commissioners of the Land Office | United States (Oklahoma) North America | Sub-national permanent fund | USD 2.96B Fund market value, | 6.0 | 1907 |
| Oregon Common School Fund | United States (Oregon) North America | Sub-national permanent fund | USD 2,878.1M Fair value of state company holdings, | 7.5 | 1859 |
| Minnesota Permanent School Fund | United States (Minnesota) North America | Sub-national permanent fund | USD 2.40B (31 March 2026) Fund market value, | 6.5 | |
| Sarawak Sovereign Wealth Future Fund | Malaysia (Sarawak) Asia | Savings and future generations fund | RM 8.6B Fund market value, | 2.5 | 2022 |
| Colorado Public School Fund Investment Board | United States (Colorado) North America | Sub-national permanent fund | USD 1.85B Fund market value, | 5.5 | |
| Louisiana Education Quality Trust Fund (8(g)) | United States (Louisiana) North America | Sub-national permanent fund | USD 1,768.5M Fund market value, | 5.0 | 1986 |
| Oklahoma Tobacco Settlement Endowment Trust | United States (Oklahoma) North America | Sub-national permanent fund | USD 1.72B Fund market value, | 5.5 | 2000 |
| Wisconsin Board of Commissioners of Public Lands (Common School Fund) | United States (Wisconsin) North America | Sub-national permanent fund | USD 1.56B (30 June 2025) Total assets (balance sheet), | 5.0 | 1848 |
| Nunavut Trust | Canada (Nunavut) North America | Sub-national permanent fund | C$2.07B Net assets or equity, | 5.5 | 1990 |
| Montana Coal Severance Tax Trust Fund | United States (Montana) North America | Sub-national permanent fund | USD 1,323.3M Fair value of state company holdings, | 6.5 | |
| Western Australian Future Fund | Australia (Western Australia) Australia and Pacific | Sub-national permanent fund | A$1.90B Portfolio value, | 5.5 | 2012 |
| North Dakota Strategic Investment and Improvements Fund (SIIF) | United States (North Dakota) North America | Strategic development fund | USD 1.16B Fund market value, | 5.0 | 2011 |
| Nebraska Permanent School Fund (Board of Educational Lands and Funds) | United States (Nebraska) North America | Sub-national permanent fund | USD 1,081.3M Fair value of state company holdings, | 5.5 | 1867 |
| Alaska Mental Health Trust Authority Trust Fund | United States (Alaska) North America | Sub-national permanent fund | USD 754.5M Fund market value, | 6.5 | 1994 |
| Michigan Natural Resources Trust Fund | United States (Michigan) North America | Sub-national permanent fund | USD 725.6M Estimate Published estimate, | 5.0 | 1976 |
| Native Hawaiian Trust Fund (Office of Hawaiian Affairs) | United States (Hawaii) North America | Sub-national permanent fund | USD 656M Fund market value, | 6.5 | 1978 |
| Fundo Soberano do Estado do Espirito Santo (FUNSES) | Brazil (Espírito Santo) Latin America and Caribbean | Strategic development fund | R$ 2.93B Fund market value, | 7.5 | 2019 |
| 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 |
| 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 | |
| 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 | |
| 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 |
| Kahnawake Sovereign Wealth Fund | Canada (Kahnawake Mohawk Territory, Quebec) North America | Sub-national permanent fund | CAD 40.4M Fund market value, | 5.5 | 2024 |
| Bayelsa State Development and Investment Corporation | Nigeria (Bayelsa State) Africa | Strategic development fund | Not disclosed Estimate Published estimate, | 1.5 | 2012 |
| Ekiti State Wealth Fund | Nigeria (Ekiti State) Africa | Strategic development fund | Not published Fund market value | 1.0 | 2023 |
| Forum of Brazilian Sovereign Funds (FFSB) | Brazil Latin America and Caribbean | Sub-national permanent fund | No assets (network) Fund market value | 3.0 | 2022 |
| Fujairah Holding | United Arab Emirates (Fujairah) Middle East | State holding company | Not published Estimate Published estimate | 0.5 | |
| Ilhabela Sovereign Fund | Brazil (Ilhabela, Sao Paulo) Latin America and Caribbean | Sub-national permanent fund | Not disclosed Estimate Published estimate, | 1.5 | 2018 |
| Little Red River Cree Nation Sovereign Wealth Fund | Canada (Alberta (Little Red River Cree Nation)) North America | Savings and future generations fund | Not published Fund market value, | 2.5 | 2018 |
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.
