Sub-national permanent funds

Not every state fund does the same job. We group funds two ways.

By category. Of our 231 entities, 57 are strategic development funds, 41 sub-national permanent funds, 39 savings and future generations funds, 33 state holding companies, 25 proposed or pipeline funds, 17 stabilisation funds, 8 pension reserve funds, 8 reserve investment corporations and 3 fund of funds or co-investment platforms. Many also carry a secondary category. We keep them visible because readers look for them and other lists treat them inconsistently.

By funding source. Oil and gas is the most common source, for 62 entities overall and 36 core national funds. Other groups are funded from budget surpluses, state equity and privatisation, land and royalties (the common US state model), minerals, and foreign exchange reserves. Funding source shapes everything else: how much risk a fund can take, how long it can wait and when it has to pay out.

Each type page lists the funds in that group with sources, and explains in plain words what makes the group different. Classifications that are our own reading, not the fund's own statement, are marked as such on the profile.

Sub-national permanent funds (41)