Global SWF Annual Report 2024: 653 State-Owned Investors with $49.7 Trillion AUM, Top 3 Investors 10-Year Annualised Returns NZ Super +12.1%, CPP +10.9%, AP Fonden +10.4%, Top 8 Sector Allocation for Deals in 2023 are Real Estate 26%, Infrastructure 19%, Financials 18%, Industrials 11%, Consumer 8%, Technology 8%, Healthcare 7% & Energy 3%
12th January 2024 | Hong Kong
Global SWF has released the Global SWF Annual Report 2024, providing key insights into AUM (Assets under Management) & investments of State-Owned Investors (Sovereign Wealth Funds, Public Pension Funds & Central Banks). In 2023, there are 653 State-Owned Investors with total AUM of $49.7 trillion (2022: $48.3 trillion), Sovereign Wealth Funds AUM $11.2 trillion, Public Pension Funds AUM $23.1 trillion & Central Banks AUM $15.4 trillion. Top 3 State-Owned Investors by Region – North America 140 ($13.1 trillion), Europe 137 ($10.1 trillion), Asia 119 ($16.7 trillion). Top 3 Countries – United States $11.3 trillion, China $6.7 trillion, Japan $3.1 trillion. Top 10 Countries – United States, China, Japan, UAE, Canada, Singapore, Saudi Arabia, Norway, South Korea, Australia. Top 3 Sovereign Wealth Funds – NBIM (Norway) $1.37 trillion, CIC (China) $1.24 trillion, SAFE IC (China) $1.08 trillion . Top 3 Public Pension Funds – GPIF (Japan) $1.46 trillion, NPS (South Korea) $753 billion, FRTIB (United States) $737 billion. Top 3 Central Banks – PBoC (China) $3.3 trillion, BoJ (Japan) $1.23 trillion, ECB (European Union) $1.18 trillion. Top 10 Sovereign Wealth Funds – NBIM (Norway), CIC (China), SAFE IC (China), ADIA (UAE), KIA (Kuwait), GIC (Singapore), PIF (Saudi Arabia), QIA (Qatar), ICD (UAE), Temasek (Singapore). Top 10 Public Pension Funds – GPIF (Japan), NPS (South Korea), FRTIB (United States), APG (Netherlands), CalPERS (United States), CPP (Canada), NSSF (China), CPF (Singapore), GOSI (Saudi Arabia), CDPQ (Canada). Top 10 Central Banks – PBoC (China), BoJ (Japan), ECB (European Union), SNB (Switzerland), RBI (India), CBR (Russia), CBC (Taiwan), HKMA (Hong Kong), SAMA (Saudi Arabia), BoK (South Korea). State-Owned Investors Challenges – Decarbonization of global economy, Risks of geo-economic fragmentation, Rise of artificial intelligence, Market volatility, High interest rates, Competition from asset managers & other players, Challenge of historical assumptions, Conflicting incentives. Return of Asset Classes in 2023 (Benchmark) – Fixed Income +8.4%, Public Equities +20.7%, Real Estate +8.3%, Infrastructure +2.5%, Private Equity +33.6%, Hedge Funds +5.9%. Top 10 State-Owned Investors 10-Year Annualised Returns – NZ Super +12.1%, CPP +10.9%, AP Fonden +10.4%, PSP +9.8%, Fut +9.7%, NYSCRF +9.6%, CalSTRS 9.5%, AusSuper +9.3%, ATP +9.2%, BCI +9.1%. Top 3 Investors in Private Market Deals in 2023 – PIF (Saudi Arabia) $31.6 billion, GIC (Singapore) $19.9 billion, Mubadala (UAE) $17.5 billion. Top 15 Recipients of Private Market Investments – United States $82.9 billion, India $16.7 billion, Saudi Arabia $15.9 billion, United Kingdom $15.8 billion, China $8.3 billion. Top 8 Sector Allocation for Deals in 2023 ($205.1 billion) – Real Estate 26%, Infrastructure 19%, Financials 18%, Industrials 11%, Consumer 8%, Technology 8%, Healthcare 7%, Energy 3%. Sovereign Wealth Funds deals in 2023 – $124.7 billion in 324 deals (Average $385 million). Public Pension Funds deals in 2023 – $80.4 billion in 268 deals (Average 300 million). Deal Type in Private Equity – Ventures 4.6%, Co-Investment 32.7%, Direct Private Equity 42.1%. See below for key findings & summary | View report here
“ 653 State-Owned Investors with $49.7 Trillion AUM, Top 3 Investors 10-Year Annualised Returns NZ Super +12.1%, CPP +10.9%, AP Fonden +10.4%, Top 8 Sector Allocation for Deals in 2023 are Real Estate 26%, Infrastructure 19%, Financials 18%, Industrials 11%, Consumer 8%, Technology 8%, Healthcare 7% & Energy 3% “
Global SWF Annual Report 2024
Global SWF has released the Global SWF Annual Report 2024, providing key insights into AUM (Assets under Management) & investments of State-Owned Investors (Sovereign Wealth Funds, Public Pension Funds & Central Banks).
Summary
- State-Owned Investors AUM in 2023 – $49.7 trillion (2022: $48.3 trillion)
- Sovereign Wealth Funds AUM – $11.2 trillion
- Public Pension Funds AUM – $23.1 trillion
- Central Banks AUM – $15.4 trillion
- Total State-Owned Investors – 653
- Top 3 State-Owned Investors by Region – North America 140 ($13.1 trillion), Europe 137 ($10.1 trillion), Asia 119 ($16.7 trillion)
- Top 3 Countries – United States $11.3 trillion, China $6.7 trillion, Japan $3.1 trillion
- Top 10 Countries – United States, China, Japan, UAE, Canada, Singapore, Saudi Arabia, Norway, South Korea, Australia
- Top 3 Sovereign Wealth Funds – NBIM (Norway) $1.37 trillion, CIC (China) $1.24 trillion, SAFE IC (China) $1.08 trillion
- Top 3 Public Pension Funds – GPIF (Japan) $1.46 trillion, NPS (South Korea) $753 billion, FRTIB (United States) $737 billion
- Top 3 Central Banks – PBoC (China) $3.3 trillion, BoJ (Japan) $1.23 trillion, ECB (European Union) $1.18 trillion
- Top 10 Sovereign Wealth Funds – NBIM (Norway), CIC (China), SAFE IC (China), ADIA (UAE), KIA (Kuwait), GIC (Singapore), PIF (Saudi Arabia), QIA (Qatar), ICD (UAE), Temasek (Singapore)
- Top 10 Public Pension Funds – GPIF (Japan), NPS (South Korea), FRTIB (United States), APG (Netherlands), CalPERS (United States), CPP (Canada), NSSF (China), CPF (Singapore), GOSI (Saudi Arabia), CDPQ (Canada)
- Top 10 Central Banks – PBoC (China), BoJ (Japan), ECB (European Union), SNB (Switzerland), RBI (India), CBR (Russia), CBC (Taiwan), HKMA (Hong Kong), SAMA (Saudi Arabia), BoK (South Korea)
- New Sovereign Wealth Funds – FSM, SFRK, PSWF, HKIC, MIC / MIF, VFF (VFMC), EIH, Citizen’s Fund, Welwitschia, FFSB
- Pending Sovereign Wealth Funds – Dubai Investment Fund, Sarawak Future Fund, Colombia Public Wealth Fund, Peru Sovereign Wealth Fund, Future Ireland Fund, Portugal Sovereign Wealth Fund, Kuwait Cicada Development Fund, Oman Future Fund, Brazil Fundo Social Pre-Sal, Italy Sovereign Fund
Investments
- State-Owned Investors Challenges – Decarbonization of global economy, Risks of geo-economic fragmentation, Rise of artificial intelligence, Market volatility, High interest rates, Competition from asset managers & other players, Challenge of historical assumptions, Conflicting incentives
- Return of Asset Classes in 2023 (Benchmark) – Fixed Income +8.4%, Public Equities +20.7%, Real Estate +8.3%, Infrastructure +2.5%, Private Equity +33.6%, Hedge Funds +5.9%
- Top 10 State-Owned Investors 10-Year Annualised Returns – NZ Super +12.1%, CPP +10.9%, AP Fonden +10.4%, PSP +9.8%, Fut +9.7%, NYSCRF +9.6%, CalSTRS 9.5%, AusSuper +9.3%, ATP +9.2%, BCI +9.1%
- Top 3 Investors in Private Market Deals in 2023 – PIF (Saudi Arabia) $31.6 billion, GIC (Singapore) $19.9 billion, Mubadala (UAE) $17.5 billion
- Top 15 Recipients of Private Market Investments – United States $82.9 billion, India $16.7 billion, Saudi Arabia $15.9 billion, United Kingdom $15.8 billion, China $8.3 billion
- Top 8 Sector Allocation for Deals in 2023 ($205.1 billion) – Real Estate 26%, Infrastructure 19%, Financials 18%, Industrials 11%, Consumer 8%, Technology 8%, Healthcare 7%, Energy 3%
- Sovereign Wealth Funds deals in 2023 – $124.7 billion in 324 deals (Average $385 million)
- Public Pension Funds deals in 2023 – $80.4 billion in 268 deals (Average 300 million)
- Top 3 Deals in 2023 – All by Public Investment Fund (Saudi Arabia) 1)$4.9 billion in Scopely (United States Gaming Company), 2)$3.6 billion in Standard Chartered Bank Aircraft leasing business, 3)$3.3 billion Hadeed (SABIC Steel unit)
- Deal Type in Private Equity – Ventures 4.6%, Co-Investment 32.7%, Direct Private Equity 42.1%
Global SWF Annual Report 2024
1) State-Owned Investors
State-Owned Investors AUM in 2023:
- Sovereign Wealth Funds – $11.2 trillion
- Public Pension Funds – $23.1 trillion
- Central Banks – $15.4 trillion
- Total – $49.7 trillion
State-Owned Investors in 2022:
- Sovereign Wealth Funds – $10.5 trillion
- Public Pension Funds – $22.3 trillion
- Central Banks – $15.5 trillion
- Total – $48.3 trillion
State-Owned Investors by Region:
- North America – 140 ($13.1 trillion)
- Latin America – 73 ($1.1 trillion)
- Europe – 137 ($10.1 trillion)
- MENA (Middle East & North Africa) – 62 ($6.6 trillion)
- Rest of Africa – 83 ($441 billion)
- Asia – 119 ($16.7 trillion)
- Oceania – 39 ($1.4 trillion)
- Total State-Owned Investors – 653
Top 15 Countries:
- United States – $11.3 trillion
- China – $6.7 trillion
- Japan – $3.1 trillion
- UAE – $2.2 trillion
- Canada – $1.8 trillion
- Singapore – $1.8 trillion
- Saudi Arabia – $1.6 trillion
- Norway – $1.5 trillion
- South Korea – $1.4 trillion
- Australia – $1.3 trillion
- Netherlands – $1.1 trillion
- Kuwait – $984 billion
- Switzerland – $970 billion
- India – $901 billion
- Taiwan – $801 billion
Top 15 Sovereign Wealth Funds (2023):
- NBIM (Norway) – $1.37 trillion
- CIC (China) – $1.24 trillion
- SAFE IC (China) – $1.08 trillion
- ADIA (UAE) – $984 billion
- KIA (Kuwait) – $801 billion
- GIC (Singapore) – $769 billion
- PIF (Saudi Arabia) – $700 billion
- QIA (Qatar) – $429 billion
- ICD (UAE) – $341 billion
- Temasek (Singapore) – $288 billion
- Mubadala (UAE) – $276 billion
- ADQ (UAE) – $199 billion
- KIC (South Korea) – $181 billion
- Future Fund (Australia) – $64 billion
- NDFI (Iran) – $150 billion
Top 15 Public Pension Funds (2023):
- GPIF (Japan) – $1.46 trillion
- NPS (South Korea) – $753 billion
- FRTIB (United States) – $737 billion
- APG (Netherlands) – $546 billion
- CalPERS (United States) – $452 billion
- CPP (Canada) – $427 billion
- NSSF (China) – $414 billion
- CPF (Singapore) – $413 billion
- GOSI (Saudi Arabia) – $320 billion
- CDPQ (Canada) – $320 billion
- CalSTRS (United States) – $308 billion
- AP Fonden (Sweden) – $275 billion
- CDC (France) – $260 billion
- NYC Compt (United States) – $248 billion
- NYSCRF (United States) – $246 billion
Top 15 Central Banks (2023):
- PBoC (China) – $3.3 trillion
- BoJ (Japan) – $1.23 trillion
- ECB (European Union) – $1.18 trillion
- SNB (Switzerland) – $811 billion
- RBI (India) – $590 billion
- CBR (Russia) – $577 billion
- CBC (Taiwan) – $570 billion
- HKMA (Hong Kong) – $511 billion
- SAMA (Saudi Arabia) – $426 billion
- BoK (South Korea) – $413 billion
- BcBr (Brazil) – $340 billion
- MAS (Singapore) – $338 billion
- DB (Germany) – $313 billion
- Fed (United States) – $241 billion
- Bdl (Italy) – $239 billion
Most Popular Asian Cities for Sovereign Wealth Funds Office:
- Singapore
- Hong Kong
- Beijing
- Mumbai
- Tokyo
- Seoul
- Shanghai
- New Delhi
2) Investments
State-Owned Investors Investment Challenges:
- Decarbonization of global economy
- Risks of geo-economic fragmentation
- Rise of artificial intelligence
- Market volatility
- High interest rates
- Competition from asset managers & other players
- Challenge of historical assumptions
- Conflicting incentives
State-Owned Investors Proposed Investment Solutions:
- Granular total portfolio approach
- Joint consideration of alpha & beta drivers
- Merge top-down & bottom-up analysis
- Find key sources of returns of higher market risk
- More investment in private equity to generate alpha
- Focus on liquidity & dynamic asset allocation
- Pivot between developed market equities & emerging market equities
- Broader currency basket
- More domestic exposure (infrastructure)
- AI-powered portfolios
- Integrated ESG & climate alpha
- Tactical / private credit
- Broader views on asset classes & capital structure
Return of Asset Classes in 2023 (Benchmark):
- Fixed Income (S&P500B): +8.4%
- Public Equities (S&PGL1200): +20.7%
- Real Estate (S&P500RE): +8.3%
- Infrastructure (S&PGLInfra): +2.5%
- Private Equity (S&PLPE): +33.6%
- Hedge Funds (EH HFI): +5.9%
Return of Asset Classes in 2022 (Benchmark):
- Fixed Income (S&P500B): -14.8%
- Public Equities (S&PGL1200): -18.7%
- Real Estate (S&P500RE): -28.4%
- Infrastructure (S&PGLInfra): -3.7%
- Private Equity (S&PLPE): -31.7%
- Hedge Funds (EH HFI): -3.6%
10-Year Annualised Returns (2013 to 2022):
- NZ Super: +12.1%
- CPP: +10.9%
- AP Fonden: +10.4%
- PSP: +9.8%
- Fut: +9.7%
- NYSCRF: +9.6%
- CalSTRS: 9.5%
- AusSuper: +9.3%
- ATP: +9.2%
- BCI: +9.1%
- Alaska: +8.9%
- VFMC: +8.9%
- Tx TRS: +8.8%
- Tx PUF: +8.7%
- SBA FL: +8.6%
- OTPP: +8.6%
- HOOPP: +8.3%
- NMSIC: +8.1%
- CalPERS: +7.8%
- OMERS: +7.5%
- Tx PSF: +7.4%
- AIMCo: +7.2%
- Temasek: +7.1%
- PIF: +6.9%
- NSSF: +6.9%
- MBIIM: +6.7%
- WYO: +6.6%
- KWSP: +6.6%
- CDOQ: +6.5%
- GIC: +6.4%
- CIC: +6.4%
- GPIF: +6.4%
- KEVA: +5.7%
- ADIA: +5.6%
- ND LF: +5.1%
- KIC: +4.7%
- Samruk: +4.4%
- NPS: +4.4%
- APG: +4.3%
- T&T HSF: +4.2%
3) Private Market Investments
Top 10 State-Owned Investors in Private Market Deals in 2023:
- PIF (Saudi Arabia) – $31.6 billion
- GIC (Singapore) – $19.9 billion
- Mubadala (UAE) – $17.5 billion
- ADIA (UAE) – $13.2 billion
- CPP (Canada) – $9.4 billion
- BCI (Canada) – $7.3 billion
- Temasek (Singapore) – $6.3 billion
- QIA (Qatar) – $5.9 billion
- ADQ (UAE) – $5.8 billion
- OTPP (Canada) – $5.3 billion
Top 15 Recipients of Private Market Investments:
- United States – $82.9 billion
- India – $16.7 billion
- Saudi Arabia – $15.9 billion
- United Kingdom – $15.8 billion
- China – $8.3 billion
- Brazil – $7.6 billion
- Australia – $7.3 billion
- Turkey – $6.9 billion
- Japan – $5.4 billion
- United Arab Emirates (UAE) – $4.7 billion
- Netherlands – $4.7 billion
- France – $3.7 billion
- Spain – $3.4 billion
- Germany – $3.3 billion
- South Korea – $2.9 billion
State-Owned Investors Sector Allocation for Deals in 2023 – $205.1 billion
- Real Estate – 26%
- Infrastructure – 19%
- Financials – 18%
- Industrials – 11%
- Consumer – 8%
- Technology – 8%
- Healthcare – 7%
- Energy – 3%
State-Owned Investors Sector Allocation for Deals in 2022 – $264.7 billion
- Real Estate – 20%
- Technology – 18%
- Infrastructure – 17%
- Financials – 17%
- Healthcare – 9%
- Industrials – 9%
- Consumer – 9%
- Energy – 3%
2023 Deals:
- Sovereign Wealth Funds – $124.7 billion in 324 deals (Average $385 million)
- Public Pension Funds – $80.4 billion in 268 deals (Average 300 million)
Top 3 Deals in 2023:
- Public Investment Fund (Saudi Arabia) – $4.9 billion in Scopely (United States Gaming Company)
- Public Investment Fund (Saudi Arabia) – $3.6 billion in Standard Chartered Bank Aircraft leasing business
- Public Investment Fund (Saudi Arabia) – $3.3 billion Hadeed (SABIC Steel unit)
Deal Type in Private Equity:
- Ventures – 4.6%
- Co-Investment – 32.7%
- Direct Private Equity – 42.1%
Deals in Venture Capital:
- Series A – 13 deals ($100 million)
- Series B – 18 deals ($400 million)
- Series C – 20 deals ($600 million)
- Series D – 8 deals ($600 million)
- Series E to I – 20 deals ($2.6 billion)
- Pre-IPO – 6 deals ($300 million)
- Total VC – 85 deals ($4.6 billion)
4) Top 15 Sovereign Wealth Funds (2030)
Top 15 Sovereign Wealth Funds (Forecast 2030):
- NBIM (Norway) – $2.1 trillion
- PIF (Saudi Arabia) – $2 trillion
- GPIF (Japan) – $2 trillion
- CIC (China) – $1.8 trillion
- SAFE IC (China) – $1.57 trillion
- ADIA (UAE) – $1.48 trillion
- GIC (Singapore) – $1.24 trillion
- KIA (Kuwait) – $1.1 trillion
- NPS (South Korea) – $1 trillion
- FRTIB (United States) – $906 billion
- QIA (Qatar) – $836 billion
- CPP (Canada) – $832 billion
- APG (Netherlands) – $768 billion
- CalPERS (United States) – $726 billion
- NSSF (China) – $557 billion
5) Sovereign Wealth Funds – New & Pending
New Sovereign Wealth Funds:
- FSM
- SFRK
- PSWF
- HKIC
- MIC / MIF
- VFF (VFMC)
- EIH
- Citizen’s Fund
- Welwitschia
- FFSB
Pending Sovereign Wealth Funds:
- Dubai Investment Fund
- Sarawak Future Fund
- Colombia Public Wealth Fund
- Peru Sovereign Wealth Fund
- Future Ireland Fund
- Portugal Sovereign Wealth Fund
- Kuwait Cicada Development Fund
- Oman Future Fund
- Brazil Fundo Social Pre-Sal
- Italy Sovereign Fund
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