Algeria - Revenue Regulation Fund
Angola - SWF Presumed
Australian Future Fund
Azerbaijan - State Oil Fund
Bahrain - Mumtalakat Holding Company
Botswana - Pula Fund
Brazil - Sovereign Fund of Brazil
SWF Database Version 3.12
Mr David Murray AO
Shahmar Arif oglu Movsumov
Mr. Talal Al-Zain
L K Mohohlo
President, Bank of Algeria
Chairman of Future Fund Board of Guardians
Executive Director of the State Oil Fund of the Republic Azerbaijan
Chief Executive Officer
Governor, Bank of Botswana
(03) 8656-6400 firstname.lastname@example.org
(+99412) 498-77-53 email@example.com
+973 17 561111 firstname.lastname@example.org
Secondary Contact Secondary Contact Title
Ali Belahbib Secrétaire Général
Paul Costello General Manager, Future Fund Management Agency
Adil Mammadov Head of the EITI Secretariat
Mahmood Hashim AL Kooheji Deputy Chief Executive Officer
1. O A Motshidisi; 2. M D Pelaelo; 3. Keneetswe 1. Deputy Governor
Ditlhong 2. Deputy Governor
Secondary Contact Phone
(03) 8656 6400
+973 17 561111
Secondary Contact Email
Immeuble Joly 38 Avenue Franklin ROOSEVELT -ALGER
Future Fund Management Agency, Locked Bag 20010 MELBOURNE, VIC 3001,
Australia. avenue, Az1014 Baku, Republic of Azerbaijan.
Addax Tower, Building No. 1006
Road 2813, 154, Gaborone
KhamaCentral do Plot 17938
Banco Crescent, Brasil
Setor Bancário Sul
City State Zip Code Country
Alger n/a n/a Algeria
Melbourne VIC 3001 Australia
Baku Az1014 Republic of
AUM (US $ Billions) Category
47 Sovereign Wealth Fund
Sovereign Wealth Fund
42 Sovereign Wealth Fund
11.2 Sovereign Wealth Fund
10 Sovereign Wealth Fund
6.9 Sovereign Wealth Fund
5.9 Sovereign Wealth Fund
Central Bank of Algeria: http://www.bank-of-
National Bank of the Republic of Angola:
http://www.bna.ao/; Republic of Angola Ministry of
Botswana Ministry of Finance:
Bio of the Firm (5 points of information and details)
This fund has been used to manage surplus oil revenues.
In June, 2009 Angola announced its intent to launch a sovereign
The Future Fund Act of 2006 established the Future Fund of
Australia. Oil Fund of the Republic of Azerbaijan was created
The State The fund was designed to help future Australian
The Bahrain Decree of the President of the was established in
following theMumtalakat Holding Company Republic of Azerbaijan
Bahrain in 2006 with a capital of BHD2Botswana's diamond trade.
The Pula Fund is financed primarily by billion. The holding
Its plentiful natural resources of diamonds and mineralsin the foreign
Brazil's sovereign wealth fund was created to intervene created the
exchange markets as a counter to the appreciation of Brazil's
LEGEND: No information
Not applicable/not relevant
S.No Firm Name Primary Contact
(Name of Wealth Management Firm) (Name of Valuable Contact)
1 Algeria - Revenue Regulation Fund Mohammed LAKSACI
2 Angola (SWF Presumed)
3 Australian Future Fund Mr David Murray AO
4 Azerbaijan - State Oil Fund Shahmar Arif oglu Movsumov
5 Bahrain - Mumtalakat Holding Company Mr. Talal Al-Zain
6 Botswana - Pula Fund L K Mohohlo
7 Brazil - Sovereign Fund of Brazil
8 Brunei Investment Agency
9 Canada - Alberta's Heritage Fund Heather Forsyth
Chile - Pension Reserve and Social and
10 Ricardo Consiglio
Economic Stabilization Fund
11 China-Africa Development Fund
12 China Investment Corporation
13 China - National Social Security Fund Zhao Daizhong
14 China - SAFE Investment Company Xu Kai
1. Augustin de Romanet
15 France - Strategic Investment Fund
2. Gilles Michel
Hong Kong Monetary Authority Investment
16 Joseph Yam
17 India (SWF Presumed) Shri kumar Sanjay Krishna
18 Indonesia - Government Investment Unit
19 Iran - Oil Stabilisation Fund Mahmud Bahmani
20 Ireland - National Pensions Reserve Fund John Corrigan
21 Japan (SWF Presumed)
22 Kazakhstan National Fund Zhanar Kenzhebayeva
23 Kiribati - Revenue Equalization Reserve Fund Mr. Tiimi Kaiekieki
24 Korea Investment Corporation Mr. Young Wook Chin
25 Kuwait Investment Authority MR. BADER M. AL SA'AD
26 Libyan Investment Authority HE Abdulhafiz Zlitini
27 Malaysia - Khazanah Nasional Tan Sri Dato' Azman bin Hj. Mokhtar
28 Malaysia - Terengganu Investment Authority
Mauritania - National Fund for Hydrocarbon
30 New Zealand Superannuation Fund Adrian Orr
31 Nigeria - Excess Crude Account
32 Norway - Government Pension Fund – Global Yngve Slyngstad
HE Ahmad Bin Abdulnabi Macki
33 Oman Investment Fund
34 Oman - State General Reserve Fund Warith Mubarak Al-Kharoosi
35 Qatar Investment Authority HH Sheikh Tamim Bin Hamad Al Thani
36 Russia - National Welfare Fund Alexei Leonidovich Kudrin
37 Saudi Arabia - Public Investment Fund Ibrahim Abdulaziz Al-Assaf
38 Saudi Arabia - SAMA Foreign Holdings Hamad Al-Sayari
Singapore - Government of Singapore
39 Mr Ng Kok Song
40 Singapore - Temasek Holdings Charles Ong
41 Thailand (SWF presumed)
42 Timor-Leste Petroleum Fund Venancio Alves Maria
Trinidad and Tobago - Heritage and Stabilization
43 Ewart S. Williams
H.H. Sheikh Khalifa bin Zayed Al
44 UAE - Abu Dhabi Investment Authority
H.H. Sheikh Mansour Bin Zayed Al
45 UAE - Emirates Investment Authority
H.H.Sheikh Mohammed bin Rashid Al
46 UAE - Investment Corporation of Dubai
47 UAE - Mubadala Development Company Khaldoon Khalifa Al Mubarak
48 UAE - RAK Investment Authority Dr Khater Massaad
49 USA - Alaska Permanent Fund Jeffrey Scott
50 USA - Alabama Trust Fund Daria Story
USA - New Mexico State Investment Office
51 Gary B. Bland
52 USA - Permanent Wyoming Mineral Trust Fund Joseph B. Meyer
53 Venezuela - FIEM Gastón Luis Parra Luzardo
54 Vietnam - State Capital Investment Corporation Mr.Vu Van Ninh
Linaburg-Maduell Transparency Index:
(Source: Sovereign Wealth Fund Institute)
Principles of the Linaburg-Maduell
Fund provides history including reason for
10 creation, origins of wealth, and government
Fund provides up-to-date independently audited
Fund provides ownership percentage of company
holdings, and geographic locations of holdings
Fund provides total portfolio market value,
returns, and management compensation
Fund provides guidelines in reference to ethical
6 standards, investment policies, and enforcer of
5 Fund provides clear strategies and objectives
If applicable, the fund clearly identifies
subsidiaries and contact information
If applicable, the fund identifies external
2 Fund manages its own web site
Fund provides main office location address and
contact information such as telephone and fax
(Title of Valuable Contact) (Phone number)
Président, Bank of Algeria 213-21-23-00.23
Chairman of Future Fund Board of Guardians (03) 8656-6400
Executive Director of the State Oil Fund of the
Chief Executive Officer +973 17 561111
Governor, Bank of Botswana 3606371
Chair, Standing Committee; MLA for Calgary-
Head International Trading Desk (56 2) 670 2930
+86 (10) 6408 6167
Deputy Director 8610 6840 2465
2. Directeur Général and Strategic
Investment Fund’s CEO
CEO, HKMA (852) 2878 8196
Joint Secretary + 91 11 2309 4452
Governor, Central Bank of Iran
Investment Director - NPRF Unit +353 1 6640800
Analyst/Researcher/Economist +7 (727) 2704-591
Chief Economist (686) 21803
CEO, KIC +822-2179-1000
+218 21 336-2091
+218 21 336-2085
Managing Director + 6 03 - 2034 0000
Chief Executive Officer
CEO +47 24 07 30 00
Chairman +968 24-643009
General Director +968 24 737771
Chairman +974 499-5900
Deputy Prime-Minister of the Government of
the Russian Federation – Finance Minister of +7 (495) 987-91-01
the Russian Federation
Minister of Finance
Reception : 4050000
Governor +966-1- 463-3000
Managing Director & GIC Group
(65) 6889 8888
Chief Investment Officer
Senior Managing Director
+65 6828 6828
PF Executive Director +670 331 371 2 / 4 / 5 / 8
Governor, Central Bank of Trinidad and Tobago +868-625-4835
Chairman +971 2 415 0000
Chairman +971 4 7071 333
CEO and Managing Director, Mubadala +971 2 413 0000
+971 - 07 - 2446533 / 7251 /
CEO RAK Investment Authority
Chief Investment Officer
Assistant State Treasurer (334) 242-7506
State Treasurer 307-777-7408
President of the
Central Bank of Venezuela
Chairman & Minister of Finance (844) 2780126
Email Secondary Contact
(Email address of individual not "info") (Second important contact)
email@example.com Ali Belahbib
firstname.lastname@example.org Paul Costello
email@example.com Adil Mammadov
firstname.lastname@example.org Mahmood Hashim AL Kooheji
1. O A Motshidisi
email@example.com 2. M D Pelaelo
3. Keneetswe Ditlhong
MASNI ABDUL HAMID
Jai Parihar, Alberta Investment Management
1. Mr. Dai Xianglong
2. Mr.Sun xiaoxi
Mr. Wang Zhongmin
1. HU Xiaolian
2. DENG Xianhong
firstname.lastname@example.org FANG Shangpu
1. Peter Pang
2. William Ryback
1. Dr.Mehdi Razavi
2. Dr. Gholamhossein Asgari
Scott E. Kalb
1. Farouq A. Bastaki
2. Ahmad Al-Bader
3. Salah Al-Muraiki
4. Brian Finlayson
Dato' Mohammad Zainal Shaari
Mohamed Oul Mbébou
Stephen A. Hirsch
Hassan Al Nabhani
Kaith ALeksender Makai
HE Sheikh Hamad Bin Jassim Bin Jabor Al Thani
Roman Evgenyevich Artyukhin
email@example.com Mansour al-Maiman
Dr. Muhammad Al-Jasser
Mr Quah Wee Ghee
Gan Chee Yen
venancio.maria(at)bancocentral.tl Maria de Jesus
H.H. Sheikh Ahmed bin Zayed Al Nehayan
H.E. Mohammad Abdulla Al Gergawi
H.H.Sheikh Hamdan bin Mohammed bin Rashid Al
firstname.lastname@example.org Max Giolitti
email@example.com Michael Walden-Newman
Luis Armando Rodríguez González
Ms. Tran Hoang Ly
Secondary Contact Title Secondary Contact Phone
(Second contact's title) (second contact's phone)
Secrétaire Général 213-21 23.00.23
General Manager, Future Fund Management Agency (03) 8656 6400
Deputy Chief Executive Officer +973 17 561111
1. Deputy Governor
2. Deputy Governor
Chief Investment Officer, (AIMCo) 1-780-427-3087
(56 2) 473 2000
+86 (10) 6408 6167
+86 10 58362358
2. Deputy Administrators
01 58 50 00 00
Deputy CEOs (852) 2878 8196
1. CEO & Chairman of the Board (IFIC)
2. Member of the Board & Investment Manager
Head of Risk & Asset Allocation +353 1 6640800
Chief Investment Officer +822-2179-1000
1. (965) 2243 7661
1. Executive Director-Alternative Investment Sector
2. (965) 2248 5862
2. Head of Real Estate Investments
3. (965) 2248 5801
3. Head of Hedge Funds Investments
+218 21 336-2091
Director and Chief Executive Officer
+218 21 336-2085
Executive Director, Chief Operating Officer + 6 03 - 2034 0000
(00222)25.22.06 / (00222)25.28.88
Head of Communications +64 9 373 8963
Deputy CEO +47 24 07 30 00
Deputy Chief Executive Officer +968 24-643009
Reserve Fund Expert +968 24 745155
Vice Chairman and Chief Executive Officer +974 499-5900
Head of the Federal Treasury of Russia +7 (495) 987-91-01
Secretary General of Saudi Arabia’s Public
Vice Governor +966-1- 463-3000
(65) 6889 8888
GIC Asset Management
Senior Managing Director
+65 6828 6828
Co-Chief Investment Officer
GM Personal Assistant +670 331 371 2 / 4 / 5 / 8
Communications Manager +868-627-9700 ext. 1020
Managing Director +971 2 415 0000
Vice-Chairman +971 4 7071 333
+971 2 413 0000
Head of Asset Allocation and Risk (907) 796-1568, 796-1566
Chief Investment Officer 307-777-7408
(58 212) 801.53.33 /5373
Public Relations Executive (844) 2780126
Secondary Contact Email
(second contact's email)
(Address of the firm)
38 Avenue Franklin ROOSEVELT -ALGER
Future Fund Management Agency, Locked Bag 20010
MELBOURNE, VIC 3001, Australia.
20 Bul-Bul avenue, Az1014 Baku, Republic of Azerbaijan.
Addax Tower, Building No. 1006
The Seef District, 428
5th and 6th Floors
Private Bag 154, Gaborone
Khama Crescent, Plot 17938
Banco Central do Brasil
Setor Bancário Sul
SBS - Quadra 3 - Bloco B - Ed. Sede
Caixa Postal 08670
70074-900 Brasília (DF)
Room 304, Terrace Building
9515 - 107 Street
Edmonton, Alberta, T5K 2C3
Ministry of Finance
Teatinos #120, Santiago - Chile.
Postal address: NO.29, FUCHENGMENWAI STREET, XICHENG DISTRICT BEIJING,
New Poly Plaza, 1 Chaoyangmen Beidajie, Dongcheng District, Beijing, 100010
Mailbox No.2, South Tower, Fortune Time, Building 11, Fenghuiyuan, Xicheng District,
Beijing, P. R. China, Post Code: 100032.
Huanrong Hotel, No.18 in Fucheng Road, Haidian District, Beijing
56, rue de Lille
75356 Paris 07 SP
Two International Finance Centre
8 Finance Street
Department of Economic Affairs, Room No.40-B ,North Block, New Delhi.
Mirdamad Blvd., NO.144, Tehran, Islamic Republic of Iran
P.O.Box: 15875 / 7177
Treasury Building Grand Canal Street Dublin 2 Ireland
Bank of Japan Head Office Tokyo
National Bank of Kazakhstan, 21, Koktem-3, Almaty 050040, KAZAKHSTAN
Korea Investment Corporation,
16F Seoul Finance Center, 84 Taepyungro 1-ga,
Jung-gu, Seoul 100-768, Korea.
Ministries Complex, AlMurqab, Kuwait City, Kuwait
Postal Address : P.O. Box: 64, Safat, Z. Code: 13001, Kuwait
Bourj Al Fatih Tower
P.O. Box 1103
Khazanah Nasional Berhad
Level 33, Tower 2,
Petronas Twin Towers,
Kuala Lumpur City Centre,
50088 Kuala Lumpur
Banque Centrale de Mauritanie
Avenue de l’indépendance
BP 623 Nouakchott Mauritanie
Email : firstname.lastname@example.org
29 Customs Street West
P O Box 106607
Norges Bank, NBIM, Bankplassen 2, P.O Box 1179 Sentrum N-0107 Oslo, Norway
P.O. Box 449
P.O.Box 188, P.code 113 Muscat, Oman
P.O. Box 23224,
109097, Moscow, Ilinka Str. 9
P. O. Box # 6847, Riyadh - 11452, Saudi Arabia
Old Airport Rd. - Opposite the Ministry
of Defence and Aviation Complex
Real Estate Development Fund's Building
Riyadh, Kingdom of Saudi Arabia
Saudi Arabian Monetary Agency
P.O. Box 2992, Riyadh 11169, Saudi Arabia
168 Robinson Road
#37-01 Capital Tower
Temasek Holdings (Private) Limited
60B Orchard Road
#06-18 Tower 2
The Atrium@ Orchard
BANKING AND PAYMENTS
AUTHORITY OF TIMOR-LESTE
Avenida Bispo Medeiros
P.O.BOX 59 - DILI
Eric Williams Finance Building Level 18 Independence Square
Port of Spain, Trinidad, West Indies.
Abu Dhabi Investment Authority
211 Corniche, PO Box 3600
Abu Dhabi, United Arab Emirates
P.O. Box 333888
Dubai International financial Center - DIFC
Gate Village 7, 6th Floor
Dubai - United Arab Emirates
PO Box 45005 ,
United Arab Emirates.
RAK Investment Authority
Govt of Ras Al Khaimah
P.O.Box No. : 31291
Ras Al Khaimah
United Arab Emirates
Alaska Permanent Fund Corporation
801 West 10th Street, Suite 302, Juneau AK 99811
P.O. Box 115500, Juneau AK 99811-5500.
Alabama State Capitol
600 Dexter Avenue, Room S-106
Montgomery, Alabama 36104
41 Plaza la Prensa
Santa Fe, NM 87507
Wyoming State Treasurer’s Office
200 West 24th Street
Cheyenne, WY 82002
Banco Central De Venezuela HEADQUARTERS:
Av. Urdaneta esq. Las Carmelitas
Caracas 1010 - Venezuela
Postal Address: Apartado 2017, Carmelitas
Caracas 1010 - Venezuela
STATE CAPITAL INVESTMENT COPORATION
No 15A, Tran Khanh Du St, Hoan Kiem, Ha Noi.
City State Zip Code Country
(City of HQ) (State) (Zip code) (USA)
MELBOURNE VIC 3001 AUSTRALIA
Edmonton Alberta T5K 2C3 Canada
Dongcheng District, Beijing 100010 China
Haidian District, Beijing 100048 China
Hong Kong Hong Kong
New Delhi Delhi India
Almaty 050040 Kazakhstan
Seol 100-768 South Korea
Kuwait 13001 Kuwait
Kuala Lumpur 50088 Malaysia
Auckland 1010 New Zealand
Oslo N-0107 Norway
Riyadh 11452 Saudi Arabia
Riyadh 11169 Saudi Arabia
Singapore 68912 Singapore
Singapore 238891 Singapore
Port of Spain
Ras Al Khaimah
Juneau Alaska 99811 USA
Montgomery Alabama 36104 USA
Santa Fe New Mexico 87507 USA
Cheyenne Wyoming 82002 USA
Caracas 1010 Venezuela
Ha Noi Vietnam
AUM Year Established
[assets under management
(Sovereign Wealth Fund)
(US $ Billions)]
New Fund New Fund
New Fund New Fund
not disclosed 2006
$10 billion to $20 billion 2007
Transparency Rating Website Adress
(On a scale of 1-to-10; 10 being most
[Refer to the index bottom left]
Central Bank of Algeria: http://www.bank-of-
National Bank of the Republic of Angola:
Republic of Angola Ministry of Finance:
Botswana Ministry of Finance:
Bank of Botswana: http://www.bankofbotswana.bw/
New Fund http://www.bcb.gov.br/?english
Central Bank of Chile: http://www.bcentral.cl/eng/
Ministry of Finance:
New Fund http://finmin.nic.in/
Bank of Japan: http://www.boj.or.jp/en/
Ministry of Finance Japan:
Libyan Arab Foreign Investment Company:
Libyan Investment Authority: http://www.lia.ly/
Oman Ministry of Finance:
State General Reserve Fund: http://www.sgrf.gov.om/
Ministry of Finance of Thailand:
New Fund http://www.eia.gov.ae/index.htm
Bio of the Firm (5 points of information and details)
The fund was set up in 2000 to insulate the Algerian economy from price volatility in gas & oil commodity
The official name is the Fund for the Regulation of Receipts (FRR). It is also known as Fond de Regulation
Fund contributions stem from annual oil taxation surpluses.
Angola is in the works in launching a sovereign wealth fund to invest the oil-rich nation's wealth abroad. The
fund will be called Fundo Soberano Angolano (FSA).
The main funding source is from a financial surplus from oil exports.
Future Fund was created with the defined purpose of accumulating sufficient financial assets to offset the
Australian Government’s unfunded superannuation liability by 2020.
The main funding source is Australian Government's budget surpluses.
The stated aim of the fund is to hold AUD $140 billion by 2020; this figure would free up AUD $7 billion in
superannuation payments each year from the federal budget.
In May 2007 the Australian Government also announced its intention of creating the Higher Education
Endowment Fund (HEEF) (a special account under the Future Fund).
The Future Fund is controlled by an independent Board of Guardians that is collectively responsible for the
investment choices of the fund.
The Future Fund Management Agency (Agency) is responsible for the development of recommendations to
the Board of Guardians on the most appropriate investment strategy for each fund and for the implementation
of these strategies. All administrative and operational functions associated with the management of the funds
are undertaken by the Agency.
The State Oil Fund of the Republic of Azerbaijan, (SOFAZ), is a legal entity and an extra-budgetary
institution. , was established in December 29, 1999 by the Decree of Heydar Aliyev, the former President of
the Republic of Azerbaijan. This Fund may be categorized as a savings fund for future generations.
The cornerstone of the philosophy behind the Fund is to ensure intergenerational equality with regard to
benefit from the country's oil wealth, whilst improving the economic well being of the population today and
safeguarding the economic security of future generations.
The main funding source of the fund is the proceeds generated under production sharing agreements from
sales of the Republic of Azerbaijan's share of hydrocarbons.
There are seven members of the Supervisory Board of the fund are appointed by the President. The
management of SOFAZ is vested with the Executive Director, also appointed by the President of Azerbaijan.
SOFAZ is allowed to invest only in the investment grade instruments. Portion of the investment portfolio is
managed by reputable external asset managers. The Fund's assets are invested in the following categories of
debt instruments: Foreign government securities, debt issued by foreign governmental agencies, debt issued
by financial institutions and banks.
According to its Investment Policy, up to 60% of the Fund's investment portfolio can be managed by external
managers. The assets given to an external manager cannot exceed 15% of total amount of the investment
Bahrain Mumtalakat Holding Company is the investment arm of the Kingdom of Bahrain, established in June
2006 by Royal Decree.
The main funding source is from a financial surplus from oil exports.
"Mumtalakat" is an active shareholder and investor in diverse business and industry sectors in 38 commercial
enterprises, nationally and internationally, from aluminum production to property development, tourist sites to
food production, and transport to telecommunications.
In a country without taxation, the successful performance of these commercial investments is vital in raising
revenues and increasing the wealth of the country in order to help raise the standard of living in Bahrain.
The Pula Fund was established under the Bank of Botswana Act and it is part of the foreign exchange
reserves. Owned jointly by the government and the Bank of Botswana. The government’s share of the Pula
Fund is accounted for on the balance sheet of the Bank of Botswana.
The diamond mining revenues fund this sub-fund that lies within Botswana's foreign exchange reserves.
It is exclusively invested in foreign currency denominated assets. The fund invests in public equity and fixed
income instruments in industrialized and developed economies.
The investment objectives are based on sustaining purchasing power of the reserves and maximizing returns
within an acceptable level of risk.
The Fundo Soberano do Brasil is intended to defend Brazil from future financial crises and assist Brazilian
firms to increase trade and expand abroad. The bond issue will allow Brazil's government to put 14.2 billion
reals ($5.9 billion), or 0.5% of gross domestic product, into the fund by January 2009.
Brazil will sell treasury bonds to finance its new sovereign wealth fund, bypassing a legislative hurdle that
had limited its cash supply.
The fund will also act as a anti-cyclical mechanism to help investments in Brazil as well. In addition, the fund
would most likely focus on corporate debt instruments rather than equity stakes in firms.
Brunei's substantial foreign reserves are managed by the Brunei Investment Agency (BIA), an arm of the
Ministry of Finance. BIA's guiding principle is to increase the real value of Brunei's foreign reserves while
pursuing a diverse investment strategy, with holdings in the United States, Japan, Western Europe, and the
Association of Southeast Asian Nations (ASEAN) countries.
The Alberta Heritage Savings Trust Fund was created in 1976 by the Alberta Heritage Savings Trust Fund
Act with three objectives: to save for the future, to strengthen or diversify the economy, and to improve the
quality of life of Albertans.
Initially, the fund received 30% of Alberta's non-renewable resource royalties which comes from its vast oil
wealth. The fund also recieved generous contributions from Alberta General Revenue Fund.
Throughout its 32-year history, the Fund has generated approximately $30 billion in investment income and
the income has been transferred to the province's General Revenue Fund to support program spending in areas
such as health care, education, infrastructure, debt reduction and social programs.
The Heritage Fund's portfolio consists of stocks, bonds and real estate, private equities and absolute return
strategies. About half of the Fund is invested in equities. Historically, equities have outperformed fixed
income securities over the long-term.
The Ministry of Finance and Enterprise is responsible for the Fund and its investments and oversees the fund
thru a standing committe. The investment portfolio of the Heritage Fund is managed by the Alberta
Investment Management Corporation.
The Copper Stabilization Fund was created in 1985.
Chile passed the Fiscal Responsibility Law which involved the creation of two new SWFs: 1. The Economic
and Social Stabilization Fund which replaced the original Copper Stabilization Fund. (Main funding source:
fiscal surpluses which are above 1% of GDP); fund came into existence with a one-off payment of
approximately $5 billion as a result of the closure of the original Copper Stabilization Fund.
2. Pension Reserve Fund which is essentially a Savings Fund; (Main funding source: this fund receives
between 0.2% and 0.5% of GDP depending on the size of Chile's overall budget surplus each year, and
initially received a one-off sum of $600 million in 2006 to kick-start the fund).
The central bank (which is independent), appoints members of a Financial Committee. This committee is
responsible for making investment decisions and for the day-to-day running of the sovereign wealth fund. The
Financial Committee reports to the Finance Minister who in turn reports to the President.
The aim of the Pension Reserve Fund is to address an expected future government pension liability shortfall.
As a Savings Fund, with a longer-term view and with the responsibility of enabling a transfer of wealth from
one generation to the next for the purpose of future sustainability, it can invest in a broader range of asset
The Economic and Social Stabilization Fund has macroeconomic stabilization objectives. It has the aim of
The China-Africa Development (CAD) Fund was established by the China Development Bank - which is
under the direct jurisdiction of the State Council - as an investment vehicle in Africa in March 2007.
The funding will be broken out in 3 stages, totaling US$ 5 billion with the first phase being funded by the
China Development Bank.
CADFund works differently from economic aid to Africa in that it is not allocated by nation but
independently operated and based on market economy principles, the Fund invests in projects and requires
The target group of the China-Africa Development Fund consists primarily of Chinese enterprises whose
trade and economic activities have reached or will reach Africa and the enterprises and projects in Africa
invested or to be invested by Chinese enterprises.
The fund will be able to invest in stocks, convertible bonds, and other quasi-equity type of investments. It
may also invest in a "fund of funds" type of investment.
China Investment Corporation (CIC) is an investment institution established as a wholly state-owned
company under the Company Law of the People’s Republic of China and headquartered in Beijing.
CIC was established on September 29th 2007 with the issuance of special bonds worth RMB 1.55 trillion by
the Ministry of Finance. These were, in turn, used to acquire approximately USD 200 billion of China’s
foreign exchange reserves and formed the foundation of its registered capital.
CIC’s comprehensive three-tiered corporate governance structure includes Board of Directors, Board of
Supervisors, and Executive Committee. It is governed by the Company Law of the People’s Republic of
China and the company’s Articles of Association and operating guidelines. While it operates with
independence and its investment decisions are based on the pure economics of each deal, CIC remains
accountable to the State Council of the People’s Republic of China and, ultimately, to the citizens of the
People’s Republic of China.
CIC maintains a strict commercial orientation and is driven by purely economic and financial interests. As a
commercial investment institution, CIC has full operational independence and makes its investment decisions
based on its assessment of economic and financial objectives.
CIC’s investments are not limited to any particular sector, geography, or asset class and include equity, fixed
income, and alternative assets. Wholly owned Sovereign wealth enterprises - Central Huijin Investment
Limited, Stable Investment Corporation and Beijing Wonderful Investments Ltd., function as investment arms
In August 2000, the Central Committee of CPC and the State Council decided to establish National Social
Security Fund (NSSF), and set up National Council for Social Security Fund (SSF) for managing and
operating the NSSF¡¯s assets.
NSSF aims to be a solution to the problem of aging and serves as a strategic reserve fund accumulated by the
central government to support future social security expenditures.
The funding sources of NSSF are - Capital and equity assets derived from reduction of state-owned shares,
Fiscal allocation of the central government, Capital raised in other manners with approval of the State Council
and Investment proceeds.
SSF, a governmental agency on the ministerial level directly under the State Council of the People's Republic
of China, is responsible for the management and operation of NSSF
The NSSF invests domestically however, they are beginning to invest in emerging market economies and
Europe. They also plan to allocate up to 20% of the fund into foreign investments usually through external
money managers rather than taking direct stakes. In addition, the fund is now allowing investments into
private equity, similar to that of the China Investment Corporation.
The State Administration of Foreign Exchange (SAFE) is responsible for managing China's foreign exchange
SAFE has a subsidiary in Hong Kong called the SAFE Investment Company which makes purchases in
foreign equity investments. The SAFE Investment Company is organized as a privately held firm with SAFE
officials serving on its board.
SAFE has made significant investments in the UK Equity Market and private equity firms.
The Strategic Investment Fund (SIF) was established in late November 2008. SIF was created to enhance
equity and to help stabilize French firms. SIF will be managed by Caisse des Dépôts. The SIF will be a French
public limited company (société anonyme), a subsidiary of Caisse des Dépôts, and controlled by it, whose
accounts will be consolidated with those of Caisse des Dépôts.
SIF is known locally as Le Fonds stratégique d'investissement (FSI). In the beginning, SIF was endowed with
20 billion Euros contributed at par by Caisse des Dépôts from its equity (general section) and by the French
State: 14 billion Euros in securities and 6 billion Euros in cash.
The Hong Kong Monetary Authority (HKMA) was established on 1 April 1993 after the Legislative Council
passed amendments to the Exchange Fund Ordinance in 1992.
The Exchange Fund Ordinance establishes the Exchange Fund under the control of the Financial Secretary.
According to the Ordinance, the Fund shall be used primarily for affecting the exchange value of the Hong
Kong dollar. It may also be used for maintaining the stability and integrity of the monetary and financial
systems of Hong Kong, with a view to maintaining Hong Kong as an international financial centre.
The HKMA regularly reviews its investment strategy and operations. In line with the statutory purposes for
which the Exchange Fund was created and maintained, the investment style and strategy are similar to those
of comparable central banks and monetary authorities. An investment strategy appropriate for a long-term
fund - such as a benchmark approach and a greater use of the long term capital markets - has been adopted,
and the range of currencies and instruments used has also been increased.
To meet the objectives of preserving capital, providing liquidity to maintain financial and currency stability
and generating an adequate long-term return, the Exchange Fund is managed as two distinct portfolios. The
first is a Backing Portfolio to ensure that the Monetary Base related to the Currency Board operations is fully
backed by highly liquid, short-term US dollar denominated interest-bearing securities. The second is an
Investment Portfolio (SWF) to preserve the fund's value for future generations in Hong Kong.
The government of India is considering the creation of a Sovereign Wealth Fund with an initial value of $5
billion. The Fund is part of a plan to maintain high economic growth and to invest growing foreign exchange
reserves of India in energy assets globally.
The Government Investment Unit of Indonesia is a sovereign wealth fund managed by its Ministry of Finance.
The fund is also known as Pusat Investasi Pemerintah (PIP), and can invest in a variety of asset classes such
as equity, debt, infrastructure, and direct investments. Some of the PIP's goals are to increase macroeconomic
stability, economic growth, and government investment.
The fund has also committed some money to work with the Qatar Investment Authority on infrastructure
This fund was made to invest Iran's Oil Revenues. The investment arm is the IFIC, The Iran Foreign
Investment Company. It was incorporated in March 1998 as a Private Joint Stock company with a mission to
manage and expand Iranian holdings abroad.
IFIC provides financing and financial services and makes investments around the world. IFIC has interests in
energy, telecom and IT, banking, insurance, stock markets, industry, mining, oil, gas and petrochemicals, as
well as new and future technologies.
Currently IFIC has ventures in different countries including Germany, Brazil, Egypt, Jordan, Sudan, Yemen,
Namibia, Oman, United Arab Emirates and Armenia.
Established by a Law 2001 to partly fund future pension liabilities. Its objective is to meet as much as
possible of the costs of social welfare and public service pensions from 2025 onwards when these costs are
projected to increase dramatically due to the ageing of the population.
The Government of Ireland will set aside 1% of GNP each year to fund this vehicle. It is managed by the
National Treasury Management Agency.
The Fund is controlled and managed by the National Pensions Reserve Fund Commission. The Commission's
functions include the determination and implementation of the Fund's investment strategy in accordance with
its statutory investment policy.
The fund invests mostly in bonds and equities, utilizing external managers. The fund also invests in private
equity and in real estate.
Japan is thinking about creating a Sovereign Wealth Fund; according to UBS Securities Japan Ltd. from
Bloomberg, they state "Japan may establish a sovereign wealth fund to boost returns on some of its state
assets as early as 2009.
The National Fund of the Republic of Kazakhstan was created in 2000 as a stabilization fund that ensures the
economy of the Republic of Kazakhstan will be stable against the price swings of oil, gas, and metals. The
assets of the National Fund assets are monitored by the National Bank of the Republic of Kazakhstan.
Main source of fund is financial surplus from the export of oil, gas and metal.
The National Fund of the Republic of Kazakhstan – financial assets allocated on the account of the
Government of the Republic of Kazakhstan in the National Bank of Kazakhstan.
Functions of the Fund include - savings function (forming of accumulations for future generations);
stabilization function (reduction of budget) and
dependence on world prices.
Created in 1956, the Revenue Equalization Reserve Fund has been financed by phosphate earnings over the
years and acts as a stabilizer fund.
The economy of Kiribati was heavily dependent on phosphate exports which accounted for 50% of the
KIC is a government-owned investment management company, specializing in overseas investments and has
been designed to be run commercially and independently.
The KIC is structured as a corporation and was initially created by receiving US $17 billion of foreign
exchange reserves from the Bank of Korea with an additional US $3 billion from the foreign exchange
stabilization fund from the Ministry of Finance and Economy.
Two-thirds of the Steering Committee, KIC's highest governing body, are civil members, and the Chairman is
elected among the civil members. KIC's directors, except the President, are appointed and dismissed by the
President through deliberation by the Steering Committee.
KIC's asset classes may include securities (including stocks and bonds defined under the KIC Act), foreign
currencies, and derivatives, etc. Specific asset classes shall be those specified in the Investment Management
Agreement between KIC and its client.
Kuwait Investment Authority, KIA, was initially established in 1953 as the Kuwait Investment Board when
Sheikh Abdullah Al-Salem Al-Sabah decided that oil revenue could be used to create a fund for the future and
reduce its reliance on a single non-renewable resource. In 1961 the Minister of Finance, Sheikh Jaber Al-
Ahmad Al-Jaber Al-Sabah, created the main investment policies for the fund that are still in use today.
The Kuwait Investment Authority ensures that the State of Kuwait transfers 10% of oil revenue into the
Reserve for Future Generations on an annual basis.
The Kuwait Investment Office (KIO) is the branch office of KIA in the City of London and manages funds on
behalf of the State of Kuwait. As a global and long-term investor, the KIO manages the Reserve for Future
Generations and the General Reserve Fund.
KIA's management reports to the Board of Directors, which consists of four ex-officio members [Minister of
Finance (Chairman of the Board), Minister of Energy, Governor of the Central Bank of Kuwait and
Undersecretary, Ministry of Finance] and five members representing the private sector, who are appointed by
the Council of Ministers through an Amiri Decree. The Board of Directors appoints a Managing Director (the
Chief Executive) from one of the private sector representatives.
LIA was established on August 2006 and the assets of the Libyan Arab Foreign Investment Company, the
Libyan African Investment Portfolio, and Oilinvest Company (which are currently its investment arms /
SWEs) were transferred into it. In addition, excess oil revenues are transferred to the Libyan Investment
The fund invests through a number of external managers. LIA may make investments locally. LIA's SWEs
investment focus includes industrial, commerce, agriculture, tourism, and real state sectors and other
Khazanah Nasional is the investment holding arm of the Government of Malaysia and is empowered as the
Government's strategic investor in new industries and markets. As trustees to the nation's commercial assets,
our main objective is to promote economic growth and make strategic investments on behalf of the
Government which would contribute towards nation building.
The share capital of Khazanah is owned by the Minister of Finance, a body corporate incorporated pursuant to
the Minister of Finance (Incorporation) Act, 1957. Khazanah has an eight member board comprising
representatives from the public and private sectors. Abdullah Ahmad Badawi, the Right Honorable Prime
Minister of Malaysia is the Chairman of the Board of Directors.
Khazanah is tasked to nurture the development of selected strategic industries in Malaysia with the aim of
pursuing the nation’s long-term economic interests.
Khazanah has investments in over 50 major companies, both in Malaysia and abroad, and our companies are
involved in a broad spectrum of industries. Khazanah is also the state agency responsible for strategic cross-
border investments. These companies are involved in various sectors such as power, telecommunications,
banking, automotive manufacture, airport management, infrastructure, property development, broadcasting,
semiconductor, steel production, electronics, investment holding, research technology and venture capital.
Terengganu is a sultanate and constitutive state of the country of Malaysia. The Government has agreed to the
set up the Terengganu Investment Authority. The purpose is to channel part of the oil royalty into a sovereign
wealth fund which would be managed by professionals and supervised by foreign bankers and investors.
Revenues earned by the Terengganu Investment Authority would help pad the state’s income when oil and
gas resources were exhausted. Deputy Prime Minister Datuk Seri Najib Tun Razak said the Cabinet had
agreed to the setting up of the authority with starting the fund with RM10 billion.
A portion of the funds will be allocated to invest locally and in other parts of Malaysia. The authority would
be mandated to invest globally in bonds to ensure the state’s financial sustainability on a long-term basis.
Established on June 14th, 2006, the fund plays the role of a macroeconomic stabilization fund for the country.
In addition, it has a long-term goal of accumulating savings for future generations. The Mauritanian Central
Bank Ministry of Finance assures the management of the fund.
Revenue sources of the fund - Revenues from State shared production with oil companies ‘’profit oil’’,
Royalties and taxes from the oil companies, Dividends from the SMH (Mauritanian Hydrocarbon Society),
Bonuses, levies, penalties and
Investment fund revenues.
The New Zealand Superannuation Fund is a "buffer fund" created to partially provide for the future cost of
New Zealand Superannuation payments.
The Crown plans to allocate around $2 billion a year to the Fund over the next 20 years. It is a Crown-Owned
fund financed by capital contributions from the Government.
The Fund is governed by a separate Crown entity called the Guardians of New Zealand Superannuation. All
decisions relating to the business of the Guardians are made under the authority of the Board of the Guardians
of New Zealand Superannuation. The Board of the Guardians of New Zealand Superannuation (Board)
appoints a Chief Executive Officer who, in turn, is responsible for the employment and management of staff
to assist the Board in the development and implementation of investment policy.
The Chief Executive Office is fully accountable to the Board for all aspects of the New Zealand
Superannuation Fund's investment and business performance, and for compliance and control.
Main source of contribution for the Excess Revenue Account is revenue derived from Crude Oil Sales,
Petroleum Profit Tax (PPT) and Royalties over and above the budgeted benchmark of the Federal
Government of Nigeria for each year.
There are two types of excess revenue accounts; the Foreign Excess Revenue Account, which is maintained in
the United States Dollar, and the Domestic Excess Revenue Account, which is in Naira.
Currently, the funds are held in the Excess Crude Account (ECA) to help stabilize the budget. The Central
Bank of Nigeria is developing the National Investment Fund (NIF) to manage the excess crude proceeds
account. The rationale behind the NIF is to act as a stabilization fund, closing budget deficits that are a
product of oil price volatility, and to potentially fund domestic infrastructure investments.
Norges Bank Investment Management (NBIM) is a separate part of the Norwegian central bank (Norges
Bank) and is responsible for investing the international assets of the Norwegian Government Pension Fund.
NBIM also manages the major share of Norges Bank's foreign exchange reserves and the Government
Petroleum Insurance Fund.
The purpose of the Government Pension Fund-Global is to facilitate government savings necessary to meet
the rapid rise in public pension expenditures in the coming years, and to support a long-term management of
The fund invests a large portion of assets in fixed income and equities and does not currently invest in private
equity. NBIM invests in international equities and fixed income instruments, money market instruments and
The Oman Investment Fund (OIF) was established in 2006 in accordance with a Royal Decree of His Majesty
the Sultan of Oman. OIF’s sole shareholder is the Government of the Sultanate of Oman and its governing
body is the Financial Affairs and Energy Resources Council (FAERC).
Strategy & Objectives:
The fund makes equity, private equity, and real estate investments globally. It is an evergreen investment
Established in 1980, the State General Reserve Fund of the Sultanate of Oman was established to manage the
investments of the reserves of the Sultanate of Oman. The fund is owned by the Sultanate of Oman and
administered by the Ministry of Finance.
Qatar is one of the largest exporters of Liquefied Natural Gas (LNG) thus giving them a commodity surplus of
wealth. The Qatar Investment Authority is a sovereign wealth fund that invests domestically and
internationally to curtail reliance on energy price volatility.
As a result of its stated strategy to minimize risk from Qatar's reliance on energy prices, the fund
predominantly invests in international markets (USA, Europe and Asia) and within Qatar outside the energy
sector. The fund focuses on three asset classes; real estate, private equity and investment funds.
According to its constitutive instrument, QIA’s objectives are to develop, invest, and manage the state reserve
funds and other property assigned to it by the Government via the Supreme Council of Economic Affairs and
As of Feb 2008, the Oil Stabilisation Fund got split into two funds, one section managing official reserves,
while the second part becomes the official sovereign wealth fund, National Welfare Fund.
1. Oil Stabilisation Fund
AUM: $137.1 Billion Reserve Fund
The Oil Stabilization Fund, by law, may only be invested in foreign government bonds. It was established in
2. National Welfare Fund
AUM: $83.6 Billion
With just $32 Billion starting out, the fund could dramatically rise in if Oil Prices continue to rise. The main
purpose of the fund is for the guarantee of the voluntary pensions of the citizens. In addition, to help balance
the budget of the Pension Fund for the Russian Federation.
The fund will mostly be managed by the Russian Ministry of Finance. The fund also has the ability to lend
money to Russian banks. Furthermore the Fund is to serve as an important tool for absorbing excessive
liquidity, reducing inflationary pressure and insulating the economy from volatility of oil & gas export
earnings. This fund will be allowed to invest in riskier assets, such as corporate bonds and possibly equities.
The Public Investment Fund (PIF) was originally established in 1971 to facilitate the development of the
Saudi Arabian national economy. In 1974, PIF was mandated to hold equity positions in joint-stock ventures
within its domestic economy.
PIF's sole function is to finance investments in productive projects of a commercial nature whether they are
belong to the government and its industrial lending institutions, or to public enterprises, and whether these
projects are undertaken independently or in partnership between the said administrative authorities and
PIF's funding is handled through loans or guarantees, and in special cases, through allocations of public funds
to specific projects.
Since 2008, PIF will manages and fully owns a new sovereign wealth fund. The new SWF managed by the
PIF will take on a long term investment horizon similar to that of most sovereign wealth funds.
Saudi Arabian Monetary Agency (SAMA), the central bank of the Kingdom of Saudi Arabia, established in
1952, manages the Kingdom’s foreign exchange reserves.
Asset allocation: Most of SAMA’s assets are invested in liquid, low-risk bonds but also include equities, and
higher risk bonds than those usually included in reserve holdings. The strategic allocation is not disclosed but
McKinsey estimated that SAMA’s total foreign assets had a 20% cash/deposits, 55-60% fixed income and 20-
25% equity split.
Government is in the process of approving the formation of an investment company that will be owned in full
by the PIF. The initial authorised capital of such a company is expected to be $6 bn. The investment company
will be owned 100% by the PIF.
The fund will start small, with capital of under $6 billion and will have separate management from the public
investment fund, its parent. While details are limited, the fund will be a portfolio investor.
The Government of Singapore Investment Corporation Private Limited (GIC) is a sovereign wealth fund
established by the Government of Singapore in 1981 to manage Singapore's foreign reserves.
With a network of eight offices in key financial capitals around the world, GIC invests internationally in
equities, fixed income, money-market instruments, real estate and special investments.
The Government of Singapore Investment Corporation does not own the funds it manages but manages them
on behalf of their clients: the Government of Singapore, and the Monetary Authority of Singapore. GIC is
wholly owned by the Government of Singapore and has three major SWEs: GIC Asset Management Pte Ltd,
GIC Real Estate Pte Ltd (GIC RE) and GIC Special Investments Pte Ltd.
The Ministry of Finance of Singapore represents the dominant authority of the GIC. The Government of
Singapore and Monetary Authority of Singapore set the risk tolerance parameters and expected returns for the
long term of the GIC. Three board committees are responsible for ensuring that the GIC operates in an
ethically and fiscally positive manner. These committees include: Investment Committee, Risk Committee,
and Remuneration Committee.
Temasek Holdings is an Asian investment company owned by the Government of Singapore. It is governed by
the Singapore Companies Act.
The Ministry of Finance established Temasek Holdings in 1974 to manage governament stakes in local
companies. Currently, Temasek Holdings' sole shareholder is the Ministry of Finance. As the years
progressed, Temasek began to diversify its holdings from the local Singapore market, to other surrounding
Focused primarily in Asia, it is an active shareholder and investor in such sectors as banking & financial
services, real estate, transportation & logistics, infrastructure, telecommunications & media, bioscience &
healthcare, education, consumer & lifestyle, engineering & technology, as well as energy & resources.
In the first quarter of 2008, the IMF reported International reserves and foreign currency liquidity to be U.S.
$109.9 billion. In April of 2008, Bank of Thailand Governor Tarisa Watanagase stated that the Bank would
investigate the possibility of establishing a sovereign wealth fund. The Sovereign Wealth Fund Institute
predicts Thailand to create a reserve investment corporation.
Timor-Leste’s government announced the inception of the Timor-Leste Petroleum Fund in August of 2005.
The Minister of Planning and Finance of the Government of Timor-Leste, is responsible for managing the
fund. The Minister of Planning and Finance, however, signed an agreement with the Banking and Payment
Authority (BPA) to also take responsibility of the fund.
The BPA commenced Petroleum Fund operations in September 2005 after an opening balance of $205
million was transferred by the Government. The mandate given to the BPA in the Management Agreement
includes a requirement to passively manage the Fund close to a defined benchmark.
Details of the mandate and benchmark are in the Management Agreement and the Quarterly Reports. The
portfolio is managed 100% internally within the BPA.
The BPA also provides the secretariat for the Investment Advisory Board, which is established in the
Petroleum Fund law to provide the Minister with advice on the Fund’s investment strategy.
The fund is currently mandated to invest only in US and other sovereign debt instruments. The Petroleum
Fund Law requires that not less than 90 percent of the portfolio be invested in debt instruments and deposits
denominated in U.S. dollars.
Prior to the Heritage and Stabilization Fund (HSF) which was established in March 2007, the fund was
identified as the Interim Revenue Stabilization Fund (IRSF) which has been in around since 2000. The fund
has initiated a corporate governance structure.
The fund is paid by petroleum revenues and is used to help stabilize budget shortfalls. The HSF is separate
from the overall foreign exchange reserves of Trinidad and Tobago.
HSF's purpose is to generate saving and investment income for future generations.
While the Board of HSF will decide on the Investment Objectives, Strategic Asset Allocation and review the
performance of the HSF, the Central Bank is responsible for day-to-day management of the Fund (to meet
Investment Objectives of the Board) and reports quarterly and annually to the Board.
Established in 1976, the Abu Dhabi Investment Authority’s (ADIA) main funding source is from a financial
surplus from oil exports.
It is the largest of the Sovereign Wealth Funds. It is wholly owned and subject to supervision by the
government of Abu Dhabi. The fund is an independent legal identity with full capacity to act in fulfilling its
statutory mandate and objectives.
ADIA’s Board of Directors is the supreme body having absolute control over ADIA’s offices and the control
of its business. It is comprised of a Chairman, Managing Director and other board members, all of whom are
senior government officials appointed by Ruler’s Decree. Key decisions are made by various committees.
ADIA invests in a variety of asset classes. Benchmarks can range from the MSCI Index to the S&P 500 Index.
Some of their asset allocation consists of:
Equities - Developed Markets
Equities - Emerging Markets
Real Estate (Funds or Direct Investments)
Established in November 2007 by Emiri decree, the Emirates Investment Authority (EIA) is an investment
institution setup with a mandate to manage the sovereign wealth of the United Arab Emirates federal
The Emirates Investment Authority (EIA) is the first federal sovereign wealth fund for all seven states
comprising the United Arab Emirates (Abu Dhabi, Ajman, Dubai, Fujairah, Ras al-Khaimah, Sharjah and
The EIA will be developing the UAE SWF in a strategic move representing a unified investment front for the
UAE. The EIA is the sole entity responsible for the future stewardship of federal government stakes in over
30 corporations across the GCC, including Etisalat, Du, Gulf International Bank, United Arab Shipping
Company and Gulf Investment Corporation.
The objective of the EIA is to achieve attractive financial returns and diversify the government's asset
exposure by cultivating sovereign funding arrangements in tandem with first-class investment opportunities in
the public and private markets of the GCC and overseas.
Investment Corporation of Dubai is the investment arm of The Government of Dubai. ICD was formed in
May 2006, with the transfer of the government's portfolio of investments from The Department of Finance's
ICD's role is to supervise the government's investment portfolio adding value through the implementation of
world best-practice corporate governance, the recruitment of the best people and the embracing of a global
Sovereign Wealth Enterprises of ICD are Borse Dubai, Ltd and Dubai Holdings.
Mubadala was established in October 2002 as a Public Joint Stock Company and is a wholly owned
investment vehicle of the Government of the Emirate of Abu Dhabi, in the United Arab Emirates.
Mubadala's sole shareholder is the Government of the Emirate of Abu Dhabi. This wealth fund has the
structure of a corporation. They have a tendency to invest in high technology and aerospace firms. The firm
has also invested in oil fields, real estate partnerships, and hospitals.
Sovereign Wealth Enterprises of Mubadala is Mubadala Petroleum Services Company LLC.
The Investment and Development Office, Government of Ras Al Khaimah (IDO) was established in 2004 by
an Emiri Decree with the aim of identifying new investment opportunities and facilitating the investment
process to allow investors to reach their goals and achieve success in their businesses in Ras Al Khaimah.
The RAK Investment Authority invests heavily in the local UAE economy. The mandate for the Authority is
to work towards reinforcing the investment climate in the Emirate and to promote its various economic
In 1976, as the Alaska pipeline construction neared completion, Alaska voters approved a constitutional
amendment to establish a dedicated fund: the Alaska Permanent Fund.
Per the Fund Law, at least 25 percent of all mineral lease rentals, royalties, royalty sales proceeds, federal
mineral revenue-sharing payments and bonuses received by the state be placed in a permanent fund, the
principal of which may only be used for income-producing investments.
The Fund is fully invested in the capital markets, diversified among various asset classes. It generates income
from these investments
The Legislature may spend realized Fund investment earnings. Realized earnings consist of stock dividends,
bond interest, real estate rent and the income made or lost by the sale of any of these investment assets. Most
spending from the Fund has been for dividends to qualified Alaska residents.
In 1982, the Legislature established the Alaska Permanent Fund Corporation to manage Fund investments.
In 1985, the voters of the state approved Amendment 450 creating the Alabama Trust Fund (ATF) as an
irrevocable, permanent trust fund. The ATF was established to capture future revenues from sales of offshore
drilling rights and from royalties on the resulting gas production.
The trust fund receives as principal ninety-nine percent of all oil and gas capital payments paid to the State
with the remaining one-percent to the Department of Conservation-Lands Division.
The fund is managed by external managers chosen by the Board of Trustees. 68% is invested in fixed income
while 32% is invested in equities.
The purpose of New Mexico's three permanent endowment trust funds is to contribute recurring revenues for
the operating budget of the state and to provide resources to various fund beneficiaries. The fund's investment
goals are to preserve the permanent endowment funds for future generations and to provide future benefits by
growing the funds at a rate at least equal to inflation.
The trust is broken down into three funds: Land Grant Permanent Fund, Severance Tax Permanent Fund and
Tobacco Settlement Permanent Fund.
The Investment Office manages six investments pools (of Equity and Bonds) for clients. These represent the
majority of assets controlled by the SIC, excluding holdings in hedge funds, real estate, private equity, CDO
equity and economically targeted investments. External managers, as well as highly qualified staff internal
portfolio managers invest these funds.
In accordance with an amendment to the Wyoming Constitution approved by the voters in 1974, one and a
half percent of the severance tax on each mineral is deposited in the Permanent Wyoming Mineral Trust Fund
The fund is invested in a well diversified portfolio spanning many different asset classes which includes:
Domestic Equities, Global Equities, Real Estate, and Private Equity. The fund also utilizes external managers
to manage investments.
In 1998 FIEM, which translates to the Fund for Investment of Macroeconomic Stabilization, was established
as a result of advice from the IMF. The fund was created by the authority of the Presidency of the Republic.
The regulation of the fund by the Board of the Central Bank of Venezuela (BCV) began in December of 1999.
The fund serves to hedge the fluctuation of income generated by crude oil.
The main resource of FIEM consist of the revenue generated from Petróleos de Venezuela SA and any profits
resulting from crude oil operations by Petróleos de Venezuela SA. Any contributions made by the National
Executive may also be considered a resource for FIEM.
The majority of the decision-making powers lie, if indirectly, with the president. In 1999, Hugo Chavez
further increased his decision-making powers over the fund and is able to make expenditure decisions from
the fund by decree. Combined with the fact that the fund receives revenues are determined by rules that the
president has the ability to regularly change, the Venezuelan SWF exhibits especially low levels of effective
Established in June 20, 2005, the State Capital Investment Corporation (SCIC) is a state owned special
economic organization, that is established to manage and invest the state capital in enterprises and other areas
according to the regulation.
SCIC is responsible for monitoring and investing its capital based on market mechanisms, and promoting
strategies in support of market development and economic growth in Vietnam.
The SCIC has a chartered capital base of about VND 5 trillion (US$315 million). They have around 805
linked firms in their portfolio.
The goal od SCIC is to become a strategic investor for the government, investing in the domestic and
international markets. Currently they own most of the state owned enterprises in Vietnam.
CHANGES MADE TO RICHARD'S PRO-FORMA
Column A: Added "S.No" (serial numbering) March 23, 2009
Column B: "Firm Name" changed to "Fund Name" March 23, 2009
Column Q: "Category" changed to "Year Established" April 4, 2009
Column R: Added "Transparency Rating" April 4, 2009
Column T: "Bio of the Firm (5 points of information and details)" -
April 4, 2009
Increased the column width from 45 to 72
Included Legend: Columns A & B and rows 1& 2 April 20, 2009
Included the Transparency Index: Bottom left April 21, 2009
Added an empty row under each populated row; created borders
April 21, 2009
for each cell and row
Not formatted for printing yet April 21, 2009
They are all SWF; "Category" column redundant;
"Date Established" more relevant.
Additional information that seemed useful
To explain the colored cells
To explain the transparency ratings in column R