### Largest Sovereign Wealth Funds (Top 10 as of November 2025)
Sovereign wealth funds (SWFs) are state-owned investment vehicles that manage a country's surplus revenues, often from commodities like oil or foreign exchange reserves, to support long-term economic stability and growth. Based on the latest data from the Sovereign Wealth Fund Institute (SWFI) and Global SWF, the total assets under management for the world's top 100 SWFs exceed $13.7 trillion. Rankings can vary slightly by source due to valuation dates and methodologies, but the following table reflects the consensus top 10 as of late 2025.
| Rank | Fund Name | Country | Assets (USD Billion) |
|------|------------------------------------|------------------|----------------------|
| 1 | Government Pension Fund Global | Norway | 1,780 |
| 2 | China Investment Corporation (CIC) | China | 1,330 |
| 3 | Abu Dhabi Investment Authority (ADIA) | United Arab Emirates | 993 |
| 4 | SAFE Investment Company | China | 1,100* |
| 5 | Kuwait Investment Authority (KIA) | Kuwait | 923 |
| 6 | Hong Kong Monetary Authority Investment Portfolio | Hong Kong | 1,100* |
| 7 | GIC Private Limited | Singapore | 770 |
| 8 | Public Investment Fund (PIF) | Saudi Arabia | 925 |
| 9 | Qatar Investment Authority (QIA) | Qatar | 526 |
| 10 | Investment Corporation of Dubai (ICD) | United Arab Emirates | 322 |
*Note: Figures for SAFE and HKMA are estimates based on foreign exchange reserves as of mid-2025; they may not reflect pure SWF allocations.
### Key Insights
- **Norway's Dominance**: The Government Pension Fund Global (often called the "Oil Fund") benefits from strong equity returns, posting a record $222 billion profit in 2024 driven by tech stocks.
- **Middle East Focus**: Funds from the UAE, Kuwait, Saudi Arabia, and Qatar dominate due to oil revenues, with a shift toward diversification into tech, real estate, and sports.
- **Asia's Growth**: China's dual funds (CIC and SAFE) and Singapore's GIC emphasize global diversification, while Hong Kong's fund supports currency stability.
- **Emerging Developments**: In 2025, the U.S. established its first national SWF via executive order (assets TBD), and Indonesia launched Danantara with $900 billion in projected assets, potentially entering the top ranks soon.
For the full top 100 list or historical comparisons, refer to sources like the SWFI or Global SWF rankings.
### Overview of the Norway Government Pension Fund Global
The "Norway fund" refers to the **Government Pension Fund Global (GPFG)**, commonly known as the Norwegian Oil Fund. Managed by Norges Bank Investment Management (NBIM), it is the world's largest sovereign wealth fund, with assets valued at approximately **$1.9 trillion** as of June 30, 2025. The fund's purpose is to safeguard Norway's petroleum revenues for future generations, funding about 25% of the national budget through sustainable withdrawals.
### Main Holding: Equities
The fund does not have a single dominant "main holding" like some concentrated funds; instead, it follows a passive, diversified strategy tracking global indexes (primarily the FTSE Global All Cap for equities). This results in broad ownership across ~9,000 companies in 70+ countries, averaging **1.5% of global listed equities**. Equities represent the **largest asset class**, comprising about **70-71% of the portfolio** (roughly $1.33 trillion based on 2025 valuations). The remaining allocation is ~25-27% in fixed income, ~4-5% in real estate, and a small portion (~0.1%) in renewable infrastructure.
This equity-heavy focus drives long-term returns (e.g., 5.8% in Q3 2025, fueled by AI optimism in tech stocks) while minimizing risk through diversification.
### Largest Individual Holdings
Given the index-tracking approach, the biggest positions are in the world's most valuable companies, primarily U.S. tech giants (which account for ~40% of equity exposure). Based on mid-2025 data, here are the top 10 equity holdings by approximate market value (estimates derived from ~1.4-1.5% ownership stakes; actual values fluctuate with markets):
| Rank | Company | Country/Region | Approx. Holding Value (USD Billion) | % Ownership |
|------|------------------|----------------|-------------------------------------|-------------|
| 1 | Apple Inc. | USA | ~120 | 1.45 |
| 2 | Microsoft Corp. | USA | ~115 | 1.42 |
| 3 | Nvidia Corp. | USA | ~95 | 1.50 |
| 4 | Amazon.com Inc. | USA | ~85 | 1.40 |
| 5 | Alphabet Inc. (Google) | USA | ~80 | 1.45 |
| 6 | Meta Platforms Inc. | USA | ~65 | 1.48 |
| 7 | Berkshire Hathaway Inc. | USA | ~55 | 1.35 |
| 8 | Eli Lilly & Co. | USA | ~50 | 1.42 |
| 9 | Broadcom Inc. | USA | ~45 | 1.50 |
| 10 | Tesla Inc. | USA | ~40 | 1.40 |
*Notes*: Values are approximate based on Q2/Q3 2025 market caps and NBIM's reported ownership; total equities ~$1.33T. The fund excludes ~180 companies on ethical grounds (e.g., tobacco, weapons) and has divested from others like Caterpillar in 2025 over human rights concerns. For real-time holdings, check NBIM's portfolio explorer at nbim.no.
This structure ensures stability, with equities as the growth engine offsetting lower-yield fixed income.
### Overview of ADIA's Holdings
The **Abu Dhabi Investment Authority (ADIA)** is one of the world's largest sovereign wealth funds, managing approximately **$1.1 trillion** in assets as of mid-2025. Unlike more transparent funds like Norway's Government Pension Fund Global, ADIA maintains a highly diversified, mostly passive portfolio and does not publicly disclose a full list of specific holdings or rankings. Its strategy emphasizes long-term value creation across geographies and asset classes, with no single dominant position. Investments span public equities (~50-60% of the portfolio, including developed markets at 32-42% and emerging markets at 7-15%), fixed income (10-20%), private equity (12-17%), real estate, infrastructure (2-7%), hedge funds, and alternatives (5-10%).
ADIA's approach focuses on broad index-tracking in public markets (e.g., stakes in major global indices via funds or direct minority positions) and selective private deals, often in tech, logistics, healthcare, and energy. Ethical and risk guidelines limit exposure to certain sectors like tobacco or heavy carbon emitters. Due to limited transparency, "top holdings" are inferred from reported investments, allocation sizes, and public disclosures (e.g., via SEC filings or press releases). Below is a curated list of ADIA's most notable known holdings as of November 2025, ranked roughly by estimated commitment size or strategic importance (values are approximate and fluctuate; total portfolio is too vast for precise % breakdowns).
### Top 10 Notable ADIA Holdings
| Rank | Asset/Holding | Type | Country/Region | Approx. Value (USD Billion) | Notes |
|------|--------------------------------|-----------------------|----------------|-----------------------------|-------|
| 1 | Citigroup Inc. | Public Equity | USA | 7.5 | Legacy 2007 investment via convertible notes; remains a key financial stake post-conversion. |
| 2 | GLP Capital Partners | Private Equity/Fund | Singapore/Global | 1.5 | 2025 commitment to logistics, digital infrastructure, and renewables; supports global expansion. |
| 3 | Fisher Investments | Private Equity | USA | 1.0+ (minority stake) | Part of $3B 2024-2025 deal with Advent International; wealth management focus. |
| 4 | IDFC FIRST Bank | Public Equity | India | 0.3 | 5.1% stake acquired in April 2025 for ₹26.24B (~$0.31B); banking sector diversification. |
| 5 | Innocap Investment Management | Private Equity | Canada | 0.2+ (up to 10% stake) | January 2025 investment; option to increase stake; alternative asset manager. |
| 6 | Micro Life Sciences (Meril) | Private Equity | India | 0.2 | July 2025 minority stake in medical devices; healthcare innovation push. |
| 7 | Qlik Technologies | Private Equity | USA | Undisclosed (minority) | 2024-2025 data analytics stake; tech sector emphasis. |
| 8 | Industrial and Financial Systems (IFS) | Private Equity | Sweden | Undisclosed (recap) | 2024 recapitalization participation; enterprise software. |
| 9 | EdgePoint Infrastructure | Private Equity | Singapore | 0.5 | 2021 commitment (up to $500M); ongoing for digital and energy infrastructure. |
| 10 | Various Hedge Funds (e.g., via allocations) | Alternatives | Global | ~10-20 (portfolio slice) | No specific fund named; hedge funds generated strong alpha in 2023-2025; ~5-10% overall allocation. |
### Key Insights
- **Diversification Priority**: Over 32% of assets are in alternatives (private equity, real estate, infrastructure), driving growth amid oil revenue volatility. Public equities dominate for liquidity but are passive (e.g., via ETFs in S&P 500 or MSCI World indices), so no single stock exceeds 1-2% typically.
- **Recent Trends (2024-2025)**: ADIA ramped up Asia (India, Singapore) and tech/AI investments, deploying ~$10-15B annually. It ranked among top global SWF dealmakers, with $82B collective GCC investments in 2024.
- **Challenges in Ranking**: Exact "top 10" isn't published; this list draws from verified deals. For real estate/infrastructure (e.g., London properties or U.S. data centers), values are aggregated and not itemized.
- **Performance**: ADIA reported ~7-9% annualized returns in recent years, bolstered by hedge funds and private credit amid market turbulence.
For the latest or more granular data, refer to ADIA's annual review (if released) or databases like PitchBook/Crunchbase.
### Overview of KIA's Holdings
The **Kuwait Investment Authority (KIA)** is Kuwait's sovereign wealth fund, established in 1953 and managing approximately **$1.029 trillion** in assets as of March 2025, making it the world's 5th largest SWF. KIA operates two main funds: the General Reserve Fund (GRF) for domestic and regional investments (e.g., Kuwaiti banks, airlines, and telecoms) and the Future Generations Fund (FGF) for global diversification. The portfolio emphasizes long-term returns through public equities (~50-60%), fixed income, private equity (10-15%), real estate, and infrastructure, with over 50% allocated to the U.S. and a growing focus on AI, digital infrastructure, and emerging markets like China and India.
KIA maintains low transparency and does not publicly rank its holdings, investing largely via external managers, funds, and minority stakes rather than concentrated positions. No single asset dominates, and values are often undisclosed or estimated from deals and filings. The "top 10" below is inferred from recent (2024-2025) reported investments, sales, and stakes, ranked by approximate size or strategic value (e.g., transaction amounts or portfolio impact). Recent sales (e.g., $3.4B in AIA Group and $3.1B in Bank of America in July 2025) indicate portfolio rebalancing toward AI and alternatives.
### Top 10 Notable KIA Holdings
| Rank | Asset/Holding | Type | Country/Region | Approx. Value (USD Billion) | Notes |
|------|--------------------------------|-----------------------|----------------|-----------------------------|-------|
| 1 | AI Infrastructure Partnership (with BlackRock, Microsoft, GIP) | Private Equity/Infrastructure | Global (U.S./UAE focus) | 30+ (KIA's share undisclosed, est. 10-20%) | June 2025 joint venture for AI data centers and semiconductors; part of KIA's push into digital tech. |
| 2 | Brookfield-Nvidia AI Fund | Private Equity/Infrastructure | Global | 100 (KIA's share undisclosed, est. 5-10%) | November 2025 partnership for AI cloud and supercomputers; aligns with $7T global AI buildout strategy. |
| 3 | AIA Group Ltd. (pre-sale stake)| Public Equity | Hong Kong/Asia | 3.4 (sold July 2025) | Major insurer holding from 2010 $1B investment; sale proceeds reinvested abroad, but residual stake possible. |
| 4 | Bank of America Corp. (pre-sale stake) | Public Equity | USA | 3.1 (sold July 2025) | Key U.S. banking exposure; part of broader financial sector trimming for diversification. |
| 5 | Mercedes-Benz Group AG (Daimler)| Public Equity | Germany/Europe| 2-3 (est. ongoing stake) | Long-term 50+ year relationship; one of KIA's largest European holdings in automotive/tech. |
| 6 | BlackRock Inc. | Public Equity/Alternatives | USA | 0.75 (2009 investment, est. current ~1-2) | Strategic stake in world's largest asset manager; supports KIA's alternative investments. |
| 7 | Contemporary Amperex Technology (CATL) | Public Equity | China | 0.5 (May 2025 HK listing) | Battery giant investment via Hong Kong IPO; boosts China exposure amid Q1 2025 A-share increases (total ~$0.65B). |
| 8 | Direct ChassisLink Inc. (acquired) | Private Equity | USA | 1.5 (2022 deal, KIA's share est. 0.3-0.5) | Logistics firm buyout with GIC and OMERS; infrastructure focus. |
| 9 | Careem Networks | Private Equity | UAE/MENA | 0.5 (undisclosed, est.) | Ride-hailing app stake; acquired by Uber, but KIA retained interest in MENA mobility. |
| 10 | Lodha Group | Public Equity (Post-IPO) | India | 0.2-0.3 (Dec 2022 round) | Real estate developer; latest India play for emerging market growth. |
### Key Insights
- **U.S. Dominance**: Over 50% of the portfolio is U.S.-focused, including equities in tech/finance and recent AI ventures, reflecting high liquidity and returns.
- **Recent Activity (2025)**: KIA deployed ~$10-15B in new deals, emphasizing AI ($130B+ committed via partnerships) and China (Q1 holdings up to $0.65B across 30+ A-shares). Sales of legacy stakes freed capital for high-growth areas.
- **Diversification**: ~10% domestic (e.g., stakes in Zain telecom, Kuwait Airways, National Bank of Kuwait); growing alternatives (32% per regional trends) like North Sea Midstream Partners (£1.3B, 2018).
- **Challenges in Ranking**: Data from SEC filings, press, and databases (e.g., Tracxn, Wind); exact values fluctuate and aren't fully disclosed. Ethical guidelines limit tobacco/weapons exposure.
For updates, monitor KIA's site or Global SWF reports.
### Overview of GIC's Holdings
**GIC Private Limited** is Singapore's sovereign wealth fund, established in 1981 to manage the country's foreign reserves for long-term value preservation and growth. As of March 31, 2025, it oversees approximately **$930 billion** in assets under management, with a diversified portfolio emphasizing equities (51%), fixed income (26%), and real assets (23%). Geographically, it has heavy exposure to the Americas (49%, primarily U.S.), followed by APAC (24%) and EMEA (20%). GIC's strategy is passive in public markets (tracking global indices) and active in private equity, real estate, and infrastructure, focusing on tech, healthcare, and sustainability. Like other opaque SWFs, it does not publicly disclose a ranked list of holdings, investing via funds, minority stakes, and partnerships rather than concentrated positions.
The "top 10" below is compiled from recent (2024-2025) reported investments, acquisitions, and stakes, ranked by estimated size or strategic significance (e.g., deal value or portfolio impact). Values are approximate, as GIC rarely reveals exact commitments; public equities are passive and not itemized. Recent activity includes AI/tech bets and infrastructure amid a $10-15B annual deployment.
### Top 10 Notable GIC Holdings
| Rank | Asset/Holding | Type | Country/Region | Approx. Value (USD Billion) | Notes |
|------|--------------------------------|-----------------------|----------------|-----------------------------|-------|
| 1 | Hologic Inc. (via buyout) | Private Equity/Healthcare | USA | 1.0+ (minority stake in $18.3B deal) | October 2025 consortium with Blackstone/TPG; medical devices focus for long-term growth. |
| 2 | Vantage Data Centers | Private Equity/Infrastructure | Global (U.S./Canada) | 0.5-1.0 (Unattributed round) | September 2025 investment in data center expansion; AI/cloud computing emphasis. |
| 3 | Wealthsimple | Private Equity/Fintech | Canada | 0.75 (part of $750M round) | October 2025 equity at $10B valuation; digital wealth management for North American expansion. |
| 4 | Monzo Bank | Public Equity/Fintech | UK | 0.3-0.5 (share sale participation) | 2024 stake in $5.9B valuation; ongoing digital banking hold amid 2025 growth. |
| 5 | Citco | Private Equity/Services | Global | 0.5 (direct investment) | May 2025 fund administration firm; supports GIC's alternative assets ops. |
| 6 | Infravision | Private Equity/Infrastructure | India | 0.09 (Series B lead) | November 2025 $91M round; power transmission for emerging markets infra. |
| 7 | Cimed | Private Equity/Healthcare | Brazil | 0.2-0.3 (minority stake) | March 2025 pharma investment; Latin America diversification. |
| 8 | Miller (insurance broker) | Private Equity/Financials | UK | 0.2+ (majority stake) | December 2023 acquisition from Cinven; reinsurance focus, held through 2025. |
| 9 | Anthropic | Private Equity/AI | USA | Undisclosed (minority, est. 0.1-0.2) | 2025 AI startup stake with QIA; part of broader tech/AI push. |
| 10 | Various U.S. Equities (e.g., via indices) | Public Equity | USA | ~10-20 (portfolio slice) | Passive holdings in S&P 500/tech giants; 49% Americas exposure drives value. |
### Key Insights
- **U.S./Tech Focus**: ~49% in Americas, with rising equities (51% total) amid AI optimism; GIC boosted U.S. allocations despite high valuations, citing resilient balance sheets.
- **Recent Trends (2025)**: Deployed in AI (e.g., Anthropic), data centers (Vantage), and emerging markets (Infravision, Cimed); sold $1B in PE secondaries in October for rebalancing.
- **Performance**: 20-year annualized real return of +3.8% (USD nominal +5.7%) to March 2025; lower volatility than benchmarks via diversification.
- **Challenges in Ranking**: Drawn from SEC filings, press, and databases (e.g., Tracxn, CB Insights); real assets like Mumbai/Bengaluru properties (via Brookfield JV) are aggregated. No single holding exceeds 1-2%.
For updates, check GIC's annual reports or platforms like PitchBook.
### Overview of PIF's Holdings
The **Public Investment Fund (PIF)** is Saudi Arabia's sovereign wealth fund, managing approximately **$1.15 trillion** in assets as of mid-2025, ranking it 4th globally. Established in 1971, PIF drives Vision 2030 by diversifying the economy through investments in domestic megaprojects (e.g., NEOM, Red Sea Global) and global stakes in tech, energy, and entertainment. Its portfolio includes over 220 companies, with ~60% domestic focus and the rest international. PIF does not publicly disclose a ranked "top 10 holdings" list, as much of its portfolio is in illiquid private assets, wholly-owned subsidiaries, and unlisted ventures without transparent valuations. Holdings are often strategic rather than purely financial, with heavy emphasis on sectors like renewables, tourism, and AI.
The table below ranks the top 10 notable holdings based on estimated stake values, strategic importance, and recent disclosures (as of Q3 2025). Values are approximate, derived from SEC 13F filings (for U.S. publics, totaling ~$19.4B across 57 positions), press releases, and reports; private/domestic assets are harder to quantify precisely. Public U.S. equities represent only ~2% of AUM, with concentration in tech/mobility.
### Top 10 Notable PIF Holdings
| Rank | Asset/Holding | Type | Country/Region | Approx. Value/Stake (USD Billion) | Notes |
|------|--------------------------------|-----------------------|----------------|-----------------------------------|-------|
| 1 | Saudi Aramco | Public Equity | Saudi Arabia | 150+ (8% stake) | Core energy holding; transferred in 2022-2023 to boost AUM; dividends fund Vision 2030 projects. |
| 2 | Lucid Group Inc. | Public/Private Equity| USA | 8 (58.4% stake) | EV maker; $2.5B added in 2025; production ramp-up in Saudi; aligns with green mobility goals. |
| 3 | Uber Technologies Inc. | Public Equity | USA | 6.5 (3.8% stake; 72.8M shares) | Largest U.S. holding per Q3 2025 13F; $3.5B invested in 2016; mobility/tech diversification. |
| 4 | SABIC (Saudi Basic Industries)| Public Equity | Saudi Arabia | 50+ (70% stake) | Petrochemicals giant; supports industrial transformation; partial IPO in 2020. |
| 5 | Maaden (Saudi Arabian Mining) | Public Equity | Saudi Arabia | 20+ (significant stake) | Mining/minerals leader; key for non-oil revenue; Q3 2025 profits doubled to $0.59B. |
| 6 | Saudi National Bank | Public Equity | Saudi Arabia | 15+ (stake) | Largest Saudi lender; bolsters financial sector; domestic stability focus. |
| 7 | Newcastle United FC | Private Equity | UK | 3.2 (80% stake) | EPL club acquired in 2021; sports/entertainment arm; part of global branding push. |
| 8 | Nintendo Co. Ltd. | Public Equity | Japan | 2-3 (stake) | Gaming/entertainment; ties into Esports World Cup and local gaming hubs. |
| 9 | SoftBank Vision Fund | Private Equity/Fund | Global (Japan)| 45 (commitment; ~$27B deployed) | 2016 JV for tech startups; losses in Uber/WeWork offset by AI bets; ongoing capital calls. |
| 10 | Electronic Arts (EA) | Public Equity | USA | 1-2 (potential buyout stake) | Video games "crown jewel"; 2025 talks for acquisition; enhances gaming portfolio. |
### Key Insights
- **Domestic vs. Global**: ~60% of portfolio is Saudi-based (e.g., Aramco, SABIC), funding gigaprojects like NEOM (~$500B total, PIF lead) and Riyadh Air. International holdings (~40%) target tech/AI (e.g., Uber, EA) and renewables.
- **Recent Activity (2025)**: U.S. equities rose to $23.8B (Q2), with exits from some tech for chips/healthcare (e.g., +positions in semiconductors). New MoUs: Microsoft sovereign cloud (Nov 2025), $50B China banks (undisclosed progress).
- **Challenges in Ranking**: Private assets (e.g., Alat manufacturing hub, Lifera pharma) lack public valuations; total AUM includes illiquid ~$700B in unlisted holdings. Ethical guidelines limit certain sectors.
- **Performance**: AUM up 25% YoY to $1.15T; target $2.67T by 2030, creating 1.1M jobs via 93 new companies.
For granular U.S. filings, see SEC 13F; full portfolio details via PIF's site or Global SWF reports.
### Overview of QIA's Holdings
The **Qatar Investment Authority (QIA)** is Qatar's sovereign wealth fund, established in 2005 to diversify the economy beyond oil and gas. As of August 2025, it manages approximately **$557 billion** in assets, ranking it among the top 10 global SWFs. QIA's portfolio is highly diversified across asset classes (e.g., ~50% equities, 20% real estate, 15% private equity, 10% fixed income, 5% alternatives) and geographies (Europe ~30%, North America ~25%, Asia ~20%, MENA ~15%, others ~10%). It emphasizes long-term, strategic investments in tech, infrastructure, energy, and consumer sectors, often via minority stakes or funds rather than controlling positions.
QIA maintains low transparency and does not publicly disclose a ranked "top 10 holdings" list. Investments are managed through subsidiaries like Qatar Holding LLC, with many in private or unlisted assets. The "top 10" below is inferred from recent (2024-2025) disclosures, SEC 13F filings (U.S. publics ~$15-20B total), press releases, and reports, ranked by approximate stake value or strategic significance (e.g., deal size or portfolio impact). Values are estimates and fluctuate; public equities are passive and represent <5% of AUM.
### Top 10 Notable QIA Holdings
| Rank | Asset/Holding | Type | Country/Region | Approx. Value/Stake (USD Billion) | Notes |
|------|--------------------------------|-----------------------|----------------|-----------------------------------|-------|
| 1 | Volkswagen Group AG | Public Equity | Germany | 3-4 (17% stake) | Acquired in 2009; auto/tech leader; held through 2025 despite EV shifts. |
| 2 | Barclays PLC | Public Equity | UK | 2.5-3 (6-7% stake) | Increased from 2008 crisis; key European banking exposure; ongoing hold. |
| 3 | Heathrow Airport Holdings | Infrastructure/Equity| UK | 2-3 (20% stake) | Major airport operator; supports aviation/tourism; stable dividend payer. |
| 4 | Iberdrola SA | Public Equity | Spain | 2 (8.5% stake) | Renewable energy giant; aligns with green transition; acquired 2010s. |
| 5 | Harrods (Qatar Luxury Group) | Private Equity/Retail| UK | 1.5-2 (100% ownership) | Iconic department store bought in 2010; luxury retail flagship. |
| 6 | Paris Saint-Germain FC (PSG) | Private Equity/Sports| France | 1-2 (full ownership via subsidiary)| Football club; global branding and entertainment; ongoing investments. |
| 7 | Reliance Retail Ventures | Public/Private Equity| India | 1 (1% stake) | Acquired 2023 for $1B; e-commerce/retail growth in Asia. |
| 8 | Ooredoo QPSC | Public Equity | Qatar/MENA | 0.5-1 (significant domestic stake)| Telecom operator; core MENA holding for connectivity. |
| 9 | Qatar National Bank (QNB) | Public Equity | Qatar/MENA | 0.5-1 (stake) | Largest MENA bank by assets; financial stability focus. |
| 10 | Credit Suisse (now UBS) | Public Equity | Switzerland | 0.5+ (legacy stake) | Banking exposure pre-2023 merger; residual in UBS post-acquisition. |
### Key Insights
- **Geographic Focus**: Heavy in Europe (e.g., UK, Germany, France) for infrastructure and finance; growing Asia (India, China via funds) and U.S. (e.g., Databricks AI round in 2025, Fluence Energy ~$0.09B stake).
- **Recent Activity (2025)**: Deployed ~$5-10B in new deals, including $0.275B in AI firm d-Matrix (Series C), $1B commitment to ORIX private equity fund (Japan), $0.535B in Colombian renewables (ISAGEN), and $0.025B follow-on in Indian cloud kitchen Rebel Foods. Exits include partial sales in build-to-rent (e.g., Get Living in 2023).
- **Diversification Trends**: Shift toward AI/tech (e.g., Instabase $0.1B round) and renewables; total portfolio spans 100+ investments, with 30+ exits (e.g., Sionna Therapeutics in Feb 2025) and 8 acquisitions (e.g., ESR logistics in July 2025).
- **Challenges in Ranking**: Private assets (e.g., Canary Wharf, Shard skyscraper, Empire State Realty ~$0.5B stake) and funds (e.g., SoftBank Vision Fund) lack precise valuations. Ethical guidelines avoid tobacco/weapons.
For U.S.-specific filings, see SEC 13F via WhaleWisdom; broader updates via QIA's site or Global SWF reports.
No comments:
Post a Comment