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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% “
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Global SWF Annual Report 2024 European Countries
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 trillion 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 Managing $20 million to $3 billion. Investing $3 million to $300 million. For Investment Managers, Hedge Funds, Boutique Funds, Private Equity, Venture Capital, Professional Investors, Family Offices, Private Bankers & Advisors, sign up today. Subscribe to Caproasia and receive the latest news, data, insights & reports, events & programs daily at 2 pm.
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