The Almanack Brief

A weekly letter on the movements of state capital. Free, by email.

Edition 2026 · 100 institutions

The Sovereign 100

The world’s state-owned investment institutions, ranked by best-evidenced assets under management. Every figure is verified to a primary source or carried as a clearly attributed estimate; the universe expands to 100 as verification completes.

Region Type 100 of 100
#InstitutionCountryAUMGrade
1Norges Bank Investment Management (Government Pension Fund Global)NBIM · Sovereign wealth fund · est. 1998Norway$2.285T sourced as of 2026-06-30A
2Government Pension Investment FundGPIF · Public pension fund · est. 2006Japan$1.956T sourced as of 2026-06-30A
3SAFE Investment CompanySAFE IC · Sovereign wealth fund · est. 1997China$1.840T est. as of 2026-05F
4China Investment CorporationCIC · Sovereign wealth fund · est. 2007China$1.370T sourced as of 2024-12-31B
5National Pension ServiceNPS · Public pension fund · est. 1988South Korea$1.203T sourced as of 2026-06-30A
6Abu Dhabi Investment AuthorityADIA · Sovereign wealth fund · est. 1976United Arab Emirates$1.187T est. as of 2026-05F
7Kuwait Investment AuthorityKIA · Sovereign wealth fund · est. 1953Kuwait$1.002T est. as of 2026-05F
8GIC Private LimitedGIC · Sovereign wealth fund · est. 1981Singapore$936B est. as of 2026-05D
9Public Investment FundPIF · Sovereign wealth fund · est. 1971Saudi Arabia$906B sourced as of 2025-12-31B
10Daya Anagata NusantaraDanantara · Strategic/development fund · est. 2025Indonesia$900B est. as of 2026-02F
11Stichting Pensioenfonds ABPABP · Public pension fund · est. 1922Netherlands$647B sourced as of 2026-06-30A
12California Public Employees Retirement SystemCalPERS · Public pension fund · est. 1932United States$637B sourced as of 2026-06-30A
13CPP InvestmentsCPP · Public pension fund · est. 1997Canada$607B sourced as of 2026-06-30A
14Qatar Investment AuthorityQIA · Sovereign wealth fund · est. 2005Qatar$580B est. as of 2026-05F
15HKMA Exchange Fund Investment PortfolioHKMA EF · Sovereign wealth fund · est. 1993Hong Kong SAR$569B sourced as of 2026-06-30B
16National Council for Social Security FundNSSF · Public pension fund · est. 2000China$544B sourced as of 2025-12-31C
17Investment Corporation of DubaiICD · Sovereign wealth fund · est. 2006United Arab Emirates$458B sourced as of 2025-12-31B
18Turkiye Wealth FundTWF · Strategic/development fund · est. 2016Turkiye$442B sourced as of 2025-12-31C
19California State Teachers Retirement SystemCalSTRS · Public pension fund · est. 1913United States$415B sourced as of 2026-06-30A
20Temasek HoldingsTemasek · Sovereign wealth fund · est. 1974Singapore$402B sourced as of 2026-03-31A
21La CaisseLa Caisse · Public pension fund · est. 1965Canada$388B sourced as of 2026-06-30A
22Mubadala Investment CompanyMubadala · Sovereign wealth fund · est. 2002United Arab Emirates$385B sourced as of 2025-12-31B
23Employees Provident FundEPF · Public pension fund · est. 1951Malaysia$377B sourced as of 2026-06-30A
24Employees' Provident Fund OrganisationEPFO · Public pension fund · est. 1952India$332B sourced as of 2025-03-31C
25New York City Retirement SystemsNYC Systems · Public pension fund · est. 1920United States$326B sourced as of 2026-06-30A
26General Organization for Social InsuranceGOSI · Public pension fund · est. 1973Saudi Arabia$320B sourced as of 2026-08D
27New York State Common Retirement FundNYSCRF · Public pension fund · est. 1921United States$310B sourced as of 2026-06-30A
28Pensioenfonds Zorg en WelzijnPFZW · Public pension fund · est. 2008Netherlands$306B sourced as of 2026-06-30A
29Bureau of Labor FundsBLF · Public pension fund · est. 2014Taiwan$279B sourced as of 2026-06-30B
30ADQADQ · Strategic/development fund · est. 2018United Arab Emirates$263B est. as of 2025-06D
31Florida State Board of AdministrationFlorida SBA · Public pension fund · est. 1943United States$234B sourced as of 2026-06-30A
32Washington State Investment BoardWSIB · Public pension fund · est. 1981United States$234B sourced as of 2026-03-31A
33Korea Investment CorporationKIC · Sovereign wealth fund · est. 2005South Korea$232B sourced as of 2025-12-31A
34PSP InvestmentsPSP · Public pension fund · est. 1999Canada$230B sourced as of 2026-03-31A
35Teacher Retirement System of TexasTexas TRS · Public pension fund · est. 1937United States$226B sourced as of 2025-08-31A
36Ontario Teachers Pension PlanOTPP · Public pension fund · est. 1990Canada$213B sourced as of 2026-06-30A
37Future FundFuture Fund · Sovereign wealth fund · est. 2006Australia$200B sourced as of 2026-06-30B
38British Columbia Investment Management CorporationBCI · Public pension fund · est. 1999Canada$190B sourced as of 2026-03-31A
39AP7 (Sjunde AP-fonden)AP7 · Public pension fund · est. 2000Sweden$185B sourced as of 2026-06-30A
40State of Wisconsin Investment BoardSWIB · Public pension fund · est. 1951United States$178B sourced as of 2025-12-31A
41Public Investment CorporationPIC · Public pension fund · est. 1911South Africa$166B sourced as of 2025-03-31B
42National Wellbeing FundNWF · Sovereign wealth fund · est. 2008Russia$159B sourced as of 2026-08-01C
43Public Institution for Social SecurityPIFSS · Public pension fund · est. 1976Kuwait$159B est. as of 2026-01D
44Ohio Public Employees Retirement SystemOhio PERS · Public pension fund · est. 1935United States$158B sourced as of 2025-12-31A
45Minnesota State Board of InvestmentMinnesota SBI · Public pension fundUnited States$157B sourced as of 2026-03-31A
46North Carolina Retirement SystemsNC Retirement · Public pension fund · est. 1941United States$150B sourced as of 2026-08-18A
47Alberta Investment Management CorporationAIMCo · Public pension fund · est. 2008Canada$142B sourced as of 2025-12-31A
48Dubai HoldingDubai Holding · Sovereign wealth fund · est. 2004United Arab Emirates$136B sourced as of 2026-07D
49Virginia Retirement SystemVRS · Public pension fund · est. 1942United States$135B sourced as of 2026-06-30A
50Massachusetts PRIM (PRIT Fund)Mass PRIM · Public pension fund · est. 1983United States$130B sourced as of 2026-06-30B
51Emirates Investment AuthorityEIA · Sovereign wealth fund · est. 2007United Arab Emirates$116B est. as of 2026-01F
52Oregon Public Employees Retirement FundOregon PERF · Public pension fund · est. 1946United States$110B sourced as of 2026-07-31A
53Ontario Municipal Employees Retirement SystemOMERS · Public pension fund · est. 1962Canada$106B sourced as of 2026-06-30A
54ATPATP · Public pension fund · est. 1964Denmark$106B sourced as of 2026-03-31A
55Korea PostKorea Post · Public pension fundSouth Korea$104B sourced as of 2026-05D
56Samruk-KazynaSamruk-Kazyna · Strategic/development fund · est. 2008Kazakhstan$96.9B sourced as of 2026-03-31C
57Healthcare of Ontario Pension PlanHOOPP · Public pension fund · est. 1960Canada$96.3B sourced as of 2025-12-31A
58Los Angeles County Employees Retirement AssociationLACERA · Public pension fund · est. 1938United States$93.9B sourced as of 2026-06-30A
59University of Texas/Texas A&M Investment Management CompanyUTIMCO · Sovereign wealth fund · est. 1996United States$93.4B sourced as of 2026-05-31A
60AP3 (Tredje AP-fonden)AP3 · Public pension fund · est. 2001Sweden$91.5B sourced as of 2026-06-30A
61Alaska Permanent Fund CorporationAPFC · Sovereign wealth fund · est. 1976United States$91.3B sourced as of 2026-06-30A
62AP4 (Fjarde AP-fonden)AP4 · Public pension fund · est. 1974Sweden$90.9B sourced as of 2026-06-30A
63Social Security Fund (Thailand)Thai SSF · Public pension fund · est. 1990Thailand$87.6B sourced as of 2026-03-31C
64New Jersey Division of InvestmentNJ DOI · Public pension fund · est. 1950United States$85.9B sourced as of 2026-05-31A
65QICQIC · Public pension fund · est. 1991Australia$85.9B sourced as of 2025-06-30C
66Pennsylvania Public School Employees Retirement SystemPA PSERS · Public pension fund · est. 1917United States$85.7B sourced as of 2026-03-31A
67Libyan Investment AuthorityLIA · Sovereign wealth fund · est. 2006Libya$80.0B sourced as of 2026-03-31F
68New South Wales Treasury CorporationTCorp · Public pension fund · est. 1983Australia$77.4B sourced as of 2025-06-30B
69New Mexico State Investment CouncilNMSIC · Sovereign wealth fund · est. 1958United States$73.4B sourced as of 2026-04-30A
70Brunei Investment AgencyBIA · Sovereign wealth fund · est. 1983Brunei$73.0B est. as of 2026-08F
71State Oil Fund of AzerbaijanSOFAZ · Sovereign wealth fund · est. 1999Azerbaijan$72.6B sourced as of 2026-06-30B
72Investment Management Corporation of OntarioIMCO · Public pension fund · est. 2016Canada$66.2B sourced as of 2025-12-31B
73National Fund of the Republic of KazakhstanNFRK · Sovereign wealth fund · est. 2000Kazakhstan$66.0B sourced as of 2026-08-01D
74Texas Permanent School FundTexas PSF · Sovereign wealth fund · est. 1854United States$60.6B sourced as of 2025-08-31B
75Oman Investment AuthorityOIA · Sovereign wealth fund · est. 2020Oman$59.8B sourced as of 2025-12-31C
76Korean Teachers Credit UnionKTCU · Public pension fund · est. 1971South Korea$59.5B sourced as of 2025-12-31C
77NZ Super FundNZ Super · Sovereign wealth fund · est. 2001New Zealand$57.1B sourced as of 2026-05-31A
78BPJS KetenagakerjaanBPJS · Public pension fund · est. 2014Indonesia$53.8B sourced as of 2026-03B
79Kumpulan Wang Persaraan (Diperbadankan)KWAP · Public pension fund · est. 2007Malaysia$48.1B sourced as of 2025-12-31C
80Government Pension Fund (Thailand)GPF · Public pension fund · est. 1997Thailand$47.8B sourced as of 2026-08-28B
81Ethiopian Investment HoldingsEIH · Strategic/development fund · est. 2022Ethiopia$46.0B est. as of 2025-12F
82Folketrygdfondet (Government Pension Fund Norway)GPFN · Sovereign wealth fund · est. 1967Norway$44.3B sourced as of 2026-06-30A
83KENFOKENFO · Sovereign wealth fund · est. 2017Germany$31.9B sourced as of 2026-06-30B
84Khazanah NasionalKhazanah · Sovereign wealth fund · est. 1993Malaysia$25.9B sourced as of 2025-12-31C
85Bahrain Mumtalakat Holding CompanyMumtalakat · Sovereign wealth fund · est. 2006Bahrain$19.2B sourced as of 2024-12-31B
86Ireland Strategic Investment FundISIF · Sovereign wealth fund · est. 2014Ireland$18.9B sourced as of 2025-12-31B
87Timor-Leste Petroleum FundTL Petroleum Fund · Sovereign wealth fund · est. 2005Timor-Leste$18.4B sourced as of 2026-06-30B
88Future Ireland FundFIF · Sovereign wealth fund · est. 2024Ireland$14.9B sourced as of 2025-12-31B
89The Sovereign Fund of EgyptTSFE · Strategic/development fund · est. 2018Egypt$12.0B est. as of 2024F
90Pension Reserve Fund (Chile)Chile PRF · Sovereign wealth fund · est. 2006Chile$10.5B sourced as of 2026-07-31B
91Indonesia Investment AuthorityINA · Sovereign wealth fund · est. 2021Indonesia$8.7B sourced as of 2025-12-31C
92National Investment and Infrastructure FundNIIF · Strategic/development fund · est. 2015India$4.9B sourced as of 2026-08F
93Infrastructure Climate and Nature FundICNF · Sovereign wealth fund · est. 2024Ireland$4.8B sourced as of 2025-12-31B
94Fundo Soberano de AngolaFSDEA · Sovereign wealth fund · est. 2012Angola$4.7B sourced as of 2025-12-31D
95Natural Resource Fund (Guyana)Guyana NRF · Sovereign wealth fund · est. 2019Guyana$4.3B sourced as of 2026-07-31B
96Economic and Social Stabilization FundESSF · Sovereign wealth fund · est. 2007Chile$3.9B sourced as of 2026-07-31B
97Nigeria Sovereign Investment AuthorityNSIA · Sovereign wealth fund · est. 2011Nigeria$3.4B sourced as of 2025-12-31C
98Fondo de Ahorro de PanamaFAP · Sovereign wealth fund · est. 2012Panama$3.3B sourced as of 2026-06-30B
99State Capital Investment CorporationSCIC · Strategic/development fund · est. 2005Vietnam$2.9B sourced as of 2026-06-30D
100Pula FundPula Fund · Sovereign wealth fund · est. 1994Botswana$2.0B sourced as of 2025-12-31D

† Consolidated holding-company or total-fund basis — broader than portfolio AUM and not directly comparable; see entry notes.

∗ Grade not yet fully audited: five of the eight criteria were scored from research rather than from a document checked against that criterion, and may move. See audit status.

Figures converted to USD at ECB reference rates on each figure’s as-of date. “est.” marks attributed third-party estimates for institutions that do not disclose; see the methodology for the evidence hierarchy, grade rubric, and correction policy.

Corrections & updates

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