SOFAZ Grows in Size
The State Oil Fund of the Republic of Azerbaijan (SOFAZ) grew in assets under management to reach US$ 21.7 billion. Budget revenues from oil continued to pour in to augment SOFAZ’s growth. Since the beginning of the year, total assets has grown 45.8% more. Oil experts predict reserves will run out in around 26 years without additional discoveries.
SOFAZ is thinking of new ways to invest oil funds as peak production in Azerbaijan will end soon in the next five years. They plan to decrease allocation to fixed income and increase allocation to equities and institutional real estate. In fact, they are taking steps to move in that direction. Already SOFAZ is looking at passive equity investments in the developed world.
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