Libyan Government Approves Appointment for a Board of Trustees for LIA
The commodity-based sovereign wealth fund, the Libyan Investment Authority (LIA) during the overthrow of Gaddafi was under United Nations Security Council sanctions. The interim government (cabinet) in Libya has approved the appointment of a board of trustees. The board of trustees will most likely include the minister of economy, minister of finance, and the governor of the central bank. This is a significant step to move the mega sovereign wealth fund back on track. There are predictions that the MENA-based sovereign wealth fund will exit a large number of illiquid investments and focus more on domestic strategic development.
The Libyan Investment Authority was invested in a variety of asset classes such as stocks, bonds, private equity, derivatives, and strategic development holdings. The LIA was invested in a number of private equity funds such as the RBS Special Opportunities fund and funds managed by Goldman Sachs.
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