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Sovereign Wealth Funds Dominate Public Funds

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As an institutional investor class, sovereign wealth funds make up a majority of investors in a top-10 global ranking of the largest public funds. This ranking includes sovereign funds, pensions and other public funds. However, wealth funds are far fewer in number compared to the vast number of retirement funds. You can view all other sorts of rankings here.


SWFI League Table of Largest Public Funds

Rank Fund Country Type June 2015
1 Social Security Trust Funds United States National Pension 2,789.50
2 Government Pension Investment Fund Japan National Pension 1,150.00
3 Government Pension Fund – Global Norway Sovereign Wealth Fund 882
4 Abu Dhabi Investment Authority (ADIA) United Arab Emirates Sovereign Wealth Fund 773
5 China Investment Corporation (CIC) China Sovereign Wealth Fund 746.7
6 SAMA Foreign Holdings Saudi Arabia Sovereign Wealth Fund 671.8
7 Kuwait Investment Authority (KIA) Kuwait Sovereign Wealth Fund 592
8 SAFE Investment Company China Sovereign Wealth Fund 567.9
9 National Pension Service of Republic of Korea South Korea National Pension 455
10 Stichting Pensioenfonds ABP Netherlands Public Pension 440
11 Federal Retirement Thrift United States Public Pension 422.2
12 GIC Private Limited Singapore Sovereign Wealth Fund 344
13 CalPERS United States Public Pension 304.1
14 Qatar Investment Authority Qatar Sovereign Wealth Fund 256

 
Actually top 14


Sovereign wealth fund assets continue to expand, despite the slowdown in oil prices and account surpluses in Asian countries. However, retirement plan assets, especially in the defined-benefit space, witnessed growth in countries like the United States. Defined benefit assets are over US$ 10 trillion in assets compared to around US$ 7.3 trillion in sovereign wealth fund assets. In the aggregate, many of these investors have been pushed into equities and alternatives such as real estate and private equity, as the world experienced years and years of quantitative easing policies. This type of compensation invites more risk taking.

SWFI First Read, December 10, 2018

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IMF Bentham Opens New London Office

IMF Bentham Limited opened a new London office called IMF Litigation Funding Services Limited. The division will provide litigation finance, investment capital and strategic services for disputes in the EMEA region, which includes the United Kingdom, Europe, Middle East, and Africa.

Falck Renewables Buys Portfolio of Windfarms in France

A subsidiary of Falck Renewables acquired a portfolio of five onshore windfarms in north-eastern and western France from a fund affiliated with Glennmont Partners for €37 million. The sale was due to the fund’s divestment plan. These windfarms are located in Bois Ballay, Les Coudrays, Mazeray, Eol Team, and Noyales.

Carlos Ghosn Charged by Japanese Prosecutors

Japan government prosecutors indicted Carlos Ghosn, the former chairman of Nissan Motor, and the auto company. The indictment accuses the parties of violating Japanese financial laws by underreporting his compensation. Nissan disclosed Ghosn’s misconduct which included underreporting his compensation and using corporate funds for personal expenses.

OIF Plans to Go Defensive on Public Equities

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First Inning on Augmented Reality a Strike for SWFs

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Augmented reality (AR), which is not the same as virtual reality, is an industry that sovereign wealth capital has slowly permeated. The impressive technology has not made inroads into mainstream U.S. culture – remember Google’s efforts with Google Glasses. However, these augmented reality glasses may have industrial purposes such as in car production or logistics.

Malaysia’s Khazanah Nasional Berhad backed London-based Blippar, an augmented reality studio company. Blippar appears to be on the brink of financial collapse, according to a number of media sources. There is a dispute between investors Khazanah and Nick Candy, in which the SWF had blocked emergency fundraising. This fundraising effort would have most likely lowered Khazanah’s equity stake. In June 2018, Blippar raised an extra £20 million from investors to keep things running. David Rubin & Partners LLP was hired by Blippar as insolvency practitioners.

Magic Leap

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PREVIEW COVER: January Issue of the Sovereign Wealth Quarterly

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Here is a mockup cover of the next issue of the Sovereign Wealth Quarterly, the top publication on sovereign funds, pensions, and other institutional investors.

For advertising opportunities: https://www.swfinstitute.org/advertise/

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