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Sovereign wealth fund

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A sovereign wealth fund (SWF), or sovereign investment fund is a state-owned investment fund that invests in real and financial assets such as stocks, bonds, real estate, precious metals, or in alternative investments such as private equity funds or hedge funds. Sovereign wealth funds invest globally. Most SWFs are funded by revenues from commodity exports or from foreign exchange reserves held by the central bank.

Some sovereign wealth funds may be held by a central bank, which accumulates the funds in the course of its management of a nation's banking system; this type of fund is usually of major economic and fiscal importance. Other sovereign wealth funds are simply the state savings that are invested by various entities for investment return, and that may not have a significant role in fiscal management.

The accumulated funds may have their origin in, or may represent, foreign currency deposits, gold, special drawing rights (SDRs) and International Monetary Fund (IMF) reserve positions held by central banks and monetary authorities, along with other national assets such as pension investments, oil funds, or other industrial and financial holdings. These are assets of the sovereign nations that are typically held in domestic and different reserve currencies (such as the dollar, euro, pound, and yen). Such investment management entities may be set up as official investment companies, state pension funds, or sovereign funds, among others.

There have been attempts to distinguish funds held by sovereign entities from foreign-exchange reserves held by central banks. Sovereign wealth funds can be characterized as maximizing long-term return, with foreign exchange reserves serving short-term "currency stabilization", and liquidity management. Many central banks in recent years possess reserves massively in excess of needs for liquidity or foreign exchange management. Moreover, it is widely believed most have diversified hugely into assets other than short-term, highly liquid monetary ones, though almost no data is publicly available to back up this assertion.

History

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The term "sovereign wealth fund" was first used in 2005 by Andrew Rozanov in an article entitled, "Who holds the wealth of nations?" in the Central Banking Journal.[1] The previous edition of the journal described the shift from traditional reserve management to sovereign wealth management; subsequently the term gained widespread use as the spending power of global officialdom has rocketed upward.[citation needed]

China's sovereign wealth funds entered global markets in 2007.[2]: 4  Since then, their scale and scope have expanded significantly.[2]: 4 

SWFs were the first institutions to use sovereign capital in an effort to contain the financial damage in the early stages of the 2007-2008 global financial crisis.[2]: 1–2  SWFs are able to react quickly in such circumstances because unlike regulators, SWFs actively participate in the market.[2]: 2 

SWFs grew rapidly between 2008 and 2021, with global assets under management by these funds increasing from approximately $4 trillion to more than $10 trillion.[2]: 3 

SWFs invest in a variety of asset classes such as stocks, bonds, real estate, private equity and hedge funds. Many sovereign funds are directly investing in institutional real estate. According to the Sovereign Wealth Fund Institute's transaction database around US$9.26 billion in direct sovereign wealth fund transactions were recorded in institutional real estate for the last half of 2012.[3] In the first half of 2014, global sovereign wealth fund direct deals amounted to $50.02 billion according to the SWFI.[4]

Early SWFs

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Sovereign wealth funds have existed for more than a century, but since 2000, the number of sovereign wealth funds has increased dramatically. The first SWFs were non-federal U.S. state funds established in the mid-19th century to fund specific public services.[5] The U.S. state of Texas was thus the first to establish such a scheme, to fund public education. The Permanent School Fund (PSF) was created in 1854 to benefit primary and secondary schools, with the Permanent University Fund (PUF) following in 1876 to benefit universities. The PUF was endowed with public lands, the ownership of which the state retained by terms of the 1845 annexation treaty between the Republic of Texas and the United States. While the PSF was first funded by an appropriation from the state legislature, it also received public lands at the same time that the PUF was created. The first SWF established for a sovereign state is the Kuwait Investment Authority, a commodity SWF created in 1953 from oil revenues before Kuwait gained independence from the United Kingdom. As of July 2023, Kuwait's Sovereign Wealth Fund, or locally known as Ajyal Fund, is now worth $853 billion.[6]

Another early registered SWFs is the Revenue Equalization Reserve Fund of Kiribati. Created in 1956, when the British administration of the Gilbert Islands in Micronesia put a levy on the export of phosphates used in fertilizer, the fund has since then grown to $520 million.[7]

Nature and purpose

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$1 billion sovereign wealth fund initial investment
15% compounding interest annually
 
Dividend payments of 1.5% on initial $1B investment
$26.7 billion in total dividend payments over 40 years.
Dividends were not reinvested and can be used as revenue for the government.

SWFs are typically created when governments have budgetary surpluses and have little or no international debt.[dubious – discuss] It is not always possible or desirable to hold this excess liquidity as money or to channel it into immediate consumption. This is especially the case when a nation depends on raw material exports like oil, copper or diamonds. In such countries, the main reason for creating a SWF is because of the properties of resource revenue: high volatility of resource prices, unpredictability of extraction, and exhaustibility of resources.

SWFs are primarily commodity-based and many have been established by oil-rich states.[2]: 5  SWFs of China are a notable exception to this more typical model.[2]: 5 

Stabilization SWFs are created to reduce the volatility of government revenues, to counter the boom-bust cycles' adverse effect on government spending and the national economy.

Savings SWFs build up savings for future generations. One such fund is the Government Pension Fund of Norway. It is believed that SWFs in resource-rich countries can help avoid resource curse, but the literature on this question is controversial. Governments may be able to spend the money immediately, but risk causing the economy to overheat, e.g., in Hugo Chávez's Venezuela or Shah-era Iran. In such circumstances, saving money to spend during a period of low inflation is often desirable.

Other reasons for creating SWFs may be economic, or strategic, such as war chests for uncertain times. For example, the Kuwait Investment Authority during the Gulf War managed excess reserves above the level needed for currency reserves (although many central banks do that now). The Government of Singapore Investment Corporation, Temasek Holdings, or Mubadala are partially the expression of a desire to bolster their countries' standing as an international financial centre. The Korea Investment Corporation has since been similarly managed. Sovereign wealth funds invest in all types of companies and assets, including startups like Xiaomi and renewable energy companies like Bloom Energy.[8]

According to a 2014 study, SWFs are not created for reasons related to reserve accumulation and commodity-export specialization. Rather, the diffusion of SWF can best be understood as a fad whereby certain governments consider it fashionable to create SWFs and are influenced by what their peers are doing.[9]

As market participants, SWFs influence other institutional investors, who may see investments made alongside SWFs as inherently safer.[2]: 9  This effect can be seen with increasing frequency, especially with regard to investments made by the Government Pension Fund of Norway, Abu Dhabi Investment Authority, and Temasek Holdings, and China Investment Corporation.[2]: 9  SLFs help facilitate a state's ability to use its selective equity investments to promote its industrial policies and strategic interests.[2]: 9 

Concerns about SWFs

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The growth of sovereign wealth funds is attracting close attention because:

  • As this asset pool continues to expand in size and importance, so does its potential impact on various asset markets.
  • Some countries, like the United States, which passed the Foreign Investment and National Security Act of 2007, worry that foreign investment by SWFs raises national security concerns because the purpose of the investment might be to secure control of strategically important industries for political rather than financial gain.
  • Former U.S. Secretary of the Treasury Lawrence Summers has argued that the U.S. could potentially lose control of assets to wealthier foreign funds whose emergence "shake[s] [the] capitalist logic".[5] These concerns have led the European Union (EU) to reconsider whether to allow its members to use "golden shares" to block certain foreign acquisitions.[10] This strategy has largely been excluded as a viable option by the EU, for fear it would give rise to a resurgence in international protectionism. In the United States, these concerns are addressed by the Exon–Florio Amendment to the Omnibus Trade and Competitiveness Act of 1988, Pub. L. No. 100-418, § 5021, 102 Stat. 1107, 1426 (codified as amended at 50 U.S.C. app. § 2170 (2000)), as administered by the Committee on Foreign Investment in the United States (CFIUS).[further explanation needed]
  • Their inadequate transparency is a concern for investors and regulators: for example, size and source of funds, investment goals, internal checks and balances, disclosure of relationships, and holdings in private equity funds.
  • SWFs are not nearly as homogeneous as central banks or public pension funds.
  • A lack of transparency and hence an increase in risk to the financial system, perhaps becoming the "new hedge funds".[11]

The governments of SWFs commit to follow certain rules:

  • Accumulation rule (what portion of revenue can be spent/saved)
  • Withdraw rule (when the Government can withdraw from the fund)
  • Investment (where revenue can be invested in foreign or domestic assets)[12]

Governmental interest in 2008

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  • On 5 March 2008, a joint sub-committee of the U.S. House Financial Services Committee held a hearing to discuss the role of "Foreign Government Investment in the U.S. Economy and Financial Sector". The hearing was attended by representatives of the U.S. Department of Treasury, the U.S. Securities and Exchange Commission, the Federal Reserve Board, Norway's Ministry of Finance, Singapore's Temasek Holdings, and the Canada Pension Plan Investment Board.
  • On 20 August 2008, Germany approved a law that requires parliamentary approval for foreign investments that endanger national interests. Specifically, it affects acquisitions of more than 25% of a German company's voting shares by non-European investors—but the economics minister Michael Glos has pledged that investment reviews would be "extremely rare". The legislation is loosely modeled on a similar one by the U.S. Committee on Foreign Investments. Sovereign wealth funds are also increasing their spending. In 2015, Qatar announced a $35 billion investment in United States assets over a period of five years.[13][14]

Santiago Principles

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Further information: Santiago Principles

A number of transparency indices sprang up before the Santiago Principles, some more stringent than others.[citation needed] To address these concerns, some of the world's main SWFs came together in a summit in Santiago, Chile, on 2–3 September 2008. Under the leadership of the IMF, they formed a temporary International Working Group of Sovereign Wealth Funds. This working group then drafted the 24 Santiago Principles, to set out a common global set of international standards regarding transparency, independence, and accountability in the way that SWFs operate.[15][16] These were published after being presented to the IMF International Monetary Financial Committee on 11 October 2008.[16] They also considered a standing committee to represent them, and so a new organisation, the International Forum of Sovereign Wealth Funds was set up to maintain the new standards going forward and represent them in international policy debates.[17]

As of 2016, 30 funds[18] have formally signed up to the Principles, representing collectively 80% of the assets managed by sovereign funds globally or US$5.5 trillion.[19]

Size of SWFs

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Assets under management of SWFs amounted to $7.94 trillion as of 24 December 2020.[20]

Countries with SWFs funded by oil and gas exports, totaled $5.4 trillion as of 2020.[21] Non-commodity SWFs are typically funded by transfer of assets from official foreign exchange reserves, and in some cases from government budget surpluses and privatization revenues. Middle Eastern and Asian countries account for 77% of all SWFs.

Depletion of SWFs

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Numerous SWFs have gone bust throughout history. The most notable ones have been Algeria's FRR, Brazil's FSB, Ecuador's numerous SWF arrangements, Papua New Guinea's MRSF, and Venezuela's FIEM and FONDEN. The main reason why these funds have been exhausted is due to political instability, while economic determinants generally play a less important role.[22]

SWFs in unstable countries may provoke risks for recipient states of SWF investments, given that the instability in SWF-sponsor countries makes those investments uncertain and likely to be disinvested to weather political risk in the short-term.[citation needed]

Highly stable countries, such as Denmark, Qatar, China, or Australia are less likely to experience SWF depletion precisely because of their political stability.[citation needed]

Largest sovereign wealth funds

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See also: List of countries by sovereign wealth funds and List of countries by foreign-exchange reserves
Country or Region Abbreviation Fund Assets[23]
billions US$ 		Inception Origin
  Norway GPF-G Government Pension Fund Global 1,715[24] 1990 Oil & Gas
  China CIC China Investment Corporation 1,350[25] 2007 Non-commodity
  China SAFE SAFE Investment Company 1,090[26] 1997[26] Non-commodity
  United Arab Emirates ADIA Abu Dhabi Investment Authority 993[27] 1976 Oil & Gas
  Kuwait KIA Kuwait Investment Authority 980 [28] 1953 Oil & Gas
  Saudi Arabia PIF Public Investment Fund 925 [29] 1971 Oil & Gas
  Singapore GIC GIC Private Limited 770[30] 1981 Non-commodity
  Qatar QIA Qatar Investment Authority 526[31] 2005 Oil & Gas
  Hong Kong HKMA Exchange Fund (Hong Kong) 514[32] 1935[33] Non-commodity
  China NSSF National Council for Social Security Fund 414[34] 2000 Non-commodity
  United Arab Emirates ICD Investment Corporation of Dubai 341[35] 2006 Oil & Gas
  United Arab Emirates PJSC Mubadala Investment Company 302[36] 2002 Oil & Gas
  Singapore TH Temasek Holdings 287[37][38] 1974 Non-commodity
  Turkey TWF Turkey Wealth Fund 279.3[39] 2017 Non-commodity
  Australia FF Future Fund 223.4[40] 2006 Non-commodity
  United Arab Emirates ADQ Abu Dhabi Developmental Holding Company 196[41] 2018 Non-commodity
  South Korea KIC Korea Investment Corporation 189[42] 2005 Non-commodity
  Iran NDFI National Development Fund 156[43] 2011 Oil & Gas
  Russia NWF Russian National Wealth Fund 133[44][45] 2008 Oil & Gas
  Canada AIMCo Alberta Investment Management Corporation 123[46] 2008 Non-commodity
  United Arab Emirates EIA Emirates Investment Authority 87[47] 2007 Oil & Gas
  Kazakhstan SK Samruk-Kazyna 80.665[48] 2008 Oil & Gas
  United Arab Emirates DW Dubai World 80[49] 2005 Non-commodity
  United States APF Alaska Permanent Fund 77.895[50] 1976 Oil & Gas
  Brunei BIA Brunei Investment Agency 73[51] 1983 Oil & Gas
  Libya LIA Libyan Investment Authority 67[52] 2006 Oil & Gas
  Kazakhstan NF Kazakhstan National Fund 55.7[53] 2012 Oil & Gas
  United States PSF Texas Permanent School Fund 52.32[54] 1854 Land & Mineral Royalties
  Oman OIA Oman Investment Fund 47 2020 Oil & Gas
  Azerbaijan SOFAZ State Oil Fund of the Republic of Azerbaijan[55] 43 1999 Oil & Gas
  Austria ÖBAG Österreichische Beteiligungs AG 38.4[56] 1967 Non-commodity
  Malaysia KN Khazanah Nasional 35.8[57] 1993 Non-commodity
  New Zealand NZSF New Zealand Superannuation Fund 35.1[58] 2003 Non-commodity
  France BPI Bpifrance 33.5[59] 2008 Non-commodity
  United States PUF Texas Permanent University Fund 33.01[60] 1876 Land & Mineral Royalties
  United States LGPF New Mexico Land Grant Permanent Fund 28.65[61] 1912 Land & Mineral Royalties
  Russia RDIF Russian Direct Investment Fund 25[62] 2011 Non-commodity
  Germany NWDF Nuclear Waste Disposal Fund 25[63] 2017 Non-commodity
  Norway GPF-N Government Pension Fund – Norway 22 2006 Oil & Gas
  Papua New Guinea PNGSWF Papua New Guinea Sovereign Wealth Fund 22 2011 Oil & Gas
  Bahrain BMHC Mumtalakat Holding Company 18.3[64] 2006 Oil & Gas
  Timor Leste TLPF Timor-Leste Petroleum Fund 17[65] 2005 Oil & Gas
  Ireland ISIF Ireland Strategic Investment Fund[66] 15.7[67] 2014 Non-commodity
  Canada AHSTF Alberta Heritage Savings Trust Fund 15[68][69] 1976 Oil & Gas
  Japan JIC Japan Investment Corporation 12.2[70] 2018 Non-commodity
  Colombia FAEP Fondo de Ahorro y Estabilización Petrolera 12 1995 Oil & Gas
  Chile ESSF Economic and Social Stabilization Fund[71] 11 2007 Copper
  Chile PRF Pension Reserve Fund 11 2006 Copper
  United States PWMTF Permanent Wyoming Mineral Trust Fund 10.05[72] 1974 Minerals
  Philippines MIF Maharlika Investment Fund 9.2 2023 Non-commodity
  United States NDLF North Dakota Legacy Fund 10.27[73] 2011 Oil & Gas
  United States STPF New Mexico Severance Tax Permanent Fund 8.33[74] 1973 Oil & Gas
  United Kingdom NWF National Wealth Fund 27.8[75] 2024 Non-commodity
  Mexico FMP Fondo Mexicano del Petroleo para la Estabilizacion y el Desarrollo 7 2000 Oil & Gas
  Trinidad & Tobago HSF Heritage and Stabilization Fund[76] 5.6[77] 2000 Oil & Gas
  Indonesia INA Indonesia Investment Authority 5.6[78] 2021 Non-commodity
  India NIIF National Investment and Infrastructure Fund 5.3[79] 2015 Non-commodity
  China CADF China-Africa Development Fund 5[80] 2007 Non-commodity
  Peru FSF Fiscal Stabilization Fund[81] 5 1999 Non-commodity
  Italy CDP Equity Cassa Depositi e Prestiti Equity[82] 394[83] 2011 Non-commodity
  Botswana PF Pula Fund 4.1[84] 1994 Diamonds
  United States ATF Alabama Trust Fund 3.4[85] 1985 Oil & Gas
  United States IEFIB Idaho Endowment Fund Investment Board[86] 3.2[87] 1969 Land & Mineral Royalties
  United States SIFTO Utah School and Institutional Trust Funds Office[88] 2.5 1983 Land & Mineral Royalties
  Vietnam SCIC State Capital Investment Corporation 2.4[89] 2006 Non-commodity
  Nigeria NSIA Nigeria Sovereign Investment Authority 2.3[90] 2011 Oil & Gas
  Angola FSDEA Fundo Soberano de Angola 2.2[91] 2012 Oil & Gas
  Belgium SFPIM Federale Participatie- en Investeringsmaatschappij [fr] 2 1962 Non-commodity
  United Arab Emirates RAKIA Ras Al Khaimah Investment Authority 2 2005 Oil & Gas
  United Arab Emirates SAM Sharjah Asset Management Holding[92][93] 2 2008 Non-Commodity
  United States CSF Oregon Common School Fund 2 1859 Lands & Mineral Royalties
  Kuwait AWQAF Awqaf and Islamic Affairs Fund[94] 1.99 1993 Non-commodity
  Panama FAP Fondo de Ahorro de Panama[95] 1.4[96] 2012 Non-commodity
  United States LEQTF Louisiana Education Quality Trust Fund[97] 1.5[98] 1986 Oil & Gas
  United States BCPL Wisconsin Board of Commissioners of Public Lands 1.4 1848 Land, Timber and Non-commodity
  United States FMP Colorado Public School Fund Endowment Board 1.2 2016 Lands and Minerals Royalties
  Israel Israeli Citizens' Fund 1.01 2022 Gas & Minerals
  Gabon FGIS Fonds Gabonais d'Investissements Strategiques 1.0 2012 Oil & Gas
  Palestine PIF Palestine Investment Fund 0.9[99] 2003 Non-commodity
  Ghana GPF Ghana Petroleum Funds 0.9 2011 Oil & Gas
  Australia WAFF Western Australian Future Fund 0.9[100] 2012 Minerals
  Turkmenistan TSF Turkmenistan Stabilization Fund 0.5 2008 Oil & Gas
  Bolivia FINPRO Fondo para la Revolución Industrial Productiva[101] 0.4 2015 Non-commodity
  Kiribati RERF Revenue Equalization Reserve Fund 0.4 1956 Phosphates
  Equatorial Guinea FRGF Fonds de Réserves pour Générations Futures 0.2 2002 Oil & Gas
  Rwanda AGDF Agaciro Development Fund[102] 0.2[103] 2012 Non-commodity
  United States WVFF West Virginia Future Fund 0.1[104] 2014[105] Oil & Gas
  Mauritania NFHR National Fund for Hydrocarbon Reserves 0.1[106] 2006 Oil & Gas
  Mongolia FHF Future Heritage Fund[107] 0.1 2011 Minerals
  Nigeria BDIC Bayelsa Development and Investment Corporation 0.1 2012 Non-commodity
  Senegal FONSIS Fonds Souverain d'Investissement Strategiques[108] 0.1 2012 Non-commodity

See also

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References

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Further reading

edit
Library resources about
Sovereign wealth fund
  • Sovereign Wealth Fund Institute – What is a SWF? What is a Sovereign Wealth Fund? - SWFI
  • Natural Resource Governance Institute & Columbia Center for Sustainable Investment "Managing the Public Trust: How to make natural resource funds work for citizens", 2014. [1]
  • Castelli Massimiliano and Fabio Scacciavillani "The New Economics of Sovereign Wealth Funds", John Wiley & Sons, 2012
  • Saleem H. Ali and Gary Flomenhoft. "Innovating Sovereign Wealth Funds" Archived 3 March 2011 at the Wayback Machine. Policy Innovations, 17 February 2011.
  • M. Nicolas J. Firzli World Pensions Council (WPC) Asset Owners Report: “Infrastructure Investments in an Age of Austerity: The Pension and Sovereign Funds Perspective”, USAK/JTW 30 July 2011 and Revue Analyse Financière, Q4 2011
  • M. Nicolas J. Firzli and Joshua Franzel. "Non-Federal Sovereign Wealth Funds in the United States and Canada". Revue Analyse Financière, Q3 2014
  • Xu Yi-chong and Gawdat Bahgat, eds. The Political Economy of Sovereign Wealth Funds (Palgrave Macmillan; 2011) 272 pages; case studies of SWFs in China, Kuwait, Russia, the United Arab Emirates, and other countries.
  • Lixia, Loh. "Sovereign Wealth Funds: States Buying the World" (Global Professional Publishing: 2010).
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