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Sovereign wealth funds make bold transitions
18 August 2011
A new breed of sovereign wealth fund is taking a more adventurous approach to investment. Global Investor/isf investigates their strategies
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Sovereign wealth fund
SWF
The Middle East’s sovereign wealth funds have long been known not just for their scale but their sophistication. Groups like the Kuwait Investment Authority and the Abu Dhabi Investment Authority have been investing successfully and patiently for decades. But increasingly, it’s the newer, more nimble state institutions that are getting international fund managers talking.
Across the region, the long-standing heavyweights are being supplemented by new institutions: smaller sovereign funds with separate mandates, university endowments, and an emerging pension fund industry. It’s all good news for fund managers, not just because it broadens the pool of institutions but because the newer entities seem particularly willing to take new steps.
Two institutions exemplify this trend: the Abu Dhabi Investment Council (ADIC) and the endowment fund supporting the King Abdullah University of Science and Technology (KAUST) at Thuwal, just north of Jeddah in Saudi Arabia.
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