Sovereign wealth funds continue to consolidate their prominence in private markets. According to the Sovereign Wealth Funds Report 2026, prepared by the Center for the Governance of Change at IE University in collaboration with ICEX-Invest in Spain, these vehicles now manage 15.1 trillion dollars in assets globally, compared to 13.2 trillion recorded in the previous edition, representing a 14% increase.
The report, which analyzes the activity of these investors between July 2024 and December 2025, identifies a universe of 109 sovereign wealth funds, five more than in the previous edition. The growth reflects both portfolio revaluation and the creation of new vehicles, particularly in Asia, Europe, and the Middle East.
Beyond asset growth, the study reflects a shift in how these actors invest. During the analyzed period, they participated in 391 direct investment transactions, 17% fewer than in the preceding report. However, the aggregate volume rose to 404 billion dollars, a 91% increase, demonstrating a clear commitment to larger and more transformative operations. “The report shows more concentrated capital: fewer transactions, more impact. Sovereign funds lead most transactions valued at over 1 billion dollars, proving execution capacity,” noted Javier Capapé, editor of the report and director of Sovereign Wealth Research at IE University, during the presentation held at the ICEX headquarters in Madrid.
According to Capapé, the creation of twelve new funds confirms that these vehicles have become a tool for governments to face a more fragmented and less efficient global economy, reinforcing the resilience and strategic autonomy of their countries. The expert also highlighted that investments linked to artificial intelligence now represent one out of every three dollars of the total value of transactions in which sovereign funds participated during the analyzed period.
The CEO of ICEX, Elisa Carbonell, stressed during the presentation that sovereign wealth funds have consolidated themselves as “one of the great actors in international investment” and constitute a source of strategic capital for business growth. In her view, the report provides a better understanding of their investment strategies and facilitates the identification of capital raising opportunities, while confirming the growing interest of these investors in Spain.
Fewer Transactions, but Larger in Scale
The shift in strategy is also reflected in the main transactions closed during the study period. Notable among them are the support from Saudi Arabia’s Public Investment Fund (PIF) for the acquisition of Electronic Arts, valued at 55 billion dollars; the financing of Anthropic, led by QIA (Qatar) and GIC (Singapore), totaling 13 billion dollars; the reorganization of TikTok in the United States with the backing of the Emirati tech fund MGX, supported by Mubadala; and several investments in European energy infrastructure driven by funds from Norwary and Singapore.
The report concludes that sovereign wealth funds have moved from playing a secondary role in private markets to becoming the primary drivers behind many large international operations.
Private Markets Consolidate Sovereign Funds as Reference Investors
The study confirms that these vehicles act increasingly as strategic partners in global private markets. In more than half of transactions exceeding 1 billion dollars, they participate as lead investors, replacing the role they traditionally played as minority co-investors.
Another trend identified by the report is the growing commitment to artificial intelligence and technologies linked to digitalization. Gulf and Singaporean funds are leading this transformation, shifting their portfolios from traditional assets toward companies related to AI, data centers, digital networks, and energy infrastructure.
However, the report also shows that these investors’ ability to anticipate emerging tech companies remains limited. Just 3% of their investments go to companies before they reach unicorn status, reflecting that their function continues to be primarily to back and scale companies that have already proven their viability.
Asia and the Middle East Concentrate Nearly 80% of Global Sovereign Capital
The report highlights once again the high geographical concentration of this type of vehicle. Asia-Pacific and the Middle East pool approximately 79% of sovereign assets under management worldwide, while Europe accounts for 16% of the total. the Americas concentrate around 2% and Africa maintains a share below 1%.
Among the most active funds by number of transactions are Singapore’s Temasek and GIC, alongside Abu Dhabi’s Mubadala. If measured by the economic volume invested, the leadership belongs to GIC, followed by Saudi Arabia’s PIF and Qatar’s QIA. The report also highlights the emergence of new actors, including MGX, Abu Dhabi’s new technology fund, which has driven some of the largest international investments in artificial intelligence.
Europe Bets on Sovereign Funds with a Strategic Focus
The report dedicates a specific chapter to the role of Europe within the sovereign wealth fund ecosystem, where it identifies a clearly differentiated model compared to other regions. With the exception of Norway’s Government Pension Fund Global (GPFG)—which reached 2.1 trillion dollars in March 2026, a figure higher than Spain’s GDP—nearly 80% of European sovereign funds fit the strategic investment funds model; that is, vehicles designed to boost strategic sectors, mobilize private investment, and foster economic development.
Unlike many funds in the Middle East or Asia, the funding sources for these European vehicles do not come from commodity revenues, but rather from fiscal surpluses, stakes in state-owned enterprises, or resources from European Union programs.
In this regard, the study highlights the role played by the Next Generation EU program, whose transfers have served as seed capital for the creation of new sovereign funds in various European countries. The report also analyzes the differences between national models. While economies like France, Spain, or Italy manage multiple public investment structures with distinct functions, Ireland has chosen a unified model centered around the National Treasury Management Agency.
According to the authors of the study, the impact of Next Generation EU is already “solid and measurable.” As an example, they cite the FOCO fund, managed by Cofides, and the recently announced España Crece, which represent a new financing model based on transforming European recovery transfers into sovereign capital. In their view, this mechanism could favor a second wave of European sovereign fund creation between 2026 and 2030.
The Sovereign Wealth Fund Universe Continues to Grow
The Sovereign Wealth Funds Report 2026 expands its coverage this year to 109 sovereign wealth funds, which collectively managed 15.1 trillion dollars in April 2026, up from 104 vehicles and 13.2 trillion recorded in the previous edition. The aggregate increase, close to two trillion dollars, is due to two main factors. On one hand, approximately half of the growth comes from the organic performance of large financial portfolio funds. Norway’s Government Pension Fund Global increased its wealth by 18% to 2.1 trillion dollars; China Investment Corporation (CIC) also grew by 18% to 1.57 trillion; Abu Dhabi’s ADIA advanced 20% to 1.19 trillion; while Kuwait’s sovereign fund increased by 23% to 232 billion dollars. The other half of the growth is explained by the incorporation of new vehicles and methodological adjustments made in the study.
Funds created since 2024 contribute about 350 billion additional dollars to global assets. Notable among them are Danantara from Indonesia; MGX in Abu Dhabi, with an estimated initial wealth of 50 billion dollars; the National Wealth Fund (NWF) of the United Kingdom, with 37 billion; and the new Irish funds FIF and ICNF, which jointly add about 19 billion dollars. Additionally, the report incorporates methodological changes such as expanding the perimeter of the Turkey Wealth Fund (TWF), whose wealth goes from 26.6 billion dollars to 44.7 billion due to modified classification criteria.
New Funds and Greater Geographical Concentration
The study confirms that the geographical distribution of sovereign capital remains highly concentrated. Asia-Pacific and the Middle East bundle approximately 79% of the assets managed by the world’s sovereign wealth funds. Europe represents 16% of the total—although the Norwegian fund alone accounts for 85% of European sovereign assets—while the Americas barely reach 2% and Africa remains below 1%.
The authors also identify several countries preparing to launch new sovereign wealth funds. Portugal approved plans to create its national vehicle in June 2026. Similar initiatives are also advancing in Saint Kitts and Nevis, Kenya, and Canada, where the Canada Strong Fund was approved in April 2026. In contrast, the report notes that the executive order signed in the United States in February 2025 to promote a federal sovereign wealth fund seems to have lost momentum and, for the moment, has not recorded significant progress.
Spain Consolidates Its Appeal for Sovereign Capital
As in previous editions, the report includes a specific chapter dedicated to Spain, noting the growing interest of international sovereign funds in the domestic market. Between July 2024 and December 2025, 18 direct operations were recorded for a combined amount of 6.7 billion euros, equivalent to 7.6 billion dollars. Of these transactions, twelve were carried out by international sovereign wealth funds and six by Spanish vehicles, reflecting both the capacity of the Spanish market to attract long-term institutional capital and the consolidation of domestic public co-investment instruments.
For the second consecutive year, Spain ranks sixth worldwide by economic volume of transactions involving sovereign funds and stands as the second-highest country in the European Union, trailing only Germany. Investments were concentrated in sectors considered strategic for the Spanish economy, such as renewable energy, digital infrastructure, higher education, student housing, technology, and industry.
Among the main operations are investments by Mubadala and Masdar in renewable energy and education; GIC’s bet on infrastructure and student housing; the activity of the Temasek-Keppel ecosystem in data centers; and the first investments made by FOCO in Spanish companies and platforms.
The report also highlights the growing weight of Norway as an investor in Spain. At the close of 2025, the Government Pension Fund Global held positions exceeding 24 billion euros in sovereign and corporate debt, listed equities, and private market assets, particularly infrastructure linked to renewable energy. With this, the study concludes that Spain continues to consolidate itself as one of the main European destinations for international sovereign capital, while developing its own public investment architecture aimed at mobilizing private capital and strengthening strategic sectors.
