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1. Executive Summary 5.38 5 4.62 Executive Summary - Sample Pages The 2014 Preqin Sovereign Wealth Fund Review Fig. 1.1: Aggregate Sovereign Wealth Fund Assets under Management, 2008-2013 6 1. Executive Summary 5.38 5 4.62 3.98 4 3.59 Sovereign wealth funds, the secretive and ten more than last year’s edition. Over 3.22 exclusive subset of the institutional investor the past year we have seen some notable 3.05 3 community, continue to make headline sovereign wealth funds come into existence news in 2013 due to their large assets and and begin to make investments; for growing infl uence over the global fi nancial instance, Western Australian Future Fund, 2 community. The total assets of sovereign established in December 2012 with AUD wealth funds have been steadily increasing 1bn, is designed to fund future generations 1 since Preqin launched its fi rst Sovereign of Western Australians by setting aside Wealth Fund Review back in 2008. For the and accumulating a portion of the State’s 0 fi rst time, assets of these sovereign wealth revenue from mineral resources. Fundo Aggregate SWF Assets under Management ($tn) 2008 2009 2010 2011 2012 2013 entities have surpassed the $5tn mark, Soverano Angolano was initially discussed with total assets estimated at $5.38tn as in 2008, but was fi nally established in of October 2013; sovereign wealth funds October 2012. In its most recent investment have gained more than $750bn in additional policy announcement in Q2 2013, Fundo Growing Assets of Existing Sovereign Wealth security for future generations funded by the assets since 2012. This represents the Soverano Angolano stated its intention to Funds reserves created today. For instance, the largest jump in total assets of sovereign build a diversifi ed portfolio, which would North Dakota Legacy Fund, which is funded wealth funds since Preqin started its annual include investment in equities, bonds, real Since 2012, 63% of the sovereign wealth by 30% of the revenue generated by oil and study of the universe. estate and infrastructure. funds tracked by Preqin have grown in gas gross production and oil extraction taxes assets under management. This is as and gas from the region, is currently in its Growth in sovereign wealth fund assets As well as new sovereign wealth funds a result of injections of capital from the accumulation phase. The Legacy Fund is not under management can be attributed to two being established from scratch, others governing bodies of the sovereign wealth permitted to spend any earnings until 2017. major factors: the fi rst is the large number of have undergone signifi cant changes. funds, as well as growth due to investment Funds such as the North Dakota Legacy new sovereign wealth funds that have been BPIFrance was formed in 2013 following activity. Fund are actively investing their income formed over the past couple of years; the a merger between Caisse des Dépôts, the in order to accumulate more assets for the second is the growing assets of pre-existing former sovereign wealth fund Strategic In the immediate aftermath of the credit crisis, time when they will invest that money back sovereign wealth funds. Investment Fund (SIF), and OSEO. It is several sovereign wealth funds saw their into their future generations. In fact, North designed to support small- and medium- assets depleted as a result of government Dakota has changed its investment strategy Newly Established Sovereign Wealth Funds sized businesses and provide seed capital withdrawals to balance governmental fi scal over the past year and is now looking to to companies and industries it feels will shortfalls. However, over the past two years generate higher annualized returns from The 2014 Preqin Sovereign Wealth Fund become market leaders. BPIFrance has we have seen capital being injected into its investments in equities, fi xed income Review profi les 72 sovereign wealth funds, $25.8bn in assets under management. sovereign wealth funds in order to ensure products, real estate and real assets. 1 © 2013 Preqin Ltd Executive Summary - Sample Pages Other sovereign wealth funds have Infrastructure investments are the most Fig. 1.2: Proportion of Sovereign Wealth Funds Investing in Each Asset Class, 2012 vs. 2013 signifi cant plans to grow in the future. commonly used asset by these sovereign For example, the $4.8bn Heritage and bodies, unsurprising given that many 90% 86% 83% 82% 82% Stablisation Fund (Trinidad and Tobago) is sovereign wealth funds are established in 80% targeting growth of up to $40bn by 2020 if order to build on and improve the existing the budget of Trinidad and Tobago moves infrastructure within their country or region. 70% towards a non-energy fi scal defi cit of 10% 60% 57% 57% 54%54% 56% of GDP. There has been a decline in the proportion 51% 2012 of sovereign wealth fund investors that 50% If more resource-rich economies continue allocate to private equity and hedge 40% 38% 2013 to plan new sovereign wealth funds, and fund investments since our 2012 Preqin 31% 30% existing sovereign wealth funds continue Sovereign Wealth Fund Review. Some of Proportion of SWFs to expand and accumulate assets, we can this decline can be accounted for by the 20% reasonably expect further growth in the growth in the number of new sovereign 10% sovereign wealth fund space in the future. In wealth funds being established. Typically turn, these entities will continue to become these newer sovereign wealth funds will not 0% an ever more important source of funding in allocate to alternative investments, such as Public Fixed Private Real Estate Infrastucture Hedge Equities Income Equity Funds the asset management space. hedge funds and private equity funds, for a few years as they build up their investment Alternative Investments teams and accumulate assets; during this period they tend to focus on investments Partners II vehicle, which opened and closed community; many of these investors are Sovereign wealth funds can be categorized in traditional funds, and equities and fi xed in 2013. Other sovereign wealth funds have located in some of these communities and by their longer-term investment horizons income securities. been particularly active investors over the are funded by governments in these areas. as well as their different objectives and, in past 12 months, making a large number of Despite the uncertainty caused by both general, lack of liabilities that need to be Regardless, there has been some signifi cant investments. One of the most prolifi c is New fi nancial and political unrest, sovereign met, unlike pension funds. This allows them activity by sovereign wealth funds in the Mexico State Investment Council, which wealth funds have continued to thrive and to take not only signifi cant stakes in the private equity and hedge fund space over has made investments in at least eight 2013 to grow. However, some regions have funds and the securities they invest in, but the past 12 months. Apax VIII closed in June vintage private equity funds so far in 2013. experienced stronger growth than others; also a long-term outlook when making an 2013 with €5.8bn in commitments, including for instance, over the past year the assets allocation. In fact, sovereign wealth funding investments from three sovereign wealth The Future of Sovereign Wealth Funds under management of Middle Eastern can be the “stickiest” of all institutional funds: China Investment Corporation, GIC sovereign wealth funds have increased by investors as they seek returns over long and FutureFund. As well as commitments Like all other investors, the worldwide 6%, compared to the 19% growth in assets periods and do not divest in times of crisis. to the largest funds, sovereign wealth fi nancial crisis, which began in 2008, has of Asia-based sovereign wealth funds. funds have been active in smaller and undoubtedly had an effect on sovereign Alternative assets have become an more niche vehicles. For example, New wealth funds. Other geopolitical events, Preqin tracks 27 more sovereign wealth important part of the portfolio of many Zealand Superannuation Fund acted as most notably the Arab Spring, have also funds today than in our fi rst publication sovereign wealth funds over recent years. a key investor in the local Pioneer Capital impacted the sovereign wealth fund released in 2008, and more sovereign 2 © 2013 Preqin Ltd Executive Summary - Sample Pages wealth funds look set to be created as Since our fi rst publication, sovereign other nations plan entities to invest in the wealth funds have grown by 68% in terms future of their population. For instance, of assets under management. As a result, currently India, Bolivia and Panama are the infl uence of sovereign wealth funds all undergoing internal discussions to form has become undeniable; with total assets their own sovereign wealth funds. topping $5.38tn, these investors have reached a size comparable to that of the The 2014 Preqin Sovereign Wealth Fund entire alternative assets industry, which Review Preqin today estimates at approximately $5.5tn. Preqin’s fi rst Sovereign Wealth Fund Review was launched in 2008 in response With more sovereign wealth funds, to the need for more information on these more assets, more investments and secretive entities and their investments more information than ever before, the in the private equity and private real 2014 Sovereign Wealth Fund Review is estate sectors. Following the success undoubtedly the most comprehensive of this inaugural review of the industry, review of the industry ever released. Preqin received hundreds of enquiries from professionals working in all areas of fi nance and research that were seeking a source of data and information on the more general strategies of sovereign wealth funds. With our dedicated research team based across the globe, Preqin was able to do just that, and in this our sixth and most comprehensive edition ever, we look across the entire investment portfolios of sovereign wealth funds, showing investment plans and preferences in the following areas: • Public Equities • Fixed Income Securities • Private Equity • Real Estate • Infrastructure • Hedge Funds 3 © 2013 Preqin Ltd The 2014 Preqin Sovereign Wealth Fund Review A comprehensive guide to sovereign wealth funds Contents - Sample Pages Contents 1.
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