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The Preqin 2011 Sovereign Wealth Fund Review Sample Pages.Indd 1. Executive Summary - Sample Pages 1. Executive Summary Fig. 1.1: Aggregate Sovereign Wealth Fund Assets under Management, 2008-2011 4.5 3.98 4 3.59 3.5 3.22 3.05 Collective Significance aggregate assets under management now 3 stands at nearly $4 trillion, an 11% increase Since the release of last year’s Preqin from last year. The 2010 fi gure of $3.59 2.5 Sovereign Wealth Fund Review, the trillion also represented an 11% increase 2 aggregate total assets of all sovereign on the previous year. wealth funds worldwide has continued to 1.5 increase at a signifi cant pace, in spite of the The current political unrest in the Middle slow recovery of the developed economies East and North Africa, however, could have 1 and continued uncertainties surrounding consequences for the future directions of the performance of certain asset classes. certain sovereign wealth funds that are 0.5 controlling signifi cant amounts of assets. Aggregate SWF Assets under Management ($tn) The growth in aggregate assets under The Libyan Investment Authority (LIA), 0 management also occurred against a for example, has an estimated $70 billion 2008 2009 2010 2011 backdrop of some SWFs continuing to in total assets. In recent years following be subject to capital withdrawals by their the easing of sanctions and restrictions investment horizons than other types of alternative investments over the course respective governments in order to cover imposed by the international community, investor and generally do not have to of 2010, as Fig. 1.2 shows. Particularly fi scal shortfalls. Having halved in size over LIA had been able to invest more freely in meet liabilities in the same way that a noticeable is the increase in the proportion 2009, Russia’s Reserve Fund was once assets around the world in order to manage pension fund or insurance company, for of SWFs that invest in infrastructure, which again used to balance the federal budget Libya’s oil revenues. Whether its mandate example, has to. SWFs are thus often has increased from 47% in 2010 to 61% at over the course of 2010, with its total assets would change as a result of any political better equipped to commit more signifi cant the start of 2011. standing at $25.4 billion at the start of 2011, change in the country remains to be seen. proportions of their portfolios to longer-term compared to $60.5 billion at the beginning Other countries undergoing political discord and alternative investments. Outlook of 2010. In December 2010 alone, $15.4 that have signifi cant sovereign wealth funds billion was taken from the fund by the include Algeria and Bahrain; collectively Despite the slow but steady return of Considering the large amounts of capital federal government to cover spending. these institutions have hundreds of billions institutional investor confi dence, fundraising available to SWFs, and their distinct sets Other SWFs, such as Chile’s Pension of dollars in assets, and any changes in for many types of alternative investment of investment preferences, they can play Reserve Fund, have not received as much their investment policies or mandates could has remained relatively depressed. For this a signifi cant role in the alternatives sector. in contributions from their governments as be felt widely. reason, and given the difference between A recent example is the commitment by in previous years. the investment objectives of sovereign Singapore’s Temasek to RRJ Capital, a new Different Horizons wealth funds compared to other types of fund being established by Richard Ong, Despite the issues for some of these investor, SWFs represent an important one of Hopu Investment Management’s institutions, the collective infl uence of In addition to their position as a highly and large potential source of capital founding partners. With a target of $2 sovereign wealth funds as a global group signifi cant group of investors within the for alternative investment managers. billion, RRJ Capital is set to become one of large investors has once again increased institutional investor landscape, sovereign As predicted by Preqin last year, more of the largest Asia-focused private equity over the last year. As Fig. 1.1 shows, their wealth funds tend to have longer-term sovereign wealth funds diversifi ed into funds to date. © 2011 Preqin Ltd 1 The 2011 Preqin Sovereign Wealth Fund Review - Sample Pages It is likely that we will continue to see an fourth and most comprehensive edition yet. Fig. 1.2: Proportion of Sovereign Wealth Funds Investing in Each Asset Class, 2010 vs. 2011 increasing proportion of sovereign wealth Alongside a general investment strategy 90% funds moving into alternative investments for each investor, we also have detailed 85% in the coming year as they seek both to individual sections showing the plans and 79% 79% diversify and to achieve higher returns. preferences in the following areas: 80% 76% For example, the Investment Portfolio 70% division of Hong Kong Monetary Authority’s • Public Equities 61% Exchange Fund has plans to move into • Debt 60% 59% 55% 56% hedge fund investment, having diversifi ed • Private Equity 51% 2010 into investments in emerging markets, • Real Estate 50% 47% private equity funds and overseas property • Infrastructure 40% 37% in 2010 as a means of increasing returns. • Hedge Funds 36% 2011 Norway’s Government Pension Fund – Proportion of SWFs 30% Global, one of the largest SWFs in the In addition, we have specifi c analysis world, is set to complete its fi rst real estate sections outlining trends and activity in each 20% investment in early 2011 and plans to make of these sectors for the sovereign wealth further investments in the asset class over fund universe. We hope that the 2011 10% the course of the year. Preqin Sovereign Wealth Fund Review serves to further the understanding of this 0% Public Equities Debt Private Equity Real Estate Infrastructure Hedge Funds The 2011 Preqin Sovereign Wealth Fund class of investor, and we appreciate any Instruments Review feedback and comments you may have. Preqin released the inaugural Sovereign Wealth Fund Review in 2008 in response to our clients in the private equity and private real estate sectors requesting a source of information on sovereign wealth fund activity in these areas. Following its release, we received hundreds of enquiries from professionals 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, along with money managers in specifi c areas seeking intelligence. In response, we launched the 2009 edition with a comprehensive overview of entire SWF investment portfolios, including exclusive information gained directly from SWFs and their advisors. The 2011 Preqin Sovereign Wealth Fund Review is the 2 © 2011 Preqin Ltd The 2011 Preqin Sovereign Wealth Fund Review A comprehensive guide to all sovereign wealth funds -Sample Pages The 2011 Preqin Sovereign Wealth Fund Review - Sample Pages Contents 1. Executive Summary 7 8. Sovereign Wealth Funds Investing in Infrastructure 47 2. Data Sources 11 Proportion of sovereign wealth funds investing in infrastructure, proportion of sovereign wealth funds investing in infrastructure by total 3. Sovereign Wealth Funds Overview 15 assets, direct vs. indirect investments, proportion of sovereign wealth funds investing in economic and social infrastructure, proportion Purposes of sovereign wealth funds, increasing numbers of of sovereign wealth funds investing in greenfi eld, brownfi eld and sovereign wealth funds over time, sources of capital for sovereign secondary stage infrastructure, location preferences wealth funds, breakdown of sovereign wealth funds by total assets, number and value of sovereign wealth funds by location, outlook for 9. Sovereign Wealth Funds Investing in Hedge Funds 53 sovereign wealth funds Proportion of sovereign wealth funds investing in hedge funds, 4. Sovereign Wealth Funds Investing in Public Equities 21 proportion of sovereign wealth funds investing in hedge funds by location, regional and strategic preferences of sovereign wealth Proportion of sovereign wealth funds investing in public equities, funds investing in hedge funds regional preferences and global outlook of sovereign wealth funds investing in public equities, changes in public equities allocations 10. Sovereign Wealth Funds League Table 59 5. Sovereign Wealth Funds Investing in Debt 27 Sovereign wealth funds in order of total assets under management Proportion of sovereign wealth funds investing in debt, regional 11. Profiles of Sovereign Wealth Funds 63 preferences and global outlook of sovereign wealth funds investing in debt, proportion of sovereign wealth funds investing in government Detailed profi les of 59 sovereign wealth funds and corporate debt 12. Index 145 6. Sovereign Wealth Funds Investing in Private Equity 33 Sovereign wealth funds by country Proportion of sovereign wealth funds investing in private equity, proportion of sovereign wealth funds investing in private equity by Figure index total assets, regional and fund type preferences of sovereign wealth funds investing in private equity, emerging manager preferences 13. Other Publications and Services 149 7. Sovereign Wealth Funds Investing in Real Estate 39 Other Preqin products Proportion of sovereign wealth funds investing in real estate, proportion of sovereign wealth funds investing in real estate by location and total assets, regional and strategic preferences of sovereign wealth funds investing in real estate, direct vs. indirect investments 4 © 2011 Preqin Ltd 7. Sovereign Wealth Funds Investing in Real Estate - Sample Pages that gains exposure to the asset class sovereign wealth fund made a number of Fig. 7.5: Proportion of Sovereign Wealth Funds Investing in Real Estate That Invest Directly through all three categories of investment. direct real estate purchases during 2010, and/or Indirectly The sovereign wealth fund has issued an including the acquisition of the London- RFP for a new general real estate consultant based Harrods store for £1.5 billion.
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