CHAPTER 4
Sovereign Wealth Funds
Sovereign wealth funds (SWFs), especially those from smaller or emerging nations, can be enigmas to many fund managers. SWFs are large pools of investment capital that are owned, managed, or supervised by a state for its own interest, as well as for its citizens’ benefit. Usually, these vehicles are created to invest fiscal surpluses, excess capital from its balance of payments, proceeds from the sale of state assets, or income from commodity exports. Some participants also include state-owned pension funds, enterprises, ...
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