Sovereign wealth funds surpass $15 trillion in assets, according to new report from IE University and ICEX-Invest in Spain

Sovereign wealth funds have surpassed $15.1 trillion in assets globally in 2026. This is one of the main conclusions of the Sovereign Wealth Funds Report 2026, developed by IE University’s Center for the Governance of Change in collaboration with ICEX-Invest in Spain, which analyzes the activity of these investment vehicles between July 2024 and December 2025.

Javier Capapé, editor of the report and Director of Sovereign Wealth Research at IE University’s Center for the Governance of Change, notes that sovereign wealth funds participated in 391 direct investment transactions during the period analyzed, 17% fewer than in the previous edition. However, the aggregate volume reached $404 billion, representing a 91% increase. Capapé identified a clear shift in the pattern of investment acivity: fewer transactions, larger scale; greater influence and focus; stronger transformative capacity and larger ticket sizes.

Among the most significant transactions were Saudi Arabia’s PIF backing the acquisition of Electronic Arts ($55 billion), Anthropic’s funding from Qatar’s QIA and Singapore’s GIC ($13 billion), the U.S. restructuring of TikTok with backing from the new Emirati fund MGX, supported by Mubadala, and investment in European energy infrastructure led by funds from Norway and Singapore.

The report was presented today at ICEX headquarters in Madrid, at an event attended by Elisa Carbonell, CEO of ICEX. Capapé presented the report’s main findings: "The report shows a more concentrated form of capital: fewer transactions, greater impact. Sovereign investors lead the majority of transactions valued at more than $1 billion, demonstrating execution capacity. The 12 new funds created clearly show that sovereign wealth funds are tools used by governments to navigate this fragmented, less efficient and more domestic global economy. These funds are instruments for countries’ resilience and strategic autonomy. Investments in AI now account for one in every three dollars of the total value in which sovereign wealth funds participated during the period."

Sovereign capital in private markets

The report confirms the consolidation of sovereign wealth funds as central players in global private markets. In more than half of large transactions exceeding $1 billion, these investors now act as strategic partners and primary drivers, rather than minority co-investors.

Another relevant trend in the sovereign wealth fund ecosystem is investment in AI, led by investment vehicles from the Gulf and Singapore. The report also identifies a shift in sovereign portfolios from traditional assets toward investments in emerging technologies, AI, data centers, and energy networks and infrastructure. However, their ability to anticipate emerging technologies and businesses remains limited: only 3% of investments are made in companies before they reach unicorn status, indicating that their role is mainly that of validators and financiers of already established leaders.

The Sovereign Wealth Funds Report 2026 by IE University and ICEX-Invest in Spain once again confirms the high concentration of activity among the world’s largest funds. Temasek (Singapore), GIC (Singapore) and Mubadala (Abu Dhabi) lead the ranking by number of transactions, while GIC tops the ranking by economic volume, followed by PIF (Saudi Arabia) and QIA (Qatar). The emergence of new players such as MGX, Abu Dhabi’s new technology investment fund, also stands out, with major investments in AI and technology.

Strategic investment in Europe

The report includes a specific chapter on Europe, where sovereign wealth funds have a distinctive profile. With the exception of Norway’s Government Pension Fund Global — with $2.1 trillion in March 2026, a figure higher than Spain’s GDP — 80% of European funds are strategic and economic development funds known as "strategic investment funds", aimed at promoting key sectors and mobilizing and catalyzing private investment.

European funding sources are generally not linked to commodity revenues, but rather to fiscal surpluses, stakes in public companies or transfers from European Union programs. The study highlights the role of initiatives linked to the Next Generation EU program as seed capital for new European funds.

Europe’s largest economies — France, Spain and Italy — manage several overlapping structures, unlike Ireland’s unified model, anchored in the National Treasury Management Agency. The impact of NextGenerationEU effect is clear and measurable. For example, FOCO, managed by Cofides, and the recently announced España Crece represent a new financing mechanism —European recovery transfers converted into sovereign capital — that could drive a second wave of European sovereign wealth fund creation between 2026 and 2030.

The sovereign wealth fund landscape in 2026

This year, the Sovereign Wealth Funds Report 2026 analyzes 109 sovereign wealth funds with combined assets under management of $15.1 trillion in April 2026, compared with 104 funds and $13.2 trillion in the previous edition: an aggregate increase of almost $2 trillion, or 14%, in eighteen months.

Half of the increase reflects organic growth in financial portfolio funds, with an 18% rise in Norway’s GPFG ($2.1 trillion); China’s CIC up 18% ($1.57 trillion); Abu Dhabi’s ADIA up 20% to $1.19 trillion; and Kuwait’s KIC up 23% to $232 billion.

The other half reflects two simultaneous effects. On the one hand, new entrants since 2024 account for nearly $350 billion, led by Indonesia’s Danantara and complemented by Abu Dhabi’s MGX ($50 billion), the United Kingdom’s NWF ($37 billion), and Ireland’s FIF and ICNF funds ($19 billion combined). On the other hand, methodological updates explain the remainder: Turkey’s TWF shifts from a stabilization fund perimeter of $26.6 billion to a financial portfolio perimeter of $44.7 billion.

Geographically, Javier Capapé confirms the concentration of assets: Asia-Pacific and the Middle East together account for approximately 79% of global sovereign assets under management. Europe represents 16% — with Norway’s GPFG accounting for 85% of the European total — followed by the Americas with 2% and Africa with less than 1%. Among the sovereign wealth funds currently under development, Portugal stands out (launch plans approved in June 2026), alongside Saint Kitts and Nevis (March 2026), Kenya (approved in December 2025), and the United States, whose February 2025 executive order appears to have stalled, while its neighbor Canada takes the lead with a new federal sovereign vehicle, the Canada Strong Fund, approved in April 2026.

Sovereign wealth funds in Spain

Each year, the report includes a specific annex on Spain, confirming the country’s growing relevance as a destination for sovereign capital. Between July 2024 and December 2025, Spain recorded 18 direct transactions with a combined value of €6.7 billion — equivalent to $7.6 billion. Of these, 12 involved foreign sovereign wealth funds and six domestic investment vehicles, reflecting both Spain’s capacity to attract long-term international capital and the consolidation of its own public co-investment architecture. For the second consecutive time, Spain ranks sixth worldwide by value of transactions involving sovereign wealth funds, and second in the EU, behind only Germany.

Activity was concentrated in strategic sectors for the Spanish economy: renewable energy, digital infrastructure, higher education and student housing, technology and industry. The most relevant transactions include investments by Mubadala and Masdar in renewables and education, GIC’s investments in infrastructure and student housing, Temasek and affiliate Keppel in data centers, and FOCO’s initial investment in Spanish companies and platforms, demonstrating Spain’s ability to attract international long-term investment, including sovereign capital. Norway, through its Government Pension Fund Global, held a position of more than €24 billion at the end of 2025, a 21% improvement compared with the end of 2024, across corporate and sovereign debt, listed equities and private market holdings (renewable infrastructure).