Key Takeaways
- • PwC projects global sovereign wealth fund AUM to grow nearly 50% by 2030, from about $15.2 trillion to $22.4 trillion, according to a report published on the 12th.
- • PwC forecasts public pension fund assets rising from about $27.6 trillion to $36.3 trillion and central bank assets from about $17.3 trillion to about $20.9 trillion over the same period.
- • Sovereign investors deployed about $66 billion in AI and digitalization in 2025, with the bulk going to the United States and only about $4 billion to China.
- • Major funds are shifting from passive delegation to acting as "principal investors" that originate deals, acquire control and take part in operations, per PwC's Eric Janson.
- • Saudi Arabia's PIF cut its overseas allocation from a peak of about 30% to about 20%, a move that could slow capital inflows to emerging markets and some European sectors.
Summary
According to a report published on the 12th by consulting firm PwC, global sovereign wealth fund (SWF) assets under management are projected to grow nearly 50% by 2030, from about $15.2 trillion (approximately ¥2,431 trillion) to $22.4 trillion (approximately ¥3,583 trillion). The report, which analyzed the world's top 350 public investment institutions, attributes the growth primarily to deeper involvement in artificial intelligence and infrastructure.
Asset growth is not confined to SWFs. PwC expects public pension funds to rise from about $27.6 trillion to $36.3 trillion, and central bank assets to grow from about $17.3 trillion to about $20.9 trillion over the same horizon. The report also highlights rising concentration: the top 10 institutions hold about 41% of combined SWF and public pension assets, and the top 50 hold 77%. PwC warned that "a few dozen large institutions can influence the overall direction" of markets.
The report identifies a structural shift in investor behavior. Major SWFs and public pension funds that previously delegated management to external managers are becoming principal investors that originate transactions, acquire control and participate in operations. Eric Janson, PwC's global head of private equity and principal investors, said these investors "no longer rely solely on external managers."
In AI and digitalization, sovereign investors deployed about $66 billion (approximately ¥10.6 trillion) in 2025, most of it directed to the United States. Investment in China fell to about $4 billion (approximately ¥640 billion). Gulf funds, including the Qatar Investment Authority, Abu Dhabi's MGX and the Abu Dhabi Investment Authority, are strengthening their US tilt. Saudi Arabia's PIF is an exception: as it shifts toward a domestic focus and enforces "spending discipline across the entire portfolio," it reduced its overseas allocation from a peak of about 30% to about 20%.
PwC's analysis suggests several market implications. Sovereign funds are increasingly leading large AI-related deals, which may strengthen traditional private equity firms and asset managers as co-investors and operating partners. Continued Gulf concentration in the US could influence price formation for American AI and infrastructure assets, while PIF's domestic pivot could prompt overseas asset sales and portfolio reallocation.
Asset growth is not confined to SWFs. PwC expects public pension funds to rise from about $27.6 trillion to $36.3 trillion, and central bank assets to grow from about $17.3 trillion to about $20.9 trillion over the same horizon. The report also highlights rising concentration: the top 10 institutions hold about 41% of combined SWF and public pension assets, and the top 50 hold 77%. PwC warned that "a few dozen large institutions can influence the overall direction" of markets.
The report identifies a structural shift in investor behavior. Major SWFs and public pension funds that previously delegated management to external managers are becoming principal investors that originate transactions, acquire control and participate in operations. Eric Janson, PwC's global head of private equity and principal investors, said these investors "no longer rely solely on external managers."
In AI and digitalization, sovereign investors deployed about $66 billion (approximately ¥10.6 trillion) in 2025, most of it directed to the United States. Investment in China fell to about $4 billion (approximately ¥640 billion). Gulf funds, including the Qatar Investment Authority, Abu Dhabi's MGX and the Abu Dhabi Investment Authority, are strengthening their US tilt. Saudi Arabia's PIF is an exception: as it shifts toward a domestic focus and enforces "spending discipline across the entire portfolio," it reduced its overseas allocation from a peak of about 30% to about 20%.
PwC's analysis suggests several market implications. Sovereign funds are increasingly leading large AI-related deals, which may strengthen traditional private equity firms and asset managers as co-investors and operating partners. Continued Gulf concentration in the US could influence price formation for American AI and infrastructure assets, while PIF's domestic pivot could prompt overseas asset sales and portfolio reallocation.
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