01
National Purpose
Define the objective: long-term savings, economic diversification, resilience, or development. A clear purpose shapes which opportunities deserve attention.
Sovereign Investment Capabilities
Global Wealth Fund
Capabilities.
Research, institutional design, and direct relationships to help nations turn global investment opportunity into a focused national program.
01Start With Purpose
A national objective.
A global perspective.
A global wealth fund starts with a question: what should this capital achieve for the nation?
Sovereign wealth funds have different mandates. The International Forum of Sovereign Wealth Funds describes savings, stabilization, and strategic objectives, often combined within one institution.
The Global Wealth Initiative brings investment practitioners and researchers together around these decisions. We begin with the institution’s existing mandate, relationships, and capabilities, then focus on where research or introductions can help.
02From Ambition to Capability
Six decisions.
One coherent program.
The institution’s purpose should guide its structure, investment approach, and operating model.
02
Capital & Liquidity
Identify the source of capital, expected funding rhythm, and potential withdrawals. Investment horizons should reflect when the institution may need its money.
03
Governance & Mandate
Clarify decision rights, accountability, investment limits, and reporting. Separate the national objective from the process for evaluating individual investments.
04
Investment Approach
Compare fund commitments, co-investments, and direct investments. Each route requires a different combination of expertise, access, resources, and oversight.
05
Research & Expertise
Build the ability to assess managers, industries, and technology. Connect commercial analysis with the economic questions that matter at home.
06
Relationships & Execution
Develop relevant manager, company, and institutional relationships. Prepare for diligence, negotiation, monitoring, and the practical work after an introduction.
03Investment Pathways
Different routes.
Different demands.
The right starting point depends on the mandate, available capital, and the team’s capacity.
01
Fund Commitments
Access a manager’s strategy through a fund. Evaluate the team, portfolio approach, fees, liquidity, and fit with the institution’s mandate.
Capabilities to consider
Manager selection and portfolio construction.
02
Co-Investment
Evaluate a specific investment alongside a manager or institution. Access must be matched by timely diligence and a clear approval process.
Capabilities to consider
Deal assessment, partner selection, and execution capacity.
03
Direct Investment
Invest directly in a company or asset. This brings company-level decisions and demands dedicated underwriting, governance, and ongoing oversight.
Capabilities to consider
Sector expertise and sustained ownership capability.
04Where GWI Can Contribute
Focused research.
Relevant relationships.
Shape a collaboration around a decision, a useful output, and the institution’s priorities.
01
Economic & Policy Research
Examine how a proposed investment approach could support national priorities, including productivity, innovation, and economic diversification.
Explore this area02
Technology & Industry Insight
Assess durable AI trends and specialized industries. Distinguish commercial opportunity from assumptions that require further evidence.
Explore this area03
Institutional Design
Compare peer models and identify the capabilities a new or expanded program would need, from mandate design to manager selection.
Explore this area04
Direct Investment Relationships
Connect with relevant fund managers, investor-relations teams, company leaders, and sovereign and pension peers across our asset-class coverage.
Explore this areaOur coverage spans private equity, venture capital, hedge funds, infrastructure, AI companies, and co-investment platforms. Explore Asset Classes
05Choosing a First Step
Build on what exists.
Define what comes next.
How does an existing public investment program fit?
Begin with its mandate, portfolio, and established relationships. A focused study can examine a new industry, compare investment pathways, or identify a specific capability worth developing.
What can an initial collaboration produce?
A national-priority brief, peer comparison, technology assessment, or set of relevant introductions. The first output should help the institution make a concrete decision.
Where does the conversation begin?
With the institution’s objectives and the questions already on its agenda. We agree a focused scope, then connect the right research and practitioner perspectives to it.
A conversation is the first step
What could we
explore together?
Every institution has a different starting point. Let’s understand yours.
Start a Conversation