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The Saudi Public Investment Fund (PIF) topped sovereign funds globally during 2023, with investments amounting to $31.6 billion, distributed over 49 deals, equivalent to a 33 percent increase over 2022, revealed a report by Global SWF on Monday. According to the report, Saudi Arabia’s PIF accounted for about a quarter of the almost $124 billion spent by sovereign wealth funds worldwide last year.
The PIF is estimated to have nearly $800 billion in assets and wants to become the world’s largest sovereign wealth fund by 2030.
The Public Investment Fund was the world’s most active sovereign investor last year, deploying US$31.6 billion in 2023 versus US$20.7 billion the previous year, according to research consultancy Global SWF
The declines were led by GIC, which cut the amount of capital deployed by 46% to $19.9 billion and lost its spot as the worlds most active sovereign wealth fund for the first time in six years
PIF was behind the largest sovereign-backed deals of the year