Saudi Arabia’s Public Investment Fund (PIF) has climbed to 4th place globally among sovereign wealth funds, with assets now surpassing $1 trillion, according to Global SWF’s July rankings.
PIF is now behind only Norway’s Government Pension Fund Global and two major Chinese entities—the State Administration of Foreign Exchange and the China Investment Corporation. It has overtaken the Abu Dhabi Investment Authority and the Kuwait Investment Authority.
The rise reflects PIF’s growing global financial influence, as it plays a central role in Saudi Arabia’s Vision 2030.
PIF’s assets under management reached $1.15 trillion in 2024, up from around $925 billion last year. However, net profits declined due to higher costs, interest expenses, and project-related write-downs.
In response, PIF is shifting strategy, focusing on liquid assets like sukuk and commercial paper, while targeting scalable, revenue-generating investments over expensive mega-projects.
The fund is also increasing exposure to AI, ETF platforms, and global co-investments, including a $200 million stake in Manhattan’s 625 Madison Avenue project, a strategic real estate play with Related Companies.
Internationally, PIF holds stakes in Lucid Motors, Nintendo, Uber, and BlackRock, with ongoing investments in tech, mobility, gaming, renewable energy, and sports.
Global SWF notes that PIF is moving from rapid deployment toward a more disciplined, return-driven strategy, emphasizing financial sustainability and cost control.