Key Takeaways
- • China Investment Corporation is the largest sovereign wealth fund in Asia-Pacific by the Dakota ranking, with total assets of $1.57 trillion at the end of 2024 according to its annual report.
- • Dakota Marketplace puts the 10 largest Asia-Pacific sovereign funds at nearly $5.5 trillion combined, though several figures are dated and some rest on approximations.
- • Outside manager use varies widely: China's National Social Security Fund places 73.19% of assets with external managers, Hong Kong's Exchange Fund about 29%, and Australia's Future Fund uses more than 100 managers.
- • Danantara Indonesia, launched in February 2025, is the newest entrant; its $1 trillion-plus asset figure reflects operating companies rather than investable cash, and it began allocating to outside managers in 2026.
- • GIC does not publish its portfolio size, so its $850 billion ranking reflects a Dakota Marketplace figure rather than a disclosed one.
Summary
Dakota Marketplace has published a 2026 ranking of the 10 largest sovereign wealth funds in Asia-Pacific, ranked by their most recent published asset figures converted to US dollars at early October 2026 rates. The list comprises China Investment Corporation ($1.57 trillion, December 2024), Danantara Indonesia (more than $1 trillion, July 2026), GIC ($850 billion, Dakota estimate), China's National Social Security Fund ($568 billion, December 2025), the Hong Kong Monetary Authority Exchange Fund ($565 billion, July 2026), Temasek ($401 billion, March 2026), Korea Investment Corporation ($232 billion, December 2025), Australia's Future Fund ($202 billion, June 2026), NZ Super Fund ($53 billion, June 2026) and Malaysia's Khazanah Nasional ($38 billion, December 2025). The ranking excludes state-owned asset managers such as QIC and policy vehicles such as the Silk Road Fund.
The ranking mixes data dates and definitions. Danantara's figure is attributed to Indonesia's president and includes the book value of operating companies such as banks, energy groups and telecoms, rather than investable capital; the fund had not published audited accounts as of August 2026, and its investable pool is up to $14 billion planned for 2026 from dividends. GIC states only that its portfolio is well over $100 billion, and reported a 20-year annualized real return of 3.4% to 31 March 2026. Temasek reported a net portfolio value of S$518 billion ($401 billion) at 31 March 2026, up S$49 billion in a year, with 43% in Singapore-based portfolio companies, 38% in global direct investments and 19% in partnerships, funds and asset management companies.
Outside manager use is a central theme. CIC reported alternatives at 48.5% of overseas holdings at end-2024, spanning private equity, private credit, hedge funds, real estate and infrastructure. The NSSF returned 13.22% in 2025, with 73.19% run by outside managers. The HKMA Exchange Fund returned 8.0% in 2025, with external managers running about 29% of assets. The Future Fund returned 14.8% for the year to 30 June 2026 and has historically invested only through external managers, while KIC allocates 21.9% to alternatives, both directly and through external managers.
Dakota characterizes sovereign funds as committing larger check sizes, taking longer to decide and increasingly co-investing alongside managers. Dakota Marketplace reports tracking more than 20 sovereign funds in the region with 145-plus verified investment team contacts.
The ranking mixes data dates and definitions. Danantara's figure is attributed to Indonesia's president and includes the book value of operating companies such as banks, energy groups and telecoms, rather than investable capital; the fund had not published audited accounts as of August 2026, and its investable pool is up to $14 billion planned for 2026 from dividends. GIC states only that its portfolio is well over $100 billion, and reported a 20-year annualized real return of 3.4% to 31 March 2026. Temasek reported a net portfolio value of S$518 billion ($401 billion) at 31 March 2026, up S$49 billion in a year, with 43% in Singapore-based portfolio companies, 38% in global direct investments and 19% in partnerships, funds and asset management companies.
Outside manager use is a central theme. CIC reported alternatives at 48.5% of overseas holdings at end-2024, spanning private equity, private credit, hedge funds, real estate and infrastructure. The NSSF returned 13.22% in 2025, with 73.19% run by outside managers. The HKMA Exchange Fund returned 8.0% in 2025, with external managers running about 29% of assets. The Future Fund returned 14.8% for the year to 30 June 2026 and has historically invested only through external managers, while KIC allocates 21.9% to alternatives, both directly and through external managers.
Dakota characterizes sovereign funds as committing larger check sizes, taking longer to decide and increasingly co-investing alongside managers. Dakota Marketplace reports tracking more than 20 sovereign funds in the region with 145-plus verified investment team contacts.
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