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    Annual report · 2026 edition

    CrossWork Sovereign Wealth Fund Private Equity Report 2026

    How the largest sovereign wealth funds and U.S. state permanent funds built up private equity over a decade, fund by fund, and what sovereign funds plan next.

    Sources
    1. 141. GIC: Report on the Management of the Government's Portfolio, year to March 2016 (GIC Report 2015/16).
    2. 142. GIC: Report on the Management of the Government's Portfolio, year to March 2024 (GIC Report 2023/24).
    3. 143. Abu Dhabi Investment Authority, September 2026: ADIA Review 2025.
    4. 144. Abu Dhabi Investment Authority: ADIA Review 2015.

    Key findings

    Five figures from the report.

    18%

    GIC's private equity share of its portfolio doubled from 9% in March 2016 to 18% in March 2024. GIC has since reported public and private equity together.

    GIC Reports 2015/16 and 2023/24.
    15–20%

    The Abu Dhabi Investment Authority set its private equity range at 15–20% in its 2025 review, up from 12–17% in 2024 and 2–8% in 2015.

    ADIA Reviews 2015, 2024 and 2025. ADIA publishes ranges, not actual weights.
    +28

    Among the 78 sovereign funds that answered a survey in early 2026, the share planning to add private equity over the next 12 months exceeded the share planning to cut it by 28 points, up from −3 in 2024.

    Invesco Global Sovereign Asset Management Study 2026 (interviews January to March 2026; 78 sovereign funds answered this question).
    50%

    Temasek's unlisted assets rose from 33% of its portfolio in March 2015 to 50% in March 2026. The 2026 figure values them at market; earlier years used book value.

    Temasek Reviews 2015 and 2026.
    20%

    The Texas Permanent School Fund, a U.S. state permanent fund, held 20.3% in private equity in August 2025 and set a 20% private equity target from January 2026. In July 2015 the part of the fund then managed by the State Board of Education held 4.9%.

    Texas PSF annual report, year to August 2025, and investment policy, January 2026; Texas State Board of Education asset mix, July 2015.
    Sources
    1. 141. GIC: Report on the Management of the Government's Portfolio, year to March 2016 (GIC Report 2015/16).
    2. 142. GIC: Report on the Management of the Government's Portfolio, year to March 2024 (GIC Report 2023/24).
    3. 143. Abu Dhabi Investment Authority, September 2026: ADIA Review 2025.
    4. 151. Abu Dhabi Investment Authority: ADIA Review 2024.
    5. 144. Abu Dhabi Investment Authority: ADIA Review 2015.
    6. 145. Invesco, June 2026: Global Sovereign Asset Management Study 2026.
    7. 146. Temasek, July 2026: Temasek Review 2026 highlights.
    8. 147. Temasek: Temasek Review 2015.
    9. 148. Texas Permanent School Fund Corporation: annual comprehensive financial report, year to August 2025.
    10. 150. Texas Permanent School Fund: investment policy statement, January 2026.
    11. 149. Texas State Board of Education, July 2015: Permanent School Fund asset allocation mix.

    Plans for the year ahead

    What sovereign funds plan to add. Net balance for the next 12 months, 2026.

    Net balance of sovereign funds planning to increase each allocation, next 12 months, 2026
    Asset classNet balance, 2026
    Infrastructure+35
    Private equity+28
    Private credit+28
    Direct strategic investments+5
    Real estate, unlisted+4
    Fixed income−3
    Equities−17

    Share of sovereign funds planning to increase each allocation over the next 12 months minus the share planning to decrease it, in points. 78 sovereign funds answering, interviewed January to March 2026; Invesco Global Sovereign Asset Management Study 2026.

    Illustrative geometry, sourced figures.

    Sources
    1. 145. Invesco, June 2026: Global Sovereign Asset Management Study 2026.

    Inside the report

    The chapters. Research first, then CrossWork.

    Research chapters

    1. The trend

      Sovereign assets and deals, the surveys, and then and now at the largest funds.

    2. U.S. state permanent funds

      How the Texas, Alaska and Wyoming funds built private equity.

    3. Profiles

      ADIA, GIC, Temasek and the Texas Permanent School Fund.

    4. Sovereign funds in the largest AI rounds

      The sovereign investors in the largest private AI rounds of 2025 and 2026.

    5. Access and markets

      How sovereign funds reach managers and deals: direct, co-investment, separate accounts and partnerships.

    CrossWork chapters

    1. The CrossWork record: Midas I and the co-investment SPVs, 2021–25 vintages, net of fees

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    2. Cerebras: 2023 entry, 2026 IPO

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    3. What the data room shows

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    Questions

    Common questions. Answered from the report.

    How much do sovereign wealth funds allocate to private equity?

    It differs by fund. GIC's private equity share of its portfolio doubled from 9% in March 2016 to 18% in March 2024, and the Abu Dhabi Investment Authority set its private equity range at 15–20% in its 2025 review, up from 12–17% in 2024 and 2–8% in 2015.

    Are sovereign wealth funds adding private equity?

    Among the 78 sovereign funds that answered a survey in early 2026, the share planning to add private equity over the next 12 months exceeded the share planning to cut it by 28 points, up from −3 in 2024.

    How much private equity does the Texas Permanent School Fund hold?

    The Texas Permanent School Fund, a U.S. state permanent fund, held 20.3% in private equity in August 2025 and set a 20% private equity target from January 2026.

    More research

    The other 2026 reports.

    See all eight reports