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ASIA-PACIFIC SOVEREIGN WEALTH FUNDS

Asia is a major player in the universe of sovereign wealth funds. As a region, Asia accounts for nearly 40 percent of the more than $7 trillion in total sovereign wealth fund assets and a disproportionate number of the largest funds.7 Table 2 shows a list of the most prominent sovereign wealth funds in Asia, fund types according to the IMF categorization mentioned above, sources of funding, and assets under management as of 2013.

Pension reserve funds account for a large share of Asian sovereign wealth fund assets. In fact, the largest sovereign wealth fund in the world is the Japanese Government Pension Investment Fund. Faced with rapidly aging societies, a number of Asian governments have created pension sovereign wealth funds to bolster resources available to existing pension reserve funds.

Many pension reserve funds started with conservative investment portfolios, mainly composed of government debt. However, mounting benefit liabilities have led to a reassessment of this conservative strategy and these funds are now seeking to increase the rate of return on their assets and diversify their holdings. The recent decision by the Japanese Government Pension Investment Fund to increase its holdings of equities and foreign bonds is an example of this trend.

Reserve investment corporations are the most rapidly growing type of sovereign wealth fund in Asia. Reserve funds in Asia expanded quickly in the past decade due to a large increase in the amount of foreign exchange reserves held by Asian governments. The accumulation of foreign exchange reserves was driven by large current account surpluses and by the response to the 1997-8 Asian Financial Crisis. During the crisis, several Asian countries depleted their reserves trying to maintain the strength of their currencies. After the crisis had subsided, many Asian countries consciously increased their holdings of foreign exchange reserves to create a buffer in the event of a future crisis. Since 2002, global foreign reserves have increased by an average annual rate of 20 percent.9 Asia’s share of the more than $12 trillion in global reserves was nearly 60 percent in 2013.

A drawback of holding large amounts of foreign exchange reserves is that they are typically invested in low-yielding assets, such as government bonds. Fluctuations in exchange rates can produce “paper losses” on the value of reserves. As a result, many Asian governments have created reserve investment corporations in order to invest foreign exchange reserves into higher-yielding assets, such as equity and corporate bonds. In addition to buying publicly traded securities, several Asian reserve investment corporations have made large sum equity investments into public and private companies.

Australian Future Fund

The Future Fund is Australia's sovereign wealth fund. The Future Fund invests for the benefit of future generations of Australians. The Future Fund was established in 2006 to accumulate financial assets to offset the Australian Government's unfunded superannuation liability from 2020. This was particularly important in view of the pressure that Australia's aging population is likely to place on Commonwealth finances into the future. Since then we have taken on management of additional public asset funds, including the DisabilityCare Australia Fund, the Medical Research Future Fund and two Nation-building Funds. Role of The Future Fund is to generate high, risk adjusted returns over the long-term. Every dollar that we make is a dollar that adds to Australia's wealth and contributes to its future. The Future Fund operates independently from Government and tailor the management of each fund to its unique investment mandate. The Future Fund is an intergenerational sovereign wealth fund, not a superannuation fund. We are designed to allow the Australian Government to save today to meet the costs of tomorrow.

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Brunei Investment Agency

Brunei Investment Agency is the investment arm of Brunei's Ministry of Finance. BIA's guiding principle is to increase the real value of Brunei's foreign reserves while pursuing a diverse investment strategy, with holdings in the United States, Japan, Western Europe and ASEAN countries. Location Kementerian Kewangan (Ministry of Finance Building), 5th Floor Jalan Kebangsaan (Commonwealth Drive) Bandar Seri Begawan, Brunei

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ChinaAfrica Development Fund

The China-Africa Development Fund, more commonly known as CAD Fund, is a Chinese private equity fund solely funded by China Development Bank, a Chinese government policy bank. The aim of the fund is to stimulate investment in Africa by Chinese companies in power generation, transportation infrastructure, natural resources, manufacturing, and other sectors.

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China Investment Corporation

Headquartered in Beijing, China Investment Corporation (CIC) was founded on 29 September 2007 as a wholly state-owned company incorporated in accord with China's Company Law, with registered capital of $200 billion. The company was established as a vehicle to diversify China's foreign exchange holdings and seek maximum returns for its shareholder within acceptable risk tolerance.

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China - National Social Security Fund

The National Social Security Fund is a supplementary fund of the People's Republic of China which is used for social security. The fund was managed by National Council for Social Security Fund.

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China - SAFE Investment Company

The State Administration of Foreign Exchange (SAFE) of the People's Republic of China is an administrative agency tasked with drafting rules and regulations governing foreign exchange market activities, and managing the state foreign exchange reserves, which at the end of December 2012 stood at $3.31 trillion for the People's Bank of China. The current director is Pan Gongsheng.

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Hong Kong - Future Fund

The Hong Kong government will this year establish a ‘Future Fund’ earlier proposed by the Treasury’s Working Group on Long-Term Fiscal Planning, with a mandate of saving for future generations. Financial Secretary, John Tsang, said at his budget speech for 2015 that he had requested the secretary for Financial Services and the Treasury, Chan Ka-keung, work with the chief executive at the Hong Kong Monetary Authority, Norman Chan, to hammer out specific management and investment mechanisms for the fund. The savings scheme is expected to be in place sometime in 2015.

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Hong Kong - Monetary Authority IP

The Hong Kong Monetary Authority (HKMA) was established on 1 April 1993 by merging the Office of the Exchange Fund with the Office of the Commissioner of Banking. Its main functions and responsibilities are governed by the Exchange Fund Ordinance and the Banking Ordinance and it reports to the Financial Secretary.

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Indonesia - Government Investment Unit

The Government Investment Unit of Indonesia, also known as the Indonesia Investment Agency or Pusat Investasi Pemerintah (PIP), is a sovereign wealth fund managed by the country's Ministry of Finance. Established in 2006 with a balance of $340 million, the PIP invests in a variety of asset classes such as equity, debt, infrastructure and direct investments. Some of the PIP's goals are to increase macroeconomic stability, economic growth, and government investment and it aims to follow in the successful footsteps of Singapore’s Temasek Holdings and Malaysia’s Khazanah Nasional

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Japan - Government Pension Investment Fund

Government Pension Investment Fund, or GPIF, is an independent administrative institution, under the jurisdiction of Ministry of Health, Labour, and Welfare, established by the Government of Japan. It handles fund management and operation of Japan's both National Pension and Employees' Pension. It is known as the world's largest public pension fun

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Kiribati - Revenue Equalization Reserve Fund

The Revenue Equalization Reserve Fund (RERF) is the sovereign wealth fund of the Pacific island republic of Kiribati. The RERF was created in 1956 to act as a store of wealth for the country's earnings from phosphate mining, which at one time accounted for 50% of'government revenue. In 2009 the RERF was valued at A$570.5 million. The RERF assets declined from A$637 million (420 percent of GDP) in 2007 to A$570.5 million (350 percent of GDP) in 2009. As the result of the Global Financial Crisis (GFC) the RERF was exposed to failed Icelandic banks, and drawdowns were made by the government of Kiribati to finance budgetary shortfalls.

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Korea Investment Corporation

Korea Investment Corporation (KIC) was established in 2005 to preserve and enhance the long-term purchasing power of South Korea's sovereign wealth through efficient management of public funds in the international financial markets. KIC manages assets entrusted by the Government, the Bank of Korea, and other public funds as defined under the National Finance Act. KIC directly invests the entrusted assets or re-entrusts the assets to external managers. KIC's Total assets under management stood at US$91.8 billion at the end of 4th quarter 2015

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Malaysia - Khazanah Nasional

Khazanah Nasional Berhad is the sovereign wealth fund of the Government of Malaysia. Khazanah holds and manages selected commercial assets of the Government and undertakes strategic investments on behalf of the nation. It is involved in sectors such as power, telecommunications, finance, healthcare, aviation, infrastructure, leisure and tourism, and property, amongst others. The fund a member of the International Forum of Sovereign Wealth Funds and has therefore signed up to the Santiago Principles on best practice in managing sovereign wealth funds. Its portfolio includes Axiata, CIMB, Tenaga Nasional, IHH Healthcare, UEM Group, Telekom Malaysia, Malaysia Airlines, and Malaysia Airports.

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Mongolia - FISCAL STABILTY FUND (FSF)

Mongolia Fiscal Stability Fund (MFSF)--Reimaging the State in the Global Sphere: An Inventory of Sovereign Wealth Funds as Regulator and Participant in Global Markets

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New Zealand Superannuation Fund

The New Zealand Superannuation Fund is a sovereign wealth fund in New Zealand. New Zealand currently provides universal superannuation for people over 65 years of age and the purpose of the Fund is to partially pre-fund the future cost of the New Zealand Superannuation pension, which is expected to increase as a result of New Zealand's ageing population. The fund is a member of the International Forum of Sovereign Wealth Funds and is therefore signed up to the Santiago Principles on best practice in managing sovereign wealth funds

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Papua New Guinea SOVEREIGN WEALTH FUND

The Papua New Guinea Government has passed the Sovereign Wealth Fund bill after hold ups earlier in the week. The bill aims to ensure a portion of the earnings from the resource projects are saved for future generations with a percentage going into a stabilisation fund, as a cushion against fluctuating world commodity prices. On Wednesday the Speaker, Theo Zurenuoc, refused to let one MP, John Hickey, vote on the measure because he has been referred to a leadership tribunal. The Government failed to muster the necessary two thirds of MPs to vote the bill through, but on Thursday it easily got the numbers, with just four MPs voting against it

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Singapore - GIC Private Limited

GIC Private Limited, formerly known as Government of Singapore Investment Corporation, is a sovereign wealth fund established by the Government of Singapore in 1981 to manage Singapore's foreign reserves. Its mission is to preserve and enhance the international purchasing power of the reserves, with the aim to achieve good long-term returns above global inflation over the investment time horizon of 20 years. With a network of nine offices in key financial capitals around the world, GIC invests internationally in equities, fixed income, money-market instruments, real estate and special investments.

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Singapore - Temasek Holdings

Temasek Holdings Private Limited (abbreviated as Temasek) is a state-owned holding company that can be characterized as a National Wealth Fund owned by the Government of Singapore. Incorporated in 1974, Temasek owns and manages a net portfolio of S$242 billion (US$180 billion; as of 31 March 2016), mainly in Singapore and Asia. It is an active shareholder and investor, and its portfolio covers a broad spectrum of sectors including financial services, telecommunications, media and technology, transportation and industrial, life sciences, consumer, real estate, as well as energy and resources. Temasek has a multinational team of over 580 people, in 11 offices globally including Singapore and New York

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Taiwan National Stabilization Fund

Sovereign credit rating is the standard of evaluating solvency and credit risks of a country. A credit rating agency will comprehensively evaluate the country's political environment, economic development, financial policy and fiscal performance to determine a representative credit rating and give investors insight into the level of risk associated with investing in a particular country. The main international sovereign credit rating agencies are Standard & Poor’s, Fitch Ratings and Moody’s. They publish sovereign credit rating reports of the selected countries periodically.

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thailand government pension fund

The Government Pension Fund (GPF) is a defined contribution fund. It was established on March 27th, 1997 under the Government Pension Fund Act B.E. 2539 (1996). The GPF is designed to provide an add-on defined contribution scheme to the existing defined benefit scheme administered by the Finance Ministry (Old Civil Services Scheme) and to promote contractual saving and long-term investments.

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TIMORLESTE PETROLEUM FUND

According to the Community Tool Box, public funds are funds that come from the public treasury. It is revenue generated from tax payments, and it is used to fund things that benefit the public, including health, human service, environmental development, community development and other public service programs.

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Vietnam - State Capital Investment Corporation

The State Capital Investment Corporation (SCIC) is a state-owned holding company that can be characterized as a National Wealth Fund of Vietnam. It was established on 20 June 2005 under the mandate of Prime Minister Phan Văn Khải as part of a range of reforms aimed at enhancing the efficiency of state capital utilisation. One of the main reasons why it was created was to reduce investment in domestic companies and government divisions in the Vietnamese government and in order to diversify their holdings. Despite all these efforts, the state sector in Vietnam remains relatively inefficient and less competitive than the private sector. The SCIC has a chartered capital base of about VND 5 trillion (equivalent to $315 million). The SCIC commenced operation in August 2006 and as of 30 May 2012, they have around 416 linked firms in their portfolio

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Proposed - Macau Investment and Development Fund

Macao Investment and Development Limited was established by Macao Special Administrative Region, Industrial & Commercial Development Fund and Macao Trade and Investment Promotion Institute. The capital of the company: The initial amount of the capital of the company is MOP$400 million, fully subscribed and paid in cash by the shareholders according to the following proportion: Macao Special Administrative Region: 94%; Commercial and Industrial Development Fund: 3%; Macao Trade and Investment Promotion Institute: 3% In accordance with the provisions of the Commercial Law, the above stipulation shall not affect the future increase or reduction of the Company's capital or the disposal of the shares.

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