PIF top sovereign investor in 2023: SWFI

Logo of Public Investment Fund (PIF)

The Public Investment Fund (PIF) is the world’s most active sovereign wealth fund in terms of investments in 2023.

The fund invested $31.6 billion last year, a rise of 33%, compared to $20.7 billion in 2022, according to the Sovereign Wealth Fund Institute (SWFI).

PIF invested this amount through 49 transactions. In a short span of eight years since its reformulation, PIF has become a powerhouse both at home and overseas, with the objective of advancing Vision 2030 and becoming the world’s largest SWF by 2030, the report said. 

In April, the fund paid $4.9 billion for the US gaming company Scopely through its subsidiary Savvy Games Group. In August, it acquired Standard Chartered’s aircraft leasing division, AviLease, in a $3.6 billion deal and purchased Saudi Basic Industries Corp.'s steel unit Hadeed for $3.3 billion. 

The variety of deals shows the unparalleled bandwidth and reach of PIF and its subsidiaries, which are forming a wide net to capture any value-add for Saudi Vision 2030, the report said.