Among the various types of funds on the market, there is one category that has been rapidly increasing in size and number, particularly since the 2000s: sovereign wealth funds. These funds date back to the 1950s, when the Kuwait Investment Authority was created with the aim of investing profits generated by oil extraction to reduce the country's dependence on oil. Today, there are more than 100 sovereign wealth funds, mostly from Asian countries, managing over US$10 trillion in assets.
Sovereign Wealth Funds have unique characteristics: they are administered by a country's federal government, originate from profits from commodity exports (oil-exporting nations are a classic example) or from the transfer of part of the nation's international reserves to a specific vehicle, and have very broad mandates, both in relation to the type of assets and the investment risk, with the objective of seeking higher returns in the long term.
Due to their characteristics, these funds are increasingly involved in direct investments, making them operate similarly to private equity or venture capital. This broadens the range of investors that can be considered when discussing a transaction.
Os fundos soberanos nasceram na década de 1950 e hoje possuem mais de R$ 10 trilhões em ativos sob gestão
São fundos administrados por um nação. Seus recursos, alocados em moeda estrangeira, são provenientes dos lucros das atividades de exportação (petróleo, por exemplo) ou do excesso das reservas legais que o país considera necessário para o curto prazo
Possuem mandatos amplos, podendo investir em diversos ativos financeiros (títulos de renda fixa, crédito, private equity, dentre outros) para gerar maiores retornos no longo prazo. Além disso, buscam diversificar a exposição do país a diferentes setores da economia para criação de riqueza
| País | Nome | AuM(1) |
|---|---|---|
 | Norway Government Pension Fund Global | 1.269 |
 | China Investment Corporation | 1.222 |
 | Abu Dhabi Investment Authority | 709 |
 | Kuwait Investment Authority | 708 |
 | GIC Private Limited | 690 |
 | Public Investment Fund | 606 |
 | Hong Kong Monetary Authority Investment Portfolio | 589 |
| Temasek Holdings | 497 |
 | Qatar Investment Authority | 461 |
| National Council for Social Security Fund | 447 |
Fonte: Análise Ártica, SWF institute
Transações selecionadas de fundos soberanos no Brasil
| Buyer | Target | Data | Valor | Tipo de transação | Setor |
|---|---|---|---|---|---|
 |  | Jun/22 | – | Compra de controle | Educação |
 |  | Nov/21 | – | Investimento Minoritário | Saúde |
| Refinaria Landulpho Alves | Nov/21 | US$ 1,65 Bi | Compra de controle | Infraestrutura |
 |  | Abril/21 | R$ 300 MM(1) | Líder do aporte série C | Tecnologia |
|  | Nov/20 | R$ 425 MM | Investimento Minoritário | Tecnologia |
Fonte: Análise Ártica, Clippings
