Sovereign wealth funds: In the shadows of the shadows

Beyond the shadowy world of the big-four Gulf sovereign wealth funds, which can be opaque, seemingly inactive or conservative, a second tier of sometimes equally elusive SWF-style entities has sprung up.

For many years, the global fund manager has had four names on the must-see list when he visits the Gulf: the Abu Dhabi Investment Authority, the Kuwait Investment Authority, the Saudi Arabian Monetary Agency and, more recently, and with an increasing sense of futility, the Qatar Investment Authority. But lately, a second tier of state-backed institutional wealth has started to emerge. These entities are not necessarily any easier to pitch for mandates, but at least it makes for a little variety.

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