RESEARCH

Determinants of Sovereign Wealth Fund investment in private equity

This paper examines the investment patterns of 50 Sovereign Wealth Funds in 903 public and private firms over the period 1984-2009, and specifically the determinants of a SWF’s weight of direct private equity in their overall portfolio. The paper finds evidence that SWFs are more likely to invest in private firms in countries that have less developed legal systems.

Determinants of Sovereign Wealth Fund investment in private equity