Sovereign Wealth Fund List for Startup and Investment Research

The next generation of aircraft engines, semiconductor chips and industrial machinery may be designed with the help of artificial intelligence. One British company working towards that future is PhysicsX, a London-founded technology business using AI to accelerate complex engineering and manufacturing processes.

Its ambitions have attracted serious financial backing. In June 2026, Singapore's state-owned investment company Temasek led a $300 million Series C funding round in PhysicsX, valuing the company at approximately $2.4 billion. The round also included M&G Investments and Intrepid Growth Partners, alongside existing backers such as NVIDIA, Siemens and Atomico. Temasek had first invested in PhysicsX in 2025.

There is a bigger story here than another technology company reaching a billion-dollar valuation. Temasek's investment demonstrates how state-owned investment organisations can deploy capital internationally, backing businesses in sectors with long-term growth potential. Its involvement also went beyond providing money, supporting PhysicsX's expansion into Singapore and its regional connections.

For founders, this is worth understanding. Sovereign wealth funds are not simply government savings accounts sitting on the sidelines of the global economy. Some are active investors in private markets, backing businesses and investment funds that fit their long-term financial or strategic objectives.

Accessing this capital, however, is not as straightforward as approaching an angel investor or venture capital firm. These institutions operate under different mandates, manage significant pools of capital and often invest through specialist fund managers or established investment partners.

Our Sovereign Wealth Fund List for Startups and Investment Research gives founders and investment professionals a starting point for exploring these institutions, reviewing available details and identifying potential sources of institutional capital.

What Is a Sovereign Wealth Fund?

A sovereign wealth fund (SWF) is a state-owned investment fund established to manage national wealth and invest assets for financial objectives. Its capital may come from natural resource revenues, government budget surpluses, foreign exchange reserves or other public assets.

The International Forum of Sovereign Wealth Funds (IFSWF) describes these funds as special-purpose investment funds or arrangements owned by the general government. Their objectives vary. Some preserve resource wealth for future generations, while others help stabilise government finances or generate long-term returns.

The Santiago Principles, a set of 24 voluntary principles, provide an international framework for governance, transparency, accountability and responsible investment practices.

Why Do Sovereign Wealth Funds Invest in Businesses?

Sovereign wealth funds invest for different reasons, depending on their mandates. For founders, understanding these motivations can help identify which institutions might be relevant.

Building long-term wealth. Many funds are designed to preserve and grow national wealth over decades. This can allow them to consider investments with longer time horizons. Private companies may offer growth opportunities, particularly in expanding industries, although investors still assess management, valuations, performance and risk.

Temasek CEO Dilhan Pillay has described this long-term perspective:

“If you’re a long-term investor, you look at what the value of the portfolio is going to be, not in terms of a three, five, or 10-year timeframe, but even 15 to 20 years.”

The comment reflects why some institutional investors assess opportunities beyond short-term market performance. Read more about Pillay's perspective.

Diversifying portfolios. Funds may hold public equities, bonds, property, infrastructure, private equity and venture capital. Private investments can diversify exposure across industries and markets while providing access to businesses not available through public stock exchanges.

Accessing emerging industries. Artificial intelligence, semiconductors, biotechnology, renewable energy and digital infrastructure can attract institutional capital because of their potential to reshape economies. PhysicsX illustrates how sovereign-linked capital can reach a specialist technology business.

Supporting national priorities. Some funds have domestic development or strategic investment mandates. They may back businesses that develop technology capabilities, strengthen supply chains or attract international investment. Others focus primarily on financial returns, so founders should check the specific mandate rather than assume every fund has the same priorities.

Investing through partners. Some funds commit capital to venture capital and private equity managers or co-invest alongside established firms. This gives them access to specialist expertise and opportunities they may not source independently.

How Do Sovereign Wealth Funds Differ from Other Institutional Investors?

Institutional investors manage and invest money on behalf of organisations or groups of beneficiaries. Sovereign wealth funds are one part of this group, but they should not be confused with every government-backed or large investment institution.

Two distinctions are particularly important.

Public pension funds are not automatically sovereign wealth funds. They manage assets intended to meet pension obligations to members or beneficiaries. For example, CPP Investments manages assets for the Canada Pension Plan. Its scale and international activity do not make it a sovereign wealth fund.

State-owned investment banks are different too. France's Bpifrance is a public investment bank offering financing, guarantees and equity investment to businesses. It is an important source of business finance, but should not automatically be classified as a sovereign wealth fund.

These organisations may still be useful to founders researching institutional capital. The important thing is to classify them correctly and understand their investment mandates.

Major Sovereign Wealth Funds Around the World

The following organisations are useful starting points when researching sovereign investors and their investment activities.

• Government Pension Fund Global (Norway) – Invests revenues from Norway's petroleum wealth for the benefit of current and future generations. Despite its name, it is a sovereign wealth fund.

• China Investment Corporation – Established to manage part of China's foreign exchange reserves, CIC invests across international markets and asset classes.

• Abu Dhabi Investment Authority – Invests funds on behalf of the Government of Abu Dhabi across a diversified global portfolio.

• Kuwait Investment Authority – One of the world's oldest sovereign wealth funds, managing Kuwait's reserve and future generations funds.

• GIC (Singapore) – Manages Singapore's reserves and invests across international markets and asset classes.

• Public Investment Fund (Saudi Arabia) – Plays a prominent role in Saudi Arabia's investment and economic transformation plans.

• Qatar Investment Authority – Manages Qatar's sovereign wealth and invests across global markets.

• Mubadala Investment Company – Abu Dhabi's state-owned investment company, with exposure to technology, healthcare, energy and infrastructure.

• Temasek (Singapore) – A state-owned investment company with a global portfolio spanning technology, financial services, healthcare and other sectors. It is not a conventional sovereign wealth fund.

These organisations are not interchangeable. Their investment mandates, preferred markets, risk appetite and approach to private companies vary. Published fund sizes are not always directly comparable because organisations may report different measures of assets or portfolio value.

How to Use a Sovereign Wealth Fund List

Our Sovereign Wealth Fund List for Startups and Investment Research brings together 17 organisations and available information about their classifications, investment activities, locations and contacts.

Use it as a starting point for focused research:

1. Review the classification. Check whether the organisation is a sovereign wealth fund, pension investor, state-owned investment company or another institution.

2. Investigate its mandate. Read its investment strategy and look for evidence of international or private-market activity.

3. Study existing investments. Research the companies and funds it has backed to identify relevant industries, stages and markets.

4. Identify the right team. Use available job titles and professional profiles to find people whose responsibilities relate to your sector or funding needs.

5. Verify the details. Contact information and investment priorities can change, so check official websites and current professional profiles before reaching out.

The spreadsheet is a research starting point, not a guarantee that every organisation currently invests in startups or accepts unsolicited

Do Sovereign Wealth Funds Invest in Startups?

Some do, but the route is not always direct. A sovereign wealth fund may invest in a startup through a venture capital fund, participate in a later funding round, co-invest alongside another institution or back a specialist investment manager.

The PhysicsX example shows how sovereign-linked capital can reach a growing technology business through a funding round involving several investors. It does not mean every sovereign wealth fund actively invests in early-stage startups.

For founders, a specialist venture capital firm backed by sovereign capital may be a more realistic route than approaching a large sovereign investor directly. Research the fund's actual investment history and mandate before deciding how to make contact.

How to Identify and Approach the Right Sovereign Investor

Start by narrowing your research using five criteria:

• Industry: Does the fund invest in your sector, such as AI, healthcare, energy or manufacturing?

• Geography: Does it invest in your country or region, or have an international mandate?

• Stage: Does it invest in early-stage businesses, growth companies or established businesses?

• Investment route: Does it invest directly, through fund managers or through co-investment partnerships?

• Track record: Has it backed companies with a similar business model, technology or market?

A company building AI software for industrial manufacturers may find a stronger fit with an investor already exposed to advanced manufacturing than with a fund concentrated in unrelated assets.

Once you identify a relevant organisation, find the correct investment division or professional. A general customer service email is unlikely to reach the person responsible for venture capital or private equity investments.

Keep your first communication concise. Explain what your company does, the problem it solves, the market opportunity and why you believe the investor could be relevant. A message demonstrating an understanding of its investment priorities is more useful than a generic request for funding.

Where possible, seek a warm introduction through an existing investor, adviser, accelerator, portfolio company or professional contact.

What Founders Should Prepare Before Approaching Institutional Investors

Sovereign investors and their investment partners can carry out detailed due diligence. Before starting conversations, prepare the essentials:

• Pitch deck: Explain the business, market opportunity, product, traction, team and funding requirements.

• Financial projections: Show revenue assumptions, operating costs, cash flow and expected funding needs.

• Business plan: Outline your strategy, commercial model, competitive position and growth plans.

• Cap table: Show existing shareholders, ownership percentages and outstanding equity commitments.

• Evidence of traction: Include revenue, customer growth, retention, signed contracts or product adoption.

• Due diligence data room: Organise relevant company, financial, legal and operational documents.

Startup Networks has resources to help, including the Business Plan Pack, Cash Flow Forecast Template, Cap Table Model Template and Data Room Checklist Template.

Common Mistakes to Avoid

• Assuming every state-backed organisation is a sovereign wealth fund. Check its legal structure, ownership and investment purpose.

• Treating every fund as a startup investor. Some focus on listed securities, infrastructure or large private equity transactions.

• Relying on outdated contact details. Verify names, roles and contact information.

• Sending generic pitches. Explain why your company is relevant to that particular investor.

• Ignoring indirect routes. A venture capital or private equity manager backed by sovereign capital may be more accessible.

• Confusing fund size with accessibility. A large portfolio does not mean the organisation has a mandate to invest in your business.

Conclusion

Sovereign wealth funds are an important part of the global investment landscape. They manage substantial pools of national capital and, depending on their mandates, can invest in listed companies, infrastructure, private businesses and specialist funds.

For founders, the opportunity is not simply about finding an institution with a large portfolio. It is about understanding what that institution is designed to achieve, where it invests and whether your business fits its priorities.

Start with research, check the organisation's investment mandate and study its existing portfolio. If a direct approach is not realistic, explore the venture capital and private equity managers it works with.

Download the Sovereign Wealth Fund List for Startups and Investment Research to begin identifying potential institutional investors and exploring where your business may fit.

You can also join the Startup Networks community to connect with founders, investors and startup professionals.

Further learning: Watch Sovereign Wealth Funds Explained for an introduction to how these funds work and why governments establish them.