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Oman Investment Authority Returns 9.95% in 2023

The sovereign wealth fund saw its assets grow to $49.87 billion.
By Matt Toledo



The Oman Investment Authority, the sovereign wealth fund of Oman released its annual report on Tuesday, announcing a 9.95% return in calendar year 2023. The fund’s assets increased to 19.2 billon Omani rials ($49.87 billion) during the year.

The fund’s public markets assets grew at 9.8%, which the OIA notes were a result of strong returns from technology stocks and artificial intelligence. 

The fund also announced many foreign direct investments, partnerships and allocation commitments, with many being in energy. The fund made direct investments in two businesses that make electrolyzers (devices that aid in the production of green hydrogen): the U.S.’s Electric Hydrogen and Australia’s Hysata. The fund also made an investment in Italian energy storage company Energy Dome. 

The Oman Investment Authority was established in 2020, with the objectives of providing finances to the country’s budget and managing the assets of the sultanate by investing globally and funding the Omani’s ambitious Vision 2040 plan, which focuses on reducing its dependence on fossil fuels and promoting green energy sources. In 2022, the fund returned 8.8%. 

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The fund invests across two main portfolios, the Future Generation Fund, a program that invests in public and private market assets globally, and the National Development Portfolio, which aims to contribute to the state budget of Oman and the growth and development of the country’s economy. 

The FGF had 7.065 billion OMR ($18.3 billion) in assets at the end of 2023, while the National Development Portfolio had 12.175 billion OMR ($31.6 billion).

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Home > News > Asset Allocation > Alaska Permanent Increases Private Equity and Income While Cutting Real Estate
Asset Allocation

Alaska Permanent Increases Private Equity and Income While Cutting Real Estate

The state's sovereign wealth fund also reported a $1.5 billion increase in asset value during 2024's first quarter. 
By Michael Katz



The Alaska Permanent Fund Corp.’s board of trustees unanimously adopted an updated asset allocation that increases the state sovereign wealth fund’s holdings in private equity and private income while cutting its real estate investments.  

The board of the APFC, an independent state entity that manages the assets of the Alaska Permanent Fund, said at its quarterly meeting last week that it is raising its private equity asset allocation to 18% from 15%, and increasing its private income allocation to 10% from 9%. At the same time, it’s reducing its real estate holdings to 11% of its portfolio from 13%, while lowering its allocation to cash and tactical opportunities to 1% each from 2% each. 

The fund’s allocation to public equities and fixed income remained unchanged at 32% and 20% respectively, while it maintained its 7% allocation to absolute return investments. 

“The fund’s asset allocation targets have been adjusted on the margin to reflect changing market conditions, asset class fundamentals, and existing fund exposures,” APFC CIO Marcus Frampton said in a statement. “I believe that the new target asset allocation for FY 2025 represents a highly efficient and balanced portfolio that is consistent with the return objectives that our stakeholders rely upon.” 

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Frampton also said the fund’s total assets rose to $81.8 billion at the end of the first quarter 2024 from $80.3 billion at the end of the fourth quarter of 2023, adding that it continues to outperform both its passive and performance benchmarks over longer-term periods. 

“Private markets might have had a tough quarter, but there’s noise in the numbers,” Frampton said. “It’s difficult to look at market returns over the short-term. We’re cautiously optimistic that things will be trending in a better direction next year.” 

At the quarterly meeting, APFC Director of Public Equity Investments Fawad Razzaque presented an overview of the public equity portfolio’s asset allocation and manager programs. He said the portfolio employs a scorecard system that evaluates three performance elements: active selection, active allocation and internal and external management.  

“We’re pleased that despite a challenging market, our strategies have been successful,” Razzaque said in a statement. “Our equities portfolio continues to add value by beating its benchmark and achieving returns.”  Razzaque added that public equities net-of-fee active returns beat their benchmark by 90 basis points per year during the last five years “putting us comfortably above our targets.” 

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Alaska Permanent Fund Returns 2% in Fiscal 2020 

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