2026年主权财富基金报告

AI AND STRATEGIC AUTONOMY INA FRAGMENTING GLOBAL ORDER SOVEREIGNWEALTHFUNDS2026 AI AND STRATEGIC AUTONOMY INA FRAGMENTING GLOBAL ORDER EDITORJavier Capapé Aguilar, PhDDirector, Sovereign Wealth Research,Center for the Governance of Change,IE University Sovereign Wealth Research, Center for the Governance of Change, IE University – June 2026 INDEX FOREWORD4-6 EXECUTIVE SUMMARY7-12 1-THE SOVEREIGN DEAL PULSESOVEREIGN WEALTH FUNDS IN 202613-37 2-PICKING WINNERS OR BACKING THEM?SOVEREIGN WEALTH FUNDS IN VENTURE CAPITAL38-53 3-THE EUROPEAN SOVEREIGN WEALTHFUNDS LANDSCAPE54-70 ANNEX 1-IE SOVEREIGN WEALTHRESEARCH RANKING 202671-77 ANNEX 2-SOVEREIGN WEALTH FUNDS AND SPAIN78-87 AUTHORS AND CONTRIBUTORS88 INSTITUTIONS89 SOVEREIGN WEALTH FUNDS2026:AI AND STRATEGIC AUTONOMY IN A FRAGMENTING GLOBAL ORDER FOREWORD We are pleased to present the 2026 edition ofthe Sovereign Wealth Funds Report, a key refe-rence for understanding the activity, strategiesand long-term relevance of these important fi-nancial investors. This report is the result of thelongstanding partnership between ICEX Espa-ña Exportación e Inversiones and the SovereignWealth Research programme of the Center forthe Governance of Change at IE University. averages and subject to downside risks. The di-sinflation process has become more uncertain,particularly in emerging and developing econo-mies, while high public debt, elevated defencespending and tighter financial conditions con-tinue to limit policy space. A prolonged conflict,deeper geopolitical fragmentation, disappoint-ment over AI-driven productivity, or renewed tra-de tensions could weaken growth and unsettlemarkets. For sovereign wealth funds, this envi-ronmentdemands both discipline and adap-tability: the ability to protect intergenerationalwealth, but also to deploy capital in the techno-logies and infrastructures that will define futuregrowth. This edition is published at a moment of pro-foundgeopolitical and economic reordering.The war in Ukraine continues to shape Europe’ssecurity, fiscal and energy priorities; instability inthe Middle East has introduced renewed risks tocommodity markets and global supply chains;and the fragmentation of trade and technologyflows has accelerated the reconfiguration of glo-bal investment patterns. At the same time, arti-ficial intelligence, energy security, industrial poli-cy and critical infrastructure have moved to thecentre of economic strategy. These dynamics arenot temporary market disruptions: they are re-defining how states, companies and long-terminvestors understand resilience, competitivenessand sovereignty. Theforeign direct investment landscape alsoreflects this tension between headline recoveryandunderlying fragility.Global FDI increased14% in 2025, reaching an estimated $1.6 trillion,but much of this rise was driven by flows throu-gh financial centres. Underlying real investmentactivity remained weak. Indeed, when excludingconduit flows through financial hubs, true glo-bal FDI growth was closer to 5%, with real invest-mentactivity remaining fragile.Internationalproject finance declined for the fourth conse-cutive year, international M&A activity fell, andgreenfield announcements became increasin-gly concentrated in a small number of strategicsectors. Data centres alone accounted for more In this context, the global economy has remai-ned resilient but fragile. The International Mone-tary Fund projects global growth to slow to 3.1%in 2026 and 3.2% in 2027, below pre-pandemic than one fifth of global greenfield project valuesin 2025, with announced investment exceeding$270 billion, while semiconductor projects alsoexpanded strongly. The geography of capital isbecoming more selective, more strategic andmore concentrated. tors or cornerstone partners. The take-privatechannel has become an increasingly importantroute for sovereign deployment, while club dealsinvolving two or more sovereign investors havebecome a normalised feature of the market. Five structural shifts stand out. First, artificialintelligence has recruited sovereign capital atunprecedented scale, particularly from Gulf andSingaporeanfunds,not only through modelcompanies but also through the enabling infras-tructure of compute, data centres, energy anddigital networks. This concentration of MiddleEast capital needs to be carefully assessed in li-ght of the complex developments in the region.Second, energy transition has become more in-frastructure-intensive,shifting attention fromgeneration alone to grids, storage, transmission,flexibility and industrial decarbonisation. Third,sovereign funds are playing a greater role in lar-ge private-market transactions, where patientcapital, reputation and execution capacity areincreasingly valuable. Fourth, portfolio rotation isaccelerating, with divestitures in mature real es-tate, utilities and legacy private-equity holdingshelping to finance exposure to AI, grid, data-cen-tre and alternative-credit platforms. Finally, thegeog