![[QC — NOT SENT TO LIST] The state is calling capital home](https://storage.ghost.io/c/f6/9c/f69cdeb4-cfe5-4393-a9d8-5769f759a132/content/images/size/w800/2026/07/chart-2026-07-10-1.png)
[QC — NOT SENT TO LIST] The state is calling capital home
Tokyo's GPIF signal, Temasek's US$100bn cash pile, and the physical limits of the AI build-out.
Universal Asset Owners
Briefings, research, charts and analysis on the institutions, capital flows and systemic risks shaping long-horizon portfolios.
Institutional Investing
Sovereign Funds Defense Spending
Sovereign wealth funds are recalibrating capital allocation toward defense and security infrastructure, driven by geopolitical risk and industrial policy. Major funds manage both direct stakes in defense contractors and indirect exposure through critical supply chain investments.
Institutional Investing
National Development Fund Iran
Iran's National Development Fund, established in 2011, serves as the country's primary sovereign wealth instrument. We examine its governance structure, asset base, and strategic positioning within Iran's institutional investment framework.
Institutional Investing
Palestine Investment Fund Explained
The Palestine Investment Fund represents a constrained sovereign wealth model operating within unique political and fiscal constraints. We examine its governance, capital allocation, and position among regional asset owners.
Institutional Investing
Libyan Investment Authority Explained
The LIA represents Libya's consolidated sovereign wealth apparatus post-civil conflict. We examine its governance structure, asset base, and institutional positioning within the MENA fund ecosystem.