We respond to the special issue’s call for a multiscalar, historicised approach state capitalism through an exploration of Sovereign Wealth Fund investment into London real estate. point how UK’s ostensibly market-led recovery since 2008 financial crisis has relied in part on attracting ‘patient’ capitalist investments. In this, we contextualise relational regulation estate markets as outcome i...

This paper studies the dynamic asset allocation problem faced by an infinitively lived commodity-based sovereign wealth fund under incomplete markets. Assuming that receives a non-tradable stream of commodity revenues until predetermined date, optimal consumption and investment strategies are state time-dependent. Using data from Norwegian Petroleum Fund, we find demand for equity should decrea...

We consider a sovereign wealth fund that invests broadly in the international financial markets. The influx to has stopped. adopt life cycle model and demonstrate optimal spending rate from is significantly less than fund’s expected real of return. secures will last ”forever”. Spending return deplete with probability one. Moreover, this strategy inconsistent portfolio choice. Our results are co...

This paper sets out a new approach to sovereign wealth and risk management, based on the theory of contingent claim analysis (CCA). To manage sovereign risk, it is essential to analyse the sovereign’s balance sheet. The state has to solve an asset-liability management (ALM) problem between its sources of income and its expenditure. The analytical framework for this approach covers all public en...

This paper examines the performance of limited partners’ (LPs) investments in venture capital, private equity, and real asset funds (referred to as “alternative funds”) from 52 countries around world over period 1995 2020. The data indicate that sovereign wealth (SWFs) are significantly slower fully liquidate earn lower returns their investments, particularly capital funds. longer duration SWFs...

Abstract Economic globalization has an impact on the dynamics of adjusting legal rules established in Indonesia. One them is unification format called Omnibus Law Job Creation. The Creation collects laws related to development and investment. new thing this law formation a institution Sovereign Wealth Fund. Various privileges are given Indonesia Investment Authority (IIA), ranging from not bein...