World's oldest wealth fund swells to record $700 bn and cracks the top 3

KIA, the world's oldest sovereign wealth fund whose roots predate the birth of the modern state of Kuwait, doesn't officially disclose the value of its assets.

Kuwait Investment Authority likely broke into the world’s top three sovereign wealth funds by assets.
 

The Future Generations Fund, managed by the authority known as KIA, has risen to a record of about $700 billion, according to a person with knowledge of the matter. Its assets were valued at around $670 billion at the close of the last fiscal year on March 31, the person said, asking not to be named discussing confidential information.

The fund, a national savings pot designed to help the country prepare for life after oil, has more than half of its investments in the U.S., where