Saudi Arabia’s Public Investment Fund (PIF) has ranked as the world’s second most active sovereign investor in February, committing a total of $3 billion across various global transactions. This strong performance underlines PIF’s growing influence in the international investment landscape. According to Global SWF, a platform that tracks sovereign wealth fund activity, Canada’s public pension fund topped the rankings with a $7 billion deal, while PIF led the pack in terms of the number of deals, completing three overseas transactions through its portfolio companies.
Sovereign Wealth Fund Activity on the Rise
Globally, sovereign investors executed 22 deals worth a combined $16.5 billion in February. Alongside PIF, major players in the sector included South Korea’s National Pension Service, which committed $1.6 billion to a real estate deal, and Canada’s BCI, which secured a $1.3 billion infrastructure transaction. This surge in cross-border investment highlights an ongoing trend among sovereign investors, particularly in the Gulf region, to capitalize on global opportunities and hedge against domestic economic uncertainties.
PIF’s Transformation and Growing Global Influence
Established in 1971, PIF has undergone a dramatic transformation since 2015, evolving from a primarily domestic fund into one of the world’s most influential sovereign wealth funds. Under the leadership of Crown Prince Mohammed bin Salman, PIF now manages $925 billion in assets and is central to Saudi Arabia’s Vision 2030 economic diversification strategy. The fund’s rise reflects the Kingdom’s ambition to reduce its dependence on oil revenue and expand its investment footprint across various sectors globally.
PIF’s Strategic Shifts in Investment Portfolio
PIF started 2025 by continuing to diversify its investments, particularly in entertainment, aviation, and finance. A strategic restructuring in the fourth quarter of 2024 saw PIF align its portfolio with long-term Vision 2030 goals. Notably, PIF’s latest SEC filings showed a 24% year-on-year decline in its US equity holdings, totaling $26.71 billion at the end of 2024. This reflects a more cautious, selective investment approach, focusing on sectors that promise long-term stability, such as healthcare and life sciences.
Key moves in this strategy included exiting holdings in Walmart and Marriott while increasing investments in healthcare firms like Thermo Fisher Scientific, Abbott Labs, and Regeneron Pharmaceuticals. Additionally, PIF expanded its stake in electric vehicle manufacturer Lucid Motors by $495 million and doubled its investment in Amazon, signaling a shift toward high-growth industries.
Continued Focus on Domestic Growth and Global Expansion
PIF has also been active in securing funding for major domestic projects while extending its international reach. In early 2025, the fund issued a US dollar-denominated bond and sold Thiqah Business Services to Elm for $907 million. It also acquired a 23% stake in Saudi Re, bolstering the Kingdom’s insurance sector.
In capital markets, PIF invested $200 million as an anchor investor in the SPDR Saudi bond ETF, launched in January 2025. This move aligns with PIF’s strategy to internationalize Saudi Arabia’s debt market, following similar initiatives in Hong Kong and Tokyo in recent years.
PIF’s Expanding Presence in Sports and Gaming
PIF continues to strengthen its presence in the global sports and gaming industries. In 2025, its subsidiary, Savvy Games Group, acquired Niantic’s gaming division, including the popular mobile game Pokémon Go, for $3.5 billion. This acquisition marks a significant move into mobile and augmented reality (AR) gaming.
Additionally, PIF is actively engaged in talks with the PGA Tour to integrate LIV Golf, a key part of its broader sports investment strategy. The fund has also reaffirmed its commitment to Newcastle United FC through “Project 2030,” which aims to elevate the club’s standing on the global stage.
In the UK, PIF is reportedly exploring the acquisition of a 49% stake in Newcastle International Airport, positioning itself to create synergies between its sports and travel portfolios.
