The brief’s key findings are:
- Sovereign wealth funds (SWFs) – government-sponsored pools of financial assets – are drawing increasing scrutiny by regulators.
- However, the definition of a SWF is widely debated.
- Perhaps SWFs are best defined as funds that invest in the government’s interests and have no specific outside liabilities.
- Thus, public pension funds such as CalPERS, which are largely independent and have fiduciary responsibilities to public workers, are not SWFs.