Deal Activity Insight: Saudi Arabia’s PIF Tops 2023 Global List

Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), was the top sovereign investor globally in 2023, surpassing its peers in deal activity.

PIF deployed $31.6 billion, significantly higher than its previous year’s investment of $20.7 billion. In contrast, global state-owned investors reduced their spending by about one-fifth to $124.7 billion.

The decline in spending was led by Singapore-based sovereign wealth funds, GIC Pte