PIF's assets shrink by $10 billion
While little more than a rounding error in the big-spending world of sovereign wealth, it marked the first such drop this decade.
The Public Investment Fund's assets under management fell by $10 billion last year, reaching approximately $900 billion, according to its 2025 annual report. This marked the first decline in this decade. The fund's portfolio companies' performances play a crucial role in the Saudi government's strategy to transition beyond oil, as they accounted for 11% of the kingdom's non-oil GDP in the previous year.
However, the fund's domestic equity investments declined in 2025, and PIF has withdrawn from initiatives such as The Line and PGA challenger LIV Golf. The fund attributed its performance to "wider market conditions" and stated that it continues to make "long-term local investments to drive economic transformation." PIF anticipates returning to international debt markets at the beginning of next year, following a significant issuance in May, and preparing more portfolio companies for Tadawul listings, according to the fund's head of finance, Yasir bin Abdullah Al-Salman, as reported by Asharq Bloomberg.
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