OVERVIEW OF INTERNATIONAL INVESTMENT IN 2026
A new report by IE University and ICEX reveals a paradigm shift in the behavior of global sovereign capital: although the number of transactions has decreased by 17%, the volume of investment has skyrocketed by 91%. The investment ecosystem is focusing on impact, with a strong emphasis on artificial intelligence, infrastructure, and strategic autonomy, further positioning Spain as the second most attractive market in the European Union for these financial vehicles.
The financial power of states continues to gain weight in the global economy. Over the past year and a half, the assets under management of the Sovereign wealth funds have reached the historic figure of $15,1 trillionThis represents a 14% increase compared to the 13,2 trillion recorded in the previous edition. This is according to the Sovereign Wealth Funds Report 2026, a comprehensive analysis presented today in Madrid by the Center for the Governance of Change at IE University In collaboration with ICEX-Invest in Spain.
The document, which scrutinizes the behavior of 109 sovereign investment vehicles Between July 2024 and December 2025, the data confirms that we are facing a much more concentrated and selective market. The data reveals a clear trend toward a reduction in the number of transactions in favor of much larger, more substantial deals. Specifically, the funds participated in 391 direct investment operations (a 17% decline), but The volume of capital mobilized catapulted by 91%., approaching 404.000 billion dollars.
In the words of Javier Capape, Director of Sovereign Wealth Research from IE University and editor of the report: "The report shows more concentrated capital: fewer transactions, greater impact. Sovereigns lead the majority of transactions valued at over $1.000 billion, demonstrating their ability to execute."Capapé also highlights the creation of 12 new funds that demonstrate how these entities act as "Government tools to navigate this fragmented, less efficient, and more domestic global economy", becoming pillars for the resilience and strategic autonomy of the countries.
The hegemony of Artificial Intelligence and Private Markets
The report highlights that sovereign portfolios are undergoing a migration from more traditional assets towards cutting-edge technology. Artificial Intelligence (AI) has become the main protagonist, capturing one out of every three dollars invested during the period analyzed, a movement led especially by investment vehicles from the Persian Gulf and Singapore. This is in addition to significant injections into data centers and energy and network infrastructure.
However, these financial giants rarely act as early talent discoverers. Barely 3% of their capital is allocated to companies that have not yet reached startup status. Unicorn, which consolidates its role as validators and strategic funders of established leaders in private markets.
Examples of these mega-deals include the backing of the Saudi fund PIF the acquisition of Electronic Arts for $55.000 billion; the injection of $13.000 billion into Anthropic by Qatari QIA and the Singaporean GICor the role of the newly created Emirati fund MGX in the restructuring of TikTok in the United States.
Geographic snapshot: Asia and the Middle East dominate the board
In terms of wealth distribution, the concentration is evident. Asia-Pacific and the Middle East account for 79% of global assets. For its part, Europe retains 16% of the pie—heavily skewed by the gigantic Government Pension Fund Global (GPFG) of Norway, which alone represents 85% of the funds of the old continent—, while America manages 2% and Africa remains below 1%.
In the ranking of the most dynamic players, the Asian and Middle Eastern ecosystem is unrivaled: Temasek (Singapore), GIC (Singapore) and Mubadala (Abu Dhabi) They top the list in terms of the number of transactions. In terms of financial volume disbursed, the throne belongs to GIC, closely followed by Saudi PIF and Qatar's QIA.
Spain consolidates its position as a magnet for sovereign capital
The appeal of the Spanish market to these large investors is undeniable. Between mid-2024 and the end of 2025, Spain captured 18 direct transactions valued at approximately 6.700 millones de euros (approximately $7.600 billion). This volume allows the country to scale up to the sixth position worldwide in the value of transactions involving sovereigns and consolidate itself as the second most important market in the EUsecond only to Germany.
Elisa CarbonellThe CEO of ICEX highlighted these figures during the presentation: “Sovereign wealth funds have established themselves as one of the major players in international investment and represent a strategic source of capital for the growth of companies.”Carbonell emphasized the growing interest in the country "It confirms Spain's attractiveness and reinforces its role as a long-term partner for promoting internationally focused business projects.".
Investments in the Iberian Peninsula were mainly directed towards high strategic value sectors, As the renewable energy, digital infrastructure, higher education and the industrial sectorMoves like those of Mubadala and Masdar in clean energy, GIC's appetite for physical infrastructure, and Temasek's presence in data centers illustrate this trend. Furthermore, the Norwegian fund GPFG held a position exceeding [amount missing] at the end of 2025. 24.000 millones de euros In Spain, 21% more than the previous year.
The European model: Development funds and the 'NextGen' push
While in oil-producing regions capital emanates from hydrocarbons, Europe is forging an ecosystem of strategic investment funds (strategic investment fundsWith the exception of the Norwegian giant, 80% of European vehicles seek to catalyze private investment towards key sectors, financing themselves through fiscal surpluses or transfers from the European Union.
In fact, European funds Next Generation US They are acting as seed capital for this new continental financial architecture. Spanish instruments such as FOCUS —managed by Cofides— or the newly announced Spain GrowsThey exemplify how recovery resources are being transformed into long-term sovereign capital, anticipating a prolific wave of sovereign fund creation in Europe by 2030.
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