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The Journal of Private Equity

The Journal of Private Equity

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Primary Article

Sovereign Wealth Funds, Private Equity Funds, and Financial Markets

Arjun Sethi
The Journal of Private Equity Fall 2008, 11 (4) 12-27; DOI: https://doi.org/10.3905/jpe.2008.710902
Arjun Sethi
is a strategic advisor at Saset in the Cayman Islands and strategic operations manager at venturebacked Saset Healthcare in Chengdu, PRC.
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Abstract

Because of high oil prices and global macroeconomic imbalances in trade, some nations have developed sovereign wealth funds (SWF) to invest excess foreign currency reserves in global financial markets. The aggregate value of SWFs is estimated at $2.5 trillion, which is more than twice the value of global private equity funds. The value of SWFs could grow to $12 trillion by 2015 because of continued inflows of foreign currency reserves. Because of the lack of transparency among SWFs, regulators in major financial markets are increasingly concerned the funds will be managed to achieve political rather than financial objectives. The trend in SWF investing is towards the purchase of large minority stakes in major global firms, which may be a prelude to leveraged buyouts of the firms. By 2015, the value of SWFs would surpass the value of the 20 largest global firms, increasing the possibility that SWFs could be a disruptive force in financial markets.

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The Journal of Private Equity
Vol. 11, Issue 4
Fall 2008
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Sovereign Wealth Funds, Private Equity Funds, and Financial Markets
Arjun Sethi
The Journal of Private Equity Aug 2008, 11 (4) 12-27; DOI: 10.3905/jpe.2008.710902

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Sovereign Wealth Funds, Private Equity Funds, and Financial Markets
Arjun Sethi
The Journal of Private Equity Aug 2008, 11 (4) 12-27; DOI: 10.3905/jpe.2008.710902
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