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The Journal of Private Equity

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Article

Who Is the Sovereign among Sovereign Wealth Funds? A Network Analysis of Co-Investments

Gianfranco Gianfrate and Enrico Merlin
The Journal of Private Equity Fall 2016, 19 (4) 7-18; DOI: https://doi.org/10.3905/jpe.2016.19.4.007
Gianfranco Gianfrate
is a research fellow at Harvard University in Cambridge, MA and a research affiliate of SovereigNET at Tufts University in Medford, MA.
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  • For correspondence: gianfranco_gianfrate@hks.harvard.edu
Enrico Merlin
is an analyst at Mediobanca in London, U.K.
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  • For correspondence: enrico.merlin@mediobanca.com
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Abstract

This article studies the co-investment patterns of global sovereign wealth funds (SWFs) in the 1980–2014 period. Data show that collaborative investments are gaining momentum among SWFs. In terms of targets, large-capitalization stocks and companies operating in the infrastructure and public utilities industries appear to be the preferred targets. There is evidence of a home-bias effect and of a preference to invest in foreign countries in partnership with local funds. The co-investments within a social network framework show the existence of a “small world” of relationships among most SWFs. In particular, the network of co-investments is rather segmented, with some funds being “brokers” of relationships within their subgroup but with no one fund being able to dominate the strategies of the whole network.

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The Journal of Private Equity: 19 (4)
The Journal of Private Equity
Vol. 19, Issue 4
Fall 2016
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Who Is the Sovereign among Sovereign Wealth Funds? A Network Analysis of Co-Investments
Gianfranco Gianfrate, Enrico Merlin
The Journal of Private Equity Aug 2016, 19 (4) 7-18; DOI: 10.3905/jpe.2016.19.4.007

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Who Is the Sovereign among Sovereign Wealth Funds? A Network Analysis of Co-Investments
Gianfranco Gianfrate, Enrico Merlin
The Journal of Private Equity Aug 2016, 19 (4) 7-18; DOI: 10.3905/jpe.2016.19.4.007
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  • Article
    • Abstract
    • SIZE
    • TARGET INDUSTRY
    • HOME BIAS
    • RELIGION BIAS
    • S-SCORE
    • GDP GROWTH
    • INVESTOR PROTECTION INDEX (IPI)
    • ENDNOTES
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  • Private Equity Trends to Look Out for in 2019
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