Kuwait’s life-after-oil fund rises to record $700B

The Future Generations Fund is managed by the Kuwait Investment Authority and has over 50% of its investments in the US.

Kuwait is making strides in an effort to invest its way out of dependency on oil money. The Future Generations Fund, a national savings pot designed to help the country prepare for life after oil, has risen to about $700 billion, according to a person with knowledge of the matter. Its assets were valued at about $670 billion at the close of the last fiscal year on March 31, the person said, asking not to be named discussing confidential information. The fund, which is managed by the Kuwait Investment Authority, has more than 50% of its investments in the U.S., where equity markets have been on a tear. The benchmark S&P 500 Index surged more than 8% last quarter, its fifth consecutive three-monthly gain, while the MSCI World Index gained more than 7%.