@article {Gianfrate7, author = {Gianfranco Gianfrate and Enrico Merlin}, title = {Who Is the Sovereign among Sovereign Wealth Funds? A Network Analysis of Co-Investments }, volume = {19}, number = {4}, pages = {7--18}, year = {2016}, doi = {10.3905/jpe.2016.19.4.007}, publisher = {Institutional Investor Journals Umbrella}, abstract = {This article studies the co-investment patterns of global sovereign wealth funds (SWFs) in the 1980{\textendash}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 {\textquotedblleft}small world{\textquotedblright} of relationships among most SWFs. In particular, the network of co-investments is rather segmented, with some funds being {\textquotedblleft}brokers{\textquotedblright} of relationships within their subgroup but with no one fund being able to dominate the strategies of the whole network.TOPICS: Private equity, global, legal/regulatory/public policy, statistical methods}, issn = {1096-5572}, URL = {https://jpe.pm-research.com/content/19/4/7}, eprint = {https://jpe.pm-research.com/content/19/4/7.full.pdf}, journal = {The Journal of Private Equity (Retired)} }