TY - JOUR T1 - Who Is the Sovereign among Sovereign Wealth Funds? <em>A Network Analysis of Co-Investments</em> JF - The Journal of Private Equity SP - 7 LP - 18 DO - 10.3905/jpe.2016.19.4.007 VL - 19 IS - 4 AU - Gianfranco Gianfrate AU - Enrico Merlin Y1 - 2016/08/31 UR - https://pm-research.com/content/19/4/7.abstract N2 - 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.TOPICS: Private equity, global, legal/regulatory/public policy, statistical methods ER -