Papua New Guinea and Timor Leste have both released more details of the sovereign wealth funds (SWFs) that they hope will underpin future prosperity. Papua New Guinea plans to launch a new fund based on sales of liquefied natural gas (LNG), while Timor-Leste’s fledgling fund is set to make a major shift in its investment approach.
Timor-Leste’s Petroleum Fund was launched on the back of oil and gas revenue that began accruing in 2006 and brings in about $2 billion per year. The fund has $7.7 billion under management – 90% is invested in US Treasuries or similar instruments, and 10% in equities managed by Schroder Investment Management..............................................Full Article: Source |