A Roadmap for Establishing a U.S. Sovereign Wealth Fund: Strategic Considerations and Governance

By Salar Ghahramani

​The United States, a global financial leader, is one of the few major economies without a national sovereign wealth fund (SWF). As geopolitical risks and economic challenges rise, the concept of creating a U.S. SWF has attracted increasing interest—not just from policymakers, but also from financial market participants. A U.S. SWF presents a potential mechanism for stabilizing the economy, managing national assets, and generating investment opportunities for public and private stakeholders.
 
For policymakers, a U.S. SWF presents a chance to safeguard future fiscal stability, finance infrastructure projects, and manage long-term pension liabilities. For financial market participants—such as investment managers, private equity firms, and financial institutions—it represents an opportunity to engage in the management of large-scale, long-term capital, driving economic development and potentially expanding the financial markets.
 
This report offers a comprehensive roadmap for how the U.S. government might establish a SWF, detailing key considerations in the areas of fund type, governance and institutional structure, external investment management, asset allocation, and the broader political implications. This roadmap aims to foster dialogue and collaboration among government officials, financial institutions, and investors in crafting a U.S. SWF that aligns with both national policy goals and market opportunities.

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