Kuwait’s sovereign wealth fund puts weight on green investing | Financial Times:
The Arab Bankers Association of North America last week honoured Farouk Bastaki, the head of the Kuwait Investment Authority, at a glittering dinner in New York. The crowd included recipients — and no doubt some would-be recipients — of riches from his sovereign wealth fund, one of the largest in the world.
David Rubenstein, the co-founder of US buyout group Carlyle, served as master of ceremonies. He suggested that when Mr Bastaki eventually retires, the KIA chief should consider establishing a private equity firm; answering, as Mr Rubenstein quipped, “the highest calling of mankind”.
The celebrated Mr Bastaki has a different challenge in mind.
The KIA, the world’s oldest sovereign wealth fund, has derived most of the nearly $600bn it manages from Kuwait’s oil revenues. Mr Bastaki knows its history well, as the first managing director to be plucked from the ranks of the fund’s staff.
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