#Kuwait’s $112 Billion Fund Has Cash to Spend After Revamp - Bloomberg

Kuwait’s $112 Billion Fund Has Cash to Spend After Revamp - Bloomberg:

Kuwait’s $112 billion pension fund plans to boost investments in private equity and infrastructure following an overhaul that left it sitting on too much cash.

A new management team was brought in during 2017 to transform the state-owned institution after a corruption scandal involving a previous manager. The fund has since exited more than $20 billion in questionable deals in a “major clean-up” of its portfolio, according to Raed Al-Nisf, deputy general manager for investments and operations.

“It’s no longer a one-man show, and will never be again,” he said in an interview. “In the past, it was a sleeping giant, and no one wanted to wake it.”

The revamp is paying off. The Public Institution for Social Security, also known as PIFSS, had a record investment profit of $7.3 billion in the three months through June, an almost fourfold increase from a year earlier.