Sovereign Wealth Funds: The New Power Brokers of Global Capitalism

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Date Published: March 7, 2008

Over recent months there has been a perceptible shift of power in the world's financial markets. As volatility sweeps these markets and the flow of investment capital from traditional sources slows from a torrent to a trickle, the highly leveraged dealmakers that have shaped global capitalism over the last decade are being overshadowed by an emerging set of capital-rich investors. These players, known as sovereign wealth funds, are relatively unique as they have access to a near-unlimited supply of investable funds with apparent limited accountability. In addition, while their general investment activities are acknowledged, their business rationales are not.