Who holds the power in financial markets? For many, the answer
would probably be the large investment banks, big asset managers,
and hedge funds that are often in the media's spotlight. But more
and more a new group of sovereign investors, which includes some of
the world's largest sovereign wealth funds, government pension
funds, central bank reserve funds, state-owned enterprises, and
other sovereign capital-enabled entities, have emerged to become
the most influential capital markets players and investment firms,
with $30 trillion in assets under management ("super asset
owners"). Their ample resources, preference for lower profile,
passive investing, their long-time horizon and adherence to
sustainability as well as their need to diversify globally and by
sector have helped to transform the investment world and, in
particular, private markets for digital companies. They have helped
create and sustain an environment that has fostered the rise of the
likes of Uber, Alibaba, Spotify and other transformative players in
the digital economy, while providing their founders and business
models the benefit of long-term capital. Despite this increasingly
important impact, sovereign investors remain mostly unknown, often
maintaining a low profile in global markets. For the same reason,
they're also among the most widely misunderstood, as many view
investments made by sovereign investors as purely driven by
political aims. The general perception is that most sovereign
investors lack transparency and have questionable governance
controls, causing an investee nation to fear exposure to risks of
unfair competition, data security, corruption, and non-financially
or non-economically motivated investments. The current global
tensions around the AI race and tech competition - and now the
corona virus pandemic - have exacerbated such misperceptions,
spawning controversies around sovereign investors and capital
markets, governments, new technologies, cross-border investments,
and related laws and regulations. As such, sovereign capital and
the global digital economy are undergoing an unprecedented,
contentious moment. In short, the emergence of sovereign funds
symbolizes a major shift of the world's economic power. For the
first time, investment funds from developing countries are playing
with OECD financial giants as equals. Furthermore, their
investments into high tech enable them to participate at the
cutting-edge of the fourth industrial revolution, challenging
traditional innovation powerhouses like the US and Germany. For all
stakeholders, from tech unicorns, VC funds, asset managers,
financial firms, to policymakers, law firms, academics, and the
general public, this is the must-have book to get to know these new
venture capitalists and "super asset owners".
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