State-owned investors (SOIs), including sovereign wealth funds and public pension funds, have $27 trillion in assets under management in 2020, making these funds the third largest group of asset owners globally. SOIs have become the largest and are among the most important private equity investors, and they are key investors in other alternative asset investments such as real estate, infrastructure, and hedge funds. SOIs are also leaders in promoting environmental, social, and governance policies and corporate social responsibility policies in investee companies. We document the rise of SOIs, assess their current investment policies, and describe how their state ownership both constrains and enhances their investment opportunity sets. We survey the most impactful recent academic research on sovereign wealth funds, public pension funds, and their closest financial analogs, private pension funds. We also introduce a new Governance-Sustainability-Resilience Scoreboard for SOIs and survey research examining their role in promoting good corporate governance.

中文翻译：

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国有投资者的崛起：主权财富基金和公共养老基金

到 2020 年，包括主权财富基金和公共养老基金在内的国有投资者 (SOI) 管理着 27 万亿美元的资产，使这些基金成为全球第三大资产所有者群体。SOI 已成为最大的，也是最重要的私募股权投资者之一，它们是房地产、基础设施和对冲基金等其他另类资产投资的主要投资者。SOI 在促进被投资公司的环境、社会和治理政策以及企业社会责任政策方面也处于领先地位。我们记录了 SOI 的兴起，评估了它们当前的投资政策，并描述了它们的国家所有权如何限制和增强它们的投资机会组合。我们调查了最近关于主权财富基金、公共养老基金、及其最接近的金融类似物，私人养老基金。我们还为 SOI 引入了一个新的治理-可持续发展-弹性记分牌，并调查了它们在促进良好公司治理中的作用。