Strategic Investment Funds : Opportunities and Challenges

Halland, Havard ; Noel, Michel ; Tordo, Silvana ; Kloper-Owens, Jacob J.

World Bank, Washington, DC

关键词: Strategic Investment Fund;    Sovereign Development Fund;    private equity fund;    venture capital fund;    Sovereign Wealth Fund;   

DOI  :  10.1596/1813-9450-7851
RP-ID  :  WPS7851

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

Over the past 15 years, the number ofgovernment-sponsored strategic investment funds has grownrapidly in countries at all income levels. This paperidentifies some of the challenges that these funds face intheir endeavor to achieve economic policy objectives whilealso securing commercial financial returns—the so-calleddouble bottom line. Through the review of the objectives,investment strategies, and operations of a sample ofstrategic investment funds, this paper outlines ways inwhich these challenges have been addressed. The papersuggests that properly structured and managed strategicinvestment funds can be effective vehicles for crowding inprivate investors to priority investments, thus magnifyingthe impact of public capital. However, their success restson the funds' ability to balance policy and commercialobjectives, source investment opportunities, and secure theright fund management capacity.