Sovereign Wealth Fund

Dear all,

Did you have a look at this document? And the asset allocation in page 9? I don’t get why the equity pocket is allocated through 5 MSCI world ETFs (all with ESG criteria’s which is in line with the fund governance)
2 MSCI Europe ETF
The PE allocation looks like very low effort (1 line, no direct deal, or at least it could have been spread across several evergreen vehicles)

It looks to me there is a lot overlap (5* ESG MSCI World) and the asset allocation seems not that clever (no direct line, etc.), which is a pity given the long term horizon of this investment vehicle.

Happy to get your thoughts.

https://mfin.gouvernement.lu/dam-assets/le-ministère/fondssouveraininteregenerationnel/comptes-et-rapports-d’activités-annuels/signed-report-fonds-souverain-intergnrationnel-du-luxembourg-31122025.pdf