The $53-billion Oman Investment Authority (OIA) backed 13 investment funds last year, including those managed by Asian general partners such as Hahn & Co, Creador, and eWTP Capital, the sovereign wealth fund said in its 2024 annual report.
Other fund investments included Intermediate Capital Group’s secondary vehicle ICG Strategic Equity Fund, Vista Equity Partners, Industry Ventures, Flagship Pioneering, IDG Industrial, Digital Alpha, Frazier Healthcare Partners, FTV Capital, Atlas Holdings, and Valor Atreides AI Fund.
In terms of direct investment, the OIA funded Grok developer xAI.
OIA’s assets grew by almost 1.2 billion Omani Riyal in 2024 to 20.4 billion Omani Riyal ($53 billion). The fund’s profit for the year reached nearly 1.6 billion Omani Riyal.
The fund investments and direct deals were made through its Future Generations Fund, which recorded a 6.65% increase in its asset size, reaching 7.535 billion Omani Riyal by end-2024. The portfolio achieved a total return of 6.6% for the year, with an average five-year return of 5.8%, surpassing the fund’s five-year target return of 5%.
Meanwhile, OIA’s National Development Fund, which invests in local assets and companies, saw its assets increase to 12.1 billion Omani Riyal.
OIA launched the Future Fund Oman last year, to support strategic local projects while empowering the private sector and attracting foreign direct investment.
New partnerships during the year include a $500-million joint investment fund with Turkey’s OYAK Fund, and another $100-million joint venture with Jordan’s Social Security Investment Fund.
OIA has existing joint investment funds with India, Vietnam, Brunei and Spain, among others.
Its Vietnam-based partnership, Vietnam Oman Investment Company, recently launched another $200-million Vietnam New Era Growth Fund, which will focus on high-potential sectors in Vietnam such as technology, telecommunications, finance, Halal agriculture, and digital transformation.
In 2024, OIA exceeded its divestment targets, with six exits compared to the planned five deals, it said.
In terms of geographies, the majority (61.3%) of the sovereign fund’s investments are local deals. North America led global allocation with 19.9%, while APAC accounted for 3.9%.
