Public Investment Funds and Strategic State Capital

Introduction

PIF, Mubadala, Khazanah, Temasek, ADQ. The names are familiar, but the operating models behind them are surprisingly varied. Some sit closer to the state than others. Some are holding companies in all but name, others run something closer to a global investment platform. What they share is the demand to combine commercial returns with strategic purpose, and the governance challenge that follows.

This training course looks at how that combination is made to work. We examine mandate design, the boundary between owner and management, the practical mechanics of investment selection, and the governance of portfolio companies. The aim is to leave participants with a clearer view of what good looks like and a sharper sense of where their own institutions can improve.

Key focus areas include:

• Mandate design and dual-objective fund models
• Board governance and investment committee effectiveness
• Portfolio company oversight and active ownership
• Conflict management between policy, regulation, and commercial roles
• Reporting, accountability, and parliamentary oversight