A THINKING AHEAD x PENSIONS & INVESTMENTS STUDY

The world’s largest pension funds 2026

The world’s 300 largest pension funds increased assets by 13.4% in 2025 to a record US$27.7 trillion — and for the first time, a single fund crossed US$2 trillion.
tn
AUM, end-2025
%
Held by top 20
%
of all global pension assets
held by top 300
ABOUT THE STUDY

The Global Top 300 Pension Funds is Thinking Ahead Institute’s annual deep-dive into the world’s largest pension funds, produced with Pensions & Investments. For well over two decades, it has served as a rare longitudinal record of how these giants are evolving, and what that means for the industry at large.

Key Findings

  • Fastest growth in eight years. The world’s top 300 pension funds grew assets under management by 13.4% in 2025, hitting a record US$27.7 trillion — the fastest annual growth since 2017
  • Norway breaks US$2 trillion. The Government Pension Fund of Norway is now the first-ever fund to cross that mark, leading Japan’s GPIF by 12.7%.
  • The top 20 grew fastest. Assets rose 14.7% to US$11.9 trillion, widening the gap over the rest of the field.
  • Regional shift underway. North America fell to 44.7% share; Asia-Pacific (26.6%) and Europe (24.6%) both gained.
Regional snapshot
Hover over a country to see its individual share of Top 300 AUM and number of funds.
North America44.7% Europe24.6% Asia-Pacific26.6%
North America Europe Asia-Pacific Other markets in study Not covered in study

Read our press release for more key highlights.

The big get bigger

In 2025, the top 20 funds grew 14.7%, driving their share of the Top 300 to a record 42.8%. This isn't a one-off — it's two decades compounding. Rebase every peer group to the same starting line, and the Top 20 emerge as clear winners: their slice of total Top 300 assets has swelled from 33% in 2002 to 42.8% today, squeezing every other tier along the way.

PI 300 — The Big Get Bigger

Indexed AUM (2005 = 100), US$ millions

Share of total Top 300 AUM (%)

Scale and consolidation are among the defining industry themes. Not only are the largest funds getting larger, but they are increasingly pursuing growth beyond traditional M&A through strategic partnerships — giving rise to a new generation of investment hyperscalers.
Jessica Gao
Director, Thinking Ahead

Race to the top

Top 10 funds, 2002-25

North America Asia-Pacific Europe Other

Total assets, US$ millions, year‑end. Source: Thinking Ahead Institute / P&I Global Top 300 Pension Funds.

Explore our reports

Read the full report (Members only)

Read the summary report

Not a member? Fill in our form and access the full report