State Oil Fund of Azerbaijan
The State Oil Fund of the Republic of Azerbaijan (SOFAZ) is Azerbaijan’s sovereign wealth fund. It was created on December 29, 1999 to manage the money the country earns from oil and gas. SOFAZ invests these funds around the world and holds assets in more than 60 countries, including stocks, infrastructure projects, and renewable energy ventures.
SOFAZ has faced criticism for a lack of transparency and for projects that critics say benefit the ruling elite. Its operations are controlled by the President, who appoints the Executive Director and the Supervisory Board, though the board has limited power. The fund transfers money to cover state deficits at times, and international currency activities have been notable in its history.
As of September 30, 2025, SOFAZ reported about $70.2 billion in assets under management, up about 16.9% that year. The fund owns stakes in major international ventures, including a 2.95% stake in Russia’s VTB Bank (since 2013), investments in Italian rail and solar projects, a 49% stake in Enfinity Global’s Italian solar plants, and involvement in Gatwick Airport with Global Infrastructure Partners. It has also pursued deals such as investing in Dubai-based GEMS Education and a private equity fund in Dubai. SOFAZ works with large global asset managers like BlackRock, Brookfield, J.P. Morgan, Franklin Templeton, Blackstone, Neuberger Berman, and KKR. The fund operates 12 subsidiaries, with several located in Jersey and Luxembourg.
This page was last edited on 2 February 2026, at 21:48 (CET).