Learning from the right SWFs (opens in new tab)

What's not to love about a sovereign wealth fund? Gulf states' SWFs, which control roughly $6 trillion in assets, are no longer mere investment vehicles. They have become tools of statecraft, transforming kingdoms and emirates into power brokers and benefactors. Alongside splashy spending on sports and luxury retail -- Saudi Arabia's Public Investment Fund (PIF) bought the English football club Newcastle United, and the Qatar Investment Authority (QIA) owns the department store Harrods -- the...