Sovereign Wealth Funds are state-owned investment vehicles. The largest, Norway's GPFG, Saudi Arabia's PIF, Singapore's GIC and Temasek, UAE's Mubadala and ADIA, manage hundreds of billions to trillions in assets. They participate in venture as LPs in major funds and as direct investors in growth-stage rounds.
SWF participation typically signals a late-stage round at the $100M+ scale. SWFs prefer larger checks, longer hold periods, and often have geopolitical considerations that influence their investments.