Reflections on the Legal Nature of SWFs – Public or Private Investment Beasts?

by Eliza Malathouni

This contribution examines the nature of SWFs as both public and private bodies in an effort to more clearly delineate criteria that contribute to each characterization.

To this end, an attempt will be made to delineate criteria leading to their characterization as public or private or as a hybrid entity. The first part will look into the definition and the principles contained within the Santiago Principles for guidance. The second part will briefly present the stances taken in academic literature. The third part will offer critical observations and criteria for classification. The last part concludes.

From a procedural point of view, clarifying the nature of SWFs will determine the international courts and/or tribunals in which SWFs have standing.

Reflections on the Legal Nature of SWFs – Public or Private Investment Beasts