Top 45 Global Leading Pension Funds

This new generation of institutional LPs includes AP Fonden (Sweden), Australian Super, Canada Pension Plan Investment Board, and Government Pension Investment Fund Japan (GPIF). Many are writing early checks at Series A and B, co-leading rounds with private funds, and deploying globally; from Silicon Valley to Stockholm, Singapore to São Paulo.

The most active sectors in 2025 include:

AI & Deep Tech (Microsoft, NVIDIA, Hugging Face)

Climate & Infrastructure (renewable energy, sustainable construction, decarbonization projects)

Healthcare & Life Sciences (MedTech, biotech via HOOPP and others)

Mobility & Automotive (Cruise, Argo AI, and pension-backed corporate VC plays)

Pension funds are no longer passive allocators. Many have in-house venture teams, act as lead investors, and play active roles in governance. Examples include AP3 and AP4 in Sweden managing sector-specific mandates, CalPERS and CalSTRS in California backing frontier tech and public–private partnerships, and Alecta in Europe co-investing alongside top-tier global VCs.

With combined AUM exceeding $10 trillion, the largest players - GPIF ($1.76T), CPP Investments ($647B), and CalPERS ($556.2B) can write $100M+ checks and support multi-decade innovation cycles. Their entry marks a structural shift for venture capital, pairing patient capital with strategic mandates.

Explore the full list of pension funds active in venture capital including sector focus, investment stage, and global HQ - now live on VCArchive.