Despite the sizeable economic clout of Saudi Arabia’s Public Investment Fund (PIF), the academic literature on the PIF is relatively nascent. How do domestic and international political considerations shape the PIF’s investment policies? This article contends that the PIF’s current domestic investments constitute the latest incarnation of an historic pattern of development policies in Saudi Arabia. This pattern challenges the PIF with balancing market‐driven development and satiating the preferences of political leaders. Meanwhile, the PIF’s international investments are subject to a novel form of political risk. While international political risk has previously emanated from public regulation and oversight, the Khashoggi incident has given rise to unparalleled private sector‐led, non‐regulatory political risk. For other sovereign wealth funds, the PIF’s experience is indicative of potential future non‐regulatory political risk in western markets. By using the PIF as a case study to explore how domestic and international factors influence the behavior of a sovereign wealth fund (SWF), this article contributes to a growing literature on the non‐economic drivers of SWF investments.

中文翻译：

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多元化，卡修吉和沙特阿拉伯的公共投资基金

尽管沙特阿拉伯的公共投资基金（PIF）具有巨大的经济影响力，但有关该PIF的学术文献还相对新生。国内外政治因素如何影响PIF的投资政策？本文认为，PIF当前的国内投资构成了沙特阿拉伯历史性发展政策格局的最新体现。这种模式通过平衡市场驱动的发展和满足政治领导人的偏好，对PIF提出了挑战。同时，PIF的国际投资受到新形式的政治风险的影响。尽管国际政治风险先前是由公共监管和监督产生的，但卡修吉事件却引发了无与伦比的私人部门主导，非监管的政治风险。对于其他主权财富基金，PIF的经验表明，西方市场未来可能存在非监管性政治风险。通过使用PIF作为案例研究，探索国内外因素如何影响主权财富基金（SWF）的行为，本文为关于SWF投资的非经济驱动因素的越来越多的文献做出了贡献。