BAKU, Azerbaijan, July 21. The State Oil Fund of Azerbaijan’s (SOFAZ) investments in private equity funds amounted to 3.8 billion manat ($2.24 billion) by the end of last year.
The data obtained by Trend from SOFAZ shows that this figure rose by 668 million manat ($393 million) or 21.3 percent compared to the previous year (3.13 billion manat or $1.85 billion).
Established in 1999 with assets amounting to $271 million at the time, SOFAZ is an extrabudgetary fund that operates as a distinct legal entity, independent of the government or central bank. SOFAZ protects and judiciously administers energy-derived revenues for current and forthcoming generations. A fundamental principle of SOFAZ is transparency. During this era, the Fund has evolved institutionally and attained international recognition as an asset management organization.
