Top pension funds grow at fastest rate since 2017
NEW YORK, Sept. 08, 2026 (GLOBE NEWSWIRE) -- The world’s top 300 pension funds grew total assets under management (AUM) by 13.4% in 2025, the fastest annual growth since 2017, to a record $ 27.7 trillion. This is according to the Global Top 300 Pension Funds report by the Thinking Ahead Institute.
The research highlights high-level trends in the pension fund industry and provides information on the changing composition of the top 300 list of pension funds globally, including the characteristics and investment allocations of these pension funds.
Growth was particularly strong among the largest funds. The top 20 largest funds increased their assets by 14.7%, taking their total assets to $11.9 trillion.
North America remains the largest region, accounting for 44.7% of the top 300 assets, although its share fell from 47.2% a year earlier. Over the five years to 2025, it nevertheless recorded the strongest annualized growth among the major regions at 6.4%.
Meanwhile, the Asia-Pacific region grew its share of assets among the top 300 from 25.5% to 26.6% year-over-year. Funds in the region allocated 51.4% to equities, the highest portion among the major regions, alongside 36.4% to bonds and 10.5% to alternatives. Likewise, Europe expanded its share of the top 300 assets in 2025 to 24.6% compared with 23.7% in the previous year. Europe’s growth has been significantly bolstered by the Government Pension Fund of Norway, which crossed the $2 trillion milestone for the first time. It overtook the Government Pension Investment Fund of Japan in 2024 as the world’s biggest pension fund and has strengthened that lead even further, being 12.7% bigger than its closest peer.
The UK and Netherlands were the only markets to record negative asset growth over the last five years in both local currency and U.S. dollar terms. While they remain Europe's two largest pension markets, both are characterized by mature pension systems with a significant defined benefit legacy.
This reflects the broader transition across many developed markets, where established pension systems are increasingly balancing growth with benefit payments, de-risking activity, and changing scheme structures. Europe continues to have the lowest proportion of defined contribution assets at 13.2%, compared with 30.7% in Asia-Pacific and 31.6% in North America.
“Scale and consolidation are among the defining industry themes of the moment. Not only are the largest funds getting larger, but organizations are also increasingly pursuing growth beyond traditional M&A through strategic partnerships, which provide access to additional expertise, technology, and specialized capabilities,” said Jessica Gao, director at the Thinking Ahead Institute.
“This is giving rise to a new generation of investment ‘hyperscalers’. Borrowing the term from the technology sector, these are organizations that use their scale alongside their capabilities, relationships and governance to gain greater influence and deliver better outcomes. For pension funds, it is not just about getting bigger, but about making their scale work harder.”
“AI will be an important part of this, but ambition is currently running ahead of readiness. Funds are clear on the potential of AI to improve investment decisions and make their organizations more effective, but many are still building the data, processes and infrastructure needed to put it to work. The opportunity is significant, but progress will depend on strengthening the data, workflows and organizational foundations required to scale AI effectively.”
Top 20 pension funds ($ millions)
| Rank | Fund | Market | Total Assets* | |
| 1 | Government Pension Fund | Norway | $2,109,484 | |
| 2 | Government Pension Investment Fund | Japan | $1,872,068 | |
| 3 | Federal Retirement Thrift | U.S. | $1,057,257 | |
| 4 | National Pension | South Korea | $1,005,541 | |
| 5 | ABP | Netherlands | $624,712 | |
| 6 | Canada Pension Plan | Canada | $578,391 | |
| 7 | California Public Employees | U.S. | $576,177 | |
| 8 | Central Provident Fund | Singapore | $514,470 | |
| 9 | National Social Security | China | $420,650 | |
| 10 | California State Teachers | U.S. | $385,591 | |
| 11 | Employees Provident Fund | Malaysia | $347,037 | |
| 12 | New York City Retirement | U.S. | $306,317 | |
| 13 | PFZW | Netherlands | $295,263 | |
| 14 | New York State Common | U.S. | $291,451 | |
| 15 | Local Government Officials | Japan | $263,770 | |
| 16 | AustralianSuper | Australia | $259,778 | |
| 17 | Labor Pension Fund | Taiwan | $242,759 | |
| 18 | Florida State Board | U.S. | $240,525 | |
| 19 | Australian Retirement Trust | Australia | $234,018 | |
| 20 | Employees' Provident | India | $230,289 | |
Notes to editors
* U.S. funds’ asset data is as of September 30, 2025. Non-U.S. funds’ asset data is as of December 31, 2025.
About the Thinking Ahead Institute at WTW
The Thinking Ahead Institute is a global not-for-profit investment research and innovation network dedicated to helping investors navigate the future. Bringing together leading asset owners, asset managers, wealth providers and strategic partners, the Institute drives innovation through collaborative research and practical solutions. Since its founding in 2015, the Institute has convened more than 150 organizations to collaboratively design fit-for-purpose investment strategies, improve organizational effectiveness, and strengthen stakeholder trust. Learn more about how the Thinking Ahead Institute can support your organization at https://www.thinkingaheadinstitute.org/.
About WTW
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