# Israeli Government

Israeli Government is a Sovereign Wealth Fund based in Jerusalem, Israel.

## Overview

- **Organization type:** Sovereign Wealth Fund
- **Headquarters:** Jerusalem, Israel
- **Region:** Middle East
- **Address:** Jerusalem, Israel
- **Assets under management:** Undisclosed
- **Website:** gov.il

## Regulatory record

- **Reports private funds:** No

## About

Israel's sovereign wealth apparatus is fragmented across several state entities rather than a single fund. The Israeli Government Company for Infrastructure (IGCI), established in 2018, funnels domestic capital into transport, energy, and water projects. The Ministry of Finance manages liquidity and debt issuance through the Accountant General, while the Natural Gas Fund, launched in 2015, collects royalty revenues from offshore gas fields like Tamar and Leviathan. Deployment targets infrastructure debt, renewable-energy PPAs, and private credit, with a growing focus on energy transition and desalination. The state has co-invested in the Ashdod port expansion and the natural gas distribution network. Geographic focus is overwhelmingly domestic, with some indirect exposure through multilateral development banks and infrastructure funds. No public data exists on total AUM or team size. An office in New Haven, Connecticut, facilitates ties with US-based institutional investors and Israeli diaspora capital. The Natural Gas Fund held roughly $1.5B by 2022 (per the Bank of Israel, 2022). Israel's sovereign wealth structure differs from peers in its lack of a consolidated fund with a single CIO. Instead, multiple ministries and state companies act as semi-autonomous allocators, a model shaped by political constraints and the desire to keep fiscal policy centralized under the Accountant General.

## Sectors

- Infrastructure
- Energy Transition & Renewables
- Private Credit
- Real Estate

## Offices

- New Haven, CT, United States

## Questions

### What is the Natural Gas Fund, and how big is it?

The Natural Gas Fund was established in 2015 to collect royalty payments from offshore gas fields such as Tamar and Leviathan. By 2022, the fund had accumulated roughly $1.5B (per the Bank of Israel, 2022). The fund is designed to stabilize government revenue from volatile energy prices and finance long-term infrastructure.

### How does Israel's sovereign wealth structure differ from other countries?

Unlike Norway's Government Pension Fund Global or Saudi Arabia's Public Investment Fund, Israel has not consolidated its sovereign wealth into a single state-owned fund with an independent CIO. Instead, allocation authority remains fragmented among the Ministry of Finance, the Accountant General, the Natural Gas Fund, and separate state companies. This model reflects political decisions to maintain treasury control and avoid creating a large sovereign fund during fiscal surpluses.

### What is the purpose of the Israeli Government Company for Infrastructure (IGCI)?

The IGCI, established in 2018, acts as a dedicated infrastructure financing platform for the state. It provides debt and equity capital to transport, energy, water, and telecom projects. The IGCI is a state-owned enterprise but operates with a commercial mandate, seeking to crowd in private-sector co-investors.

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Last updated: 2026-06-03T20:00:00.000Z

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