# Pula Fund

Pula Fund is a Sovereign Wealth Fund based in Gaborone, Botswana.

## Overview

- **Organization type:** Sovereign Wealth Fund
- **Headquarters:** Gaborone, Botswana
- **Region:** Africa
- **Address:** Gaborone, Botswana
- **Founded:** 1993
- **Assets under management:** Undisclosed
- **Website:** bankofbotswana.bw
- **Wikidata:** Q106911638

## Regulatory record

- **Reports private funds:** No

## About

Pula Fund is a Botswana-based sovereign wealth fund established in 1993. It invests in developed and emerging markets, with a sector focus on private equity in biotechnology and life sciences.

## Sectors

- Real Estate
- Private Equity
- Hedge Funds
- Fixed Income
- Public Equities

## People

- Ministry of Finance (Botswana) — Asset Owner
- Bank of Botswana Board of Directors — Governing Body

## Questions

### Who runs investment decisions at the Pula Fund?

The Bank of Botswana Board of Directors is responsible for setting investment policy and overseeing the management of the Pula Fund. The board delegates day-to-day portfolio management to internal investment professionals within the Bank of Botswana. The Ministry of Finance acts as the ultimate asset owner on behalf of the Government of Botswana.

### How is the Pula Fund different from other sovereign wealth funds in Africa?

The Pula Fund is distinguished by its single-commodity funding source — diamond export revenues from the Debswana partnership with De Beers. This contrasts with funds like Nigeria's NSIA or Angola's FSDEA, which draw from diversified hydrocarbon and tax revenue streams. Its governance structure places investment policy directly under the central bank board rather than a separate investment authority.

### Does the Pula Fund disclose its portfolio holdings or asset allocation?

The Pula Fund does not publicly disclose specific portfolio holdings or precise asset-allocation weights. It adheres to the Santiago Principles for transparency around governance and mandate, but individual investment positions remain confidential. The fund participates in the IFSWF as a founding member, reflecting a commitment to global best practices.

### Is the Pula Fund managed separately from Botswana's foreign exchange reserves?

The Pula Fund constitutes a portion of the Bank of Botswana's broader foreign exchange reserves, with a distinct long-horizon mandate. While the fund's specific allocation is not publicly disclosed, it operates under the same institutional roof as the central bank's reserve-management operations. The board determines the strategic split between liquidity-focused reserves and growth-oriented Pula Fund assets.

## Related profiles

- [PUJI Capital](https://altss.com/profile/puji-capital)
- [Pulsar Capital](https://altss.com/profile/pulsar-capital)

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

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