With assets of about $3,500bn, sovereign wealth funds have become increasingly visible, controversial, and important, engendering all kinds of market hopes, and geopolitical horror.

For example, China Investment Corp took a large stake in Blackstone in 2007, raising fears of politicised investments or pressure to reveal sensitive technologies. SWFs, such as CIC and those from Gulf nations, have been pivotal in recapitalising global banks. Kuwait Investment Authority partnered with Berkshire Hathaway in Dow Chemical's takeover of Rohm and Haas, in a sign funds are still available to finance restructuring in corporate America even as the credit crunch constrains leveraged buy-outs.