Chinggis Khaan Sovereign Wealth Fund is a Mongolian sovereign wealth fund established to invest and grow the country's natural resource revenues over the long term, preserve their value, and distribute the benefits fairly and equitably to all citizens of Mongolia, current and future generations.
The Fund comprises three sub-funds: the Future Heritage Fund, the Savings Fund, and the Development Fund.
Future Heritage Fund
Savings Fund
Development Fund
Mandate: The Future Heritage Fund (FHF) is designed as a long-term savings vehicle aimed at preserving and growing wealth for future generations.
Funding Sources: It is primarily funded by 65% of the state’s share of mining royalty revenues from extractive state-owned enterprises and investment income.
Investment Framework:
The Future Heritage Fund invests in international financial instruments with the objective of preserving and growing Mongolia’s natural resource wealth over the long term for future generations.
The Fund’s assets are managed in accordance with the Future Heritage Fund Asset Management Policy approved under Annex 1 of Government Resolution No. 72 dated February 5, 2025.
In accordance with the law, the Fund’s assets are managed in a manner that ensures safety, liquidity, and an appropriate risk-return balance. The investment portfolio is gradually diversified in line with the Fund’s long-term investment objectives and asset management strategy. Under the approved investment policy, the Fund may invest in high-credit-rated foreign government and financial institution securities, international fixed-income instruments, large-cap international equity index instruments, cash and cash-equivalent instruments, and time deposits placed with foreign central banks through the Bank of Mongolia.
As part of the Fund’s investment implementation, a portion of the assets is placed through the Central Bank of Mongolia in deposits with foreign central banks in advanced economies, in line with the Fund’s safety and liquidity objectives.
Source: Ministry of Finance of Mongolia (2026), Implementation of the Sovereign Wealth Fund Law: Fund Accumulation and Investment Management.
The 2025 financial statements of the Future Heritage Fund are publicly available through the Glass Account system (see page 14) at Ирээдүйн өв сан
Withdrawal Framework: As stipulated by law, no expenditures are permitted until 2030, after which up to 10% of the fund’s investment returns may be transferred to the state budget. 
Mandate: Savings Fund aims to support citizen welfare and accumulation through individual citizens' accounts.
Funding Sources: It is financed through dividends from extractive state-owned enterprises, royalties from strategic deposits, and investment income.
Investment Framework:
The Savings Fund invests its assets in accordance with the Sovereign Wealth Fund Law and the Savings Fund Asset Management Policy approved under Annex 2 of Government Resolution No. 72 dated February 5, 2025.
Under the approved policy framework, the Fund may invest in Government of Mongolia securities, financial instruments other than shares of state-owned enterprises, and state-implemented housing finance programs. The Fund’s assets are managed with the objective of preserving and increasing the value of citizens’ savings while supporting long-term social and economic benefits. In accordance with Government resolutions, the Fund’s income has been invested in the state housing finance program to support access to affordable housing for citizens.
The Fund’s assets are managed with the objective of preserving and increasing the value of citizens’ savings while supporting long-term social and economic benefits. The Savings Fund has already supported socio-economic objectives through strategic investments in mortgage-backed securities (MBS), contributing to affordable housing financing for 7,822 households during 2024–2025.
Source: Ministry of Finance of Mongolia (2026), Implementation of the Sovereign Wealth Fund Law: Fund Accumulation and Investment Management
Withdrawal Framework: The fund is intended to provide financial support for citizens’ social needs such as housing, education, and healthcare. 
Mandate: The Development Fund invests in projects and programs that support Mongolia’s long-term economic growth, diversification, and national development priorities.
Funding Sources: The Development Fund is financed through a portion (50%) of windfall mining revenues generated when mineral commodity prices exceed the fiscal reference price and the state budget records a surplus.
Investment Framework: The Fund’s resources are directed toward strategically important socio-economic and infrastructure projects aligned with Mongolia’s development policies and Vision 2050 objectives. Investment areas may include infrastructure, industrial development, energy, transportation, and other projects that contribute to sustainable economic growth and national competitiveness.
Withdrawal Framework: The Fund’s investments are intended to generate long-term economic and social benefits by supporting productivity, regional development, job creation, and economic resilience. 