Kuwait’s Public Institution for Social Security had its best ever annual performance, emerging as a new regional investment powerhouse despite political deadlock in the country.

The $134 billion pension fund, which owns a quarter of U.S. private equity firm Stone Point Capital, recorded 20.9% growth in assets in the year ended March 31, according to a statement Wednesday.

A new management team was brought into the fund in 2017 to transform the state-owned institution after its former head was found guilty of personally profiting from the organization over decades. Cash now accounts for 4% of its investments, down from about 11.5% a year ago.

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Source: Pensions&Investments

By Bloomberg