Kuwait’s $124bn pension fund posts record first-half profit

Kuwait’s $124bn pension fund posts record first-half profit

Public Institution for Social Security has seen profits increase by 362%

Kuwait's $124 billion pension fund racked up a record profit in the first half, continuing a turnaround for an institution previously marred by a corruption scandal.

The Public Institution for Social Security, which owns a quarter of US private equity firm Stone Point Capital, said profit rose 362 percent to $12.1 billion in the first half. It surged 611 percent to $4.7 billion in the second quarter, reflecting the “governance and strength” of its new investment strategy, according to a statement on 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 organisation over decades. The fund has since exited more than $20