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Dr Ana Nacvalovaite

Fellow, Research Fellow, Staff

Sovereign Wealth Funds Research Fellow

Kellogg College

DPhil; MSt

Ana is working with Professor Jonathan Michie at the Centre on Mutual and Co-Owned Business. Her research focuses on sovereign wealth funds (SWFs), sustainable finance, and impact investment, examining how state-backed capital, now exceeding $13 trillion globally can be mobilised to deliver long-term value alongside measurable social and environmental impact.

Research

Ana’s current five-year project (2025 – 2030) investigates how sovereign wealth funds and family offices are redefining global finance, diplomacy, and intergenerational wealth strategies. A central theme of her work is whether sovereign capital can be directed into employee ownership, cooperatives, and social enterprises, models that demonstrate resilience and productivity while advancing equity and inclusive growth. Her earlier project, Harnessing Sovereign Wealth Funds for Sustainable Development, highlighted both the opportunities and barriers in aligning sovereign capital with cooperative and employee-owned businesses. Building on this foundation, her research now considers how sovereign and private wealth can finance the just transition to a low-carbon economy, while strengthening transparency, governance, and accountability.

Publications & Media

Ana’s research and commentary have appeared in leading international outlets, including: The Times (2025) – on the role of sovereign wealth funds in reshaping global markets and governance, Fortune Asia (2025) – quoted on the strategic expansion of Middle Eastern sovereign wealth funds into Asia, Authority Magazine (2025) – “The Future Is Green”, an interview on strategies for harnessing sovereign wealth funds for sustainable impact, Sustainable Investor (2024) – on the growing social focus of SWFs and inclusive investment models, Energy Monitor (2024) – quoted on the promises and limits of “green capitalism.”, The Economic Times (2023) – profiled in “Crown on her head, sustainability on her mind”, Reuters (2023) – authored “How sovereign wealth funds can leverage their capital for social good.”

Global Engagement

Ana actively contributes to international forums on finance and sustainability. She has attended COP27, COP28, and COP29, participating in discussions on how global capital can accelerate climate transition while ensuring social equity. She has also taken part in the Future Investment Initiative (FII) in Riyadh, where she engaged with sovereign wealth fund executives, policymakers, and global leaders on the future of sustainable finance.

Recognition

In 2023, Ana received the ICON Award from the US Sovereign Wealth Fund Institute (SWFI) for her contributions to sovereign wealth fund research and her work advancing ESG and SDG-aligned investment strategies.

Impact

Through her research, publications, and advisory work, Ana engages on understanding how sovereign and private capital shape the future of finance, governance, and sustainable development. Her work demonstrates how large-scale investment can not only generate returns but also help build resilient, inclusive, and climate-conscious economies for the 21st century.