Gylian National Investment Fund

The Gylian National Investment Fund (French reformed: Fonds nationale d'investissement gyliennes) is the sovereign wealth fund of Gylias. It manages most of Gylias' financial assets, including savings, foreign exchange reserves, gold and silver reserves, and other assets in public ownership.


The GNIF's significant predecessor was Alscia's Alscian Development Company (SSA), which owned shares in most Alscian companies and was a fundamental component of the province's government-led development.

The GNIF was established in 1958, during the transition from the Free Territories to Gylias. Its creation reflects the fundamental acceptance of economic planning as part of the Gylian consensus. Its organisation and mandate were influenced by the SSA's predecent and the developmental state policies advocated by trade minister Sae Chabashira, reflecting the flexibility of the newly-implemented Lange model.


The fund is managed by the Gylian National Investment Fund Board, an administrative agency overseen by the Ministry of Finance. The Board is composed of a 9-member Management Board, which is supervised by the 15-member Supervisory Board. Both boards are elected annually, without the possibility of immediate re-election.


The GNIF administers financial assets held in public ownership and invests in real and financial assets for the benefit of the public.

Due to its close coordination with the National Capital Investment Board and National Bank of Gylias in the heavily-regulated financial system, the GNIF in practice serves as the financial equivalent of the National Cooperative Confederation: a cooperative pooling of all financial assets in the country, enabling the direction and capital investment by the NCIB.

Apart from the financial assets it directly or indirectly controls, the GNIF is additionally funded by a compulsory contribution from federal taxation. Currently, this contribution is legally set at 2% of income tax revenues.


The GNIF is allowed to invest up to 40% of its portfolio internationally. It has an internal ethics council to determine investment policy. Guidelines include a ban on investing in companies that directly or indirectly contribute to killing, torture, deprivation of freedom, violations of human rights, or pollution and environmental destruction.

Investments include private equity, public companies, bonds, securities, and the stock market.

As of 2018, the GNIF has over NSD 60 billion assets in management.

Profits made by the GNIF are distributed to Gylians as public dividends.


The GNIF plays a key role in the economy. It is instrumental to maintaining a current account surplus, and it provides equity for enterprises and money to guarantee a comfortable retirement for Gylians.

Its cautious internal culture and reputation for trustworthiness and respectability have been important for the success of Gylias' economic model, and have been depicted in popular culture.

Economist Leále Tiekat describes the GNIF as a "landmark in the more or less comprehensive socialisation of investment", and a leading example of Gylias' ability to eradicate capitalistic elements while appropriating and directing "the appeal of enterprise" for social purposes, alongside merchants.