Asset protection

The Interim Steering Committee appointed by the Presidential Council of the Government of National Accord to administer the LIA, has a duty of care to the Libyan people to protect and preserve all assets and investments. In managing the assets the LIA seeks to secure the future of the upcoming generations of Libyans, provide financial stability for real economic development and to enable citizens to have economic security and prosperity in the future.

The vast majority of assets held by the LIA are outside Libya. The LIA is a consortium of over 550 companies reporting through five subsidiaries, making up its portfolio. These are located across three continents and account for some US $67 billion of assets and investments. Day-to-day the LIA aims to directly or indirectly invest its funds abroad on the grounds of economic feasibility in diverse economic areas to contribute to the development and diversity of the resources of the national economy, and to achieve the best financial returns to support the treasury. The LIA team is very aware that its day-to-day work is to secure the future of the upcoming generations and to mitigate the impact of income and other state revenue fluctuations.

Today, despite the political situation in Libya, the LIA continues to strive for best practice and good governance benchmarks set by others in its peer group of international sovereign wealth funds across Europe, Asia and the Middle East.

Looking to the future, the Steering Committee seeks to replicate such an approach to business, wealth creation and strategic investments, for the benefit of all of its citizens now and in the future. As a result of an assessment of its peer group and taking into consideration international best practice, the Steering Committee will, in the near future, commence a restructure of the asset management systems and protocols.

A root and branch development called a ‘Transformational Blueprint’ was approved by the Board of Trustees in 2014. The transformation will see four funds within a simple asset management structure with funds addressing:

  • Treasury and budget stabilisation
  • Future generations investment
  • Local investment and development
  • Heritage and legacy investments

The majority of the LIA’s stakeholders are commercial and financial institutions including co-investors, joint-venture partners, banks and private equity firms. Likewise, hedge funds and pension funds as well as other third parties to which the LIA provides professional services work alongside our team to meet our mandate day-to-day.