General levels of interest in the activities and motivations of ‘‘sovereign wealth funds’’ (‘‘SWFs’’)

have waxed and waned over the last several years, with interest being more acute in the years before the recent financial crisis as SWFs became more numerous, larger and more active, including in the United States and Europe, and increasing again more recently as several transactions and situations involving SWFs have become newsworthy. This article discusses the nature and activities of SWFs, certain distinctions between SWFs and other investors, certain relevant U.S. tax and legal matters, and the volving strategies and behaviors of SWFs.