The State Oil Fund of the Republic of Azerbaijan (SOFAZ) is reshaping its investment strategy as it diversifies beyond oil and gas revenues. Established to manage hydrocarbons income for future generations, the fund now manages around $71 billion across 50 countries. Recent diversification includes investments in renewable energy, infrastructure, digital assets, gold and real estate, alongside a reduced exposure to bonds. SOFAZ says renewables offer stable long-term returns while helping to mitigate oil price volatility. Risk management, diversification and strategic partnerships remain central as the fund balances financial performance with Azerbaijan’s long-term national interests.