In October 2008, the International Working Group of Sovereign Wealth Funds (IWG), organized under the auspices of the International Monetary Fund (IMF), released the Santiago Principles, a set of best practices intended to guide the workings of their sovereign wealth funds (SWFs). The IWG is composed of representatives of 26 IMF-member countries with SWFs.[1] The IMF was instrumental in facilitating and coordinating the drafting process. Despite differences in the investment goals and capabilities of a number of SWFs, the Santiago Principles emphasize that they have a shared goal of promoting strong capital markets and facilitating cross border investments.

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