Saudi Arabia’s sovereign wealth fund said it delivered a shareholder return of 25% last year, Bloomberg reported on Wednesday citing a bond prospectus. 

The Public Investment Fund’s returns more than doubled from an annual average of 12% between 2017 and 2020, according to a prospectus for its debt green bond sale that began Tuesday.

Last year’s return for PIF shareholders is roughly in line with that of investors in the S&P 500 Index, which was up 27% over the same period, the report said.

The state fund, which is building an international portfolio of investments while also investing locally in projects that will help reduce Saudi Arabia's reliance on oil, has about $620 billion assets under management.

(Writing by Brinda Darasha; editing by Daniel Luiz)