The largest sovereign wealth fund, both in Europe and in the world, is the Government Pension Fund Global of Norway (GPF) which was established in 1990 to invest the surplus revenues of the Norwegian petroleum sector. As of December 2017, it held US$1.03 trillion in assets, including 1.3% of global stocks and shares.
The other sovereign wealth fund of Norway, the Government Pension Fund of Norway, was established in 1967 and is a smaller fund (US$30.6 billion in assets). It focuses primarily on domestic and Scandinavian investments and is a key stock holder in many large Norwegian companies, predominantly via the Oslo Stock Exchange.
Both the Russian National Wealth Fund (US$76.3 billion in assets) and the Russian Reserve Fund (US$16.2 billion in assets) were originally created from the Stabilization Fund of the Russian Federation on 30 January 2008. However, over the years, with oil prices dropping, the Russian Reserve Fund had dwindled and was finally merged into the Russian National Wealth Fund in 2017.
Check out the rest of the largest sovereign wealth funds (SWFs) by region:The Largest SWFs in Europe