In Russia Russian pension funds own 7bn$ in equities which is around 1% of total Russian market cap (on 2019 figures)

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In Russian privatization process most families were able to privatize the flats in which they lived and a little bit of stock now possibly worth like a second hand car. Their cash savings were written off to hyperinflation. Yet 70 years of unpaid labor and delayed savings resulted in creation of asset pools if marked by market value worth 1.5trln USD and marked by replacement cost worth 10trln USD. 7bn$ of which in Russian pension funds portfolios. And again, the span of existence of the post soviet Russia is too short for any test of policymaking but hopefully the history which first played out as tragedy in Russia will not be repeated again as farce.