Shadow treasurer Daniel Mookhey released documents showing where some of the money inside the NSW Treasury Corporation's NSW Generations Fund is invested.

The opposition estimates at least $225 million is invested in countries which it says are too risky, including Russia, Cayman Islands, Egypt, Saudi Arabia and the United Arab Emirates.

The fund was established by then treasurer Dominic Perrottet in 2018 with an initial $10 billion of seed capital from state surpluses and the privatisation of assets.

The opposition estimates the fund now has around $15 billion in it.

Based on that estimate, and using figures showing how much of the fund is invested in "emerging markets", the opposition estimates $75 million of the fund is invested in Russia and $30 million in the Cayman Islands, among a total of $1.8 billion invested in emerging markets.

The Treasury Corporation does not permit investments in countries under sanction by the Commonwealth, and the debt and equities held in emerging markets made up around 6 per cent of the fund at the end of June.

Mr Mookhey said NSW taxpayers are entitled to feel alarmed about the investments.

"If it is too risky for a superannuation fund to borrow money to buy assets in places like the Cayman Islands, then it's too risky for Mr Perrottet's government to try and do the same," Mr Mookhey said.

He called on Treasurer Matt Kean to cancel a plan by Mr Perrottet to borrow money to invest further.

Australian Associated Press