Here's is what the new Treasury Secretary said:
We’re going to stand this thing up within the next 12 months. We’re going to monetize the asset side of the U.S. balance sheet for the American people. There’ll be a combination of liquid assets, assets that we have in this country as we work to bring them out for the American people.

People have been focusing on the fund. "Why do we need it," "...we don't have savings to fund it" etc.

People are misunderstanding what Bessent said. I spent years "monetize{ing} the asset side" of corporate balance sheets. The phrase means selling stuff in order to turn it into cash. Over many years I arranged the sale of car leases, aircraft engines, tax benefits, servicing rights to assets, etc. There is an industry out there that has "monetized" the residual values of computers, intellectual property, David Bowie's music catalog, etc..

The important thing is not the sovereign wealth fund, the important thing is what they are likely to sell, which they haven't mentioned.