StepStone wins GPIF infrastructure mandate

Sumitomo Mitsui Asset Management has been named as gatekeeper for the strategy, according to a statement. It follows the appointment of Mitsubishi UFJ Trust as investment manager Japanese real estate. Successful applicants for the global private equity and global real estate investment mandates have yet to be announced.

GPIF made its first call for applications from alternatives managers in April 2017. Managers were required to have at least JPY100 billion ($911 million) in pension fund money under management, of which at least JPY30 billion would be in comingled fund accounts or separate accounts. They also needed to have a five-year track record of providing such services and hold a license to conduct investment management activities in Japan.

The infrastructure mandate primarily covers fund and co-investments in core brownfield projects in developed markets. GPIF previously formed a partnership with Development Bank of Japan (DBJ) and Ontario Municipal Employees Retirement System (OMERS) to jointly invest in the asset class.

GPIF had JPY156.8 trillion in assets as of September 2017, of which 28.5% was deployed in domestic bonds, 24.4% in domestic equities, 14.% in foreign bonds, 24% in foreign equities, and 9.1% in short-term assets. The fund is in the process of diversifying away from domestic bonds and into riskier asset classes, including alternatives.

The pension fund’s upper limit on alternative investments was set at 5% but exposure stood at 0.1% in September.

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• Topics
• North Asia
• LPs
• Infrastructure
• Infrastructure
• Fundraising
• Japan
• Government Pension Investment Fund (Japan)
• Stepstone