Japan’s GPIF awards another infrastructure mandate

Nomura Asset Management has been named as the gatekeeper for the strategy, according to a statement. GPIF selected StepStone Group for a similar mandate in January. Prior to that, it appointed Mitsubishi UFJ Trust as investment manager for Japanese real estate.  

GPIF made its first call for applications from alternative managers in April 2017. 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 JPY162.7 trillion in assets as of September 2017, of which 27.7% was deployed in domestic bonds, 26% in domestic equities, 14.1% in foreign bonds, 25% in foreign equities, and 7% 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
• Infrastructure
• Fundraising
• Japan
• Government Pension Investment Fund (Japan)
• LPs
• Pantheon
• Infrastructure