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GPIF makes first call for alternatives managers

The Japanese pension giant has stepped up its alternatives asset manager search and issued a call for applications for infrastructure, global private equity and real estate funds of funds.

The world’s largest pension, the $1.3 trillion Government Pension Fund of Japan (GPIF), has launched its first-ever call for applications on Tuesday for infrastructure, private equity and real estate funds of funds.

For infrastructure, the pension fund is seeking global managers who target diversified investments in core and brownfield infrastructure projects in developed countries.

Meanwhile, for private equity, GPIF is looking for global funds of funds with “diversified investments in private equity funds”.

For real estate, GPIF prefers both managers focused on global and Japan core real estate funds.

Interested applicants are asked to submit their applications through GPIF’s asset manager registration system.

GPIF will hold an orientation on 17 April 2017 and a review process is expected to begin on 1 June 2017.

The pension giant’s latest move signals it is gearing up to make investments in Japan and other developed countries. In October last year, GPIF sought out investment consultants to advise on its underweight allocation to alternatives.

GPIF is targeting a 5 percent allocation to alternatives, however as at the end of March 2016, it had only invested about 0.06 percent in alternatives, with ¥1.9 billion ($17 million; €16 million) in private equity, and ¥81.4 billion in infrastructure through co-investments with external institutional investors, the fund said in a report.