The United Nations Joint Staff Pension Fund has begun a search for a new advisor to its investment management division in a bid to expand its real assets portfolio.
The world governing body’s pension fund said it has “extensive” existing investments in real estate but is now “in the process of growing its infrastructure, timber and agriculture portion of the portfolio”. UNJSPF is now looking for an advisor – or advisors – who can help the fund in at least two of those three categories.
The pension fund said any investments made by its real assets division will be in open- or closed-ended funds rather than direct investments. UNJSPF’s advisor searach began earlier this month and the fund is now considering the applications received.
UNJSPF’s assets are valued at a total $54.2 billion and the fund serves over 72,000 beneficiaries. It targets long-term investment returns of 3.5 percent.
Another UN arm took a forefront infrastructure role earlier this year when the United Nations Office for Project Services, the organisation’s operational arm, unveiled plans to set up a fund that would invest seed capital in greenfield projects.