Japan’s £1tn Government Pension Investment Fund has begun its search for global alternative asset managers as it prepares to diversify into the sector, which includes real estate.
The world’s largest public pension fund, which plans to allocate 5% of its spending to alternatives, is hiring asset managers for both a core, diversified global strategy and a core Japanese real estate strategy.
It said that managers that invested in specific regions, such as North America or Europe, could be considered for selection, but ones that invested mainly in listed funds would be excluded.
Asset managers will be considered if the company group has a total AUM of ¥100bn (£730m) or more from domestic and foreign pension funds, and have at least a five-year track record.
GPIF said that where an asset manager did not meet its requirements, it could still apply and include product information such as performance data to help its cause.
The pension fund is looking to establish fund of funds – one for each of the real estate strategies – along with fund of fund structures for different aspects of infrastructure and private equity.
Hideto Yamada, who led Mitsui Foundation’s UK and European business for eight years, was appointed head of real estate for GPIF in February. CBRE Capital Advisors in Tokyo is advising GPIF on the process of setting up its real estate strategy.
Applications for asset managers opened today and the review process will start on 1 June.
Full details on how to apply are available on GPIF’s website.
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