Japan’s GPIF picks StepStone as global infrastructure fund-of-funds manager

GPIF StepStone
FILE PHOTO: The sign of Japan's Government Pension Investment Fund (GPIF) is seen after a news conference in Tokyo, Japan, April 1, 2016. REUTERS/Thomas Peter/File Photo

Japan’s Government Pension Investment Fund (GPIF), the world’s largest pension fund, has announced the appointment of StepStone Infrastructure & Real Assets (StepStone) as manager of its global infrastructure fund-of-funds.

GPIF awarded the global infrastructure core strategy mandate to StepStone, a US-based global private markets firm, after launching an RFP in 2017. Details regarding the size of the mandate were not disclosed.

On its website, StepStone said it has more than $130 billion of total capital allocations, including more than $34 billion in assets under management. It operates in 15 offices worldwide.

“GPIF has appointed an investment manager following the RFP launched in April 2017 to implement alternative investments ‘Multi-Manager’ strategy for this asset class through a Fund of Funds to pursue fund investments and co-investments,” the Japanese pension fund said.

GPIF also announced the appointment of Sumitomo Mitsui Asset Management Co as gatekeeper of the new mandate.

Last Month, GPIF granted a mandate to Mitsubishi UFJ Trust and Banking to handle its domestic real estate investments in Japan.

The $1.3-trillion pension fund seeks to diversify its alternative asset investments. It is aiming to increase the size of its alternative investments, which includes private equity, infrastructure, and real estate, to 5 per cent of total assets under management.

Also Read:

Japan’s GPIF recruits asset managers for investments in PE, infra, real estate

Japan pension fund GPIF allocates $8.9b to ethical investments