Japan’s Government Pension Investment Fund (GPIF) has hired US property investment firm LaSalle Investment Management Inc for a global real estate mandate, part of its five-year-old multi-manager strategy for alternatives.
The mandate is structured as a fund of funds and adopts a core co-investment strategy. Japan’s Mizuho Trust & Banking Co will be the gatekeeper to provide advisory and administration services, GPIF says in a brief statement on October 3 that gives no further details, including the value of the mandate.
The pension giant introduced the multi-manager strategy in April 2017 as part of a plan to diversify its asset allocation. Since then, it has hired nine domestic and international assets managers, including Japan’s Alternative Investment Capital and NB Alternatives Advisers from the US, for global real estate, infrastructure, and private equity mandates.
GPIF is the world’s largest pension fund, with 196.59 trillion yen (US$1.36 trillion) of assets under management as of March 2022.
Chicago-based LaSalle Investment had $82 billion of total assets as of June 2022.
