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Japan’s GPIF hires CBRE for new global real estate mandate

GPIF
By Hui Ching-hoo   
March 3, 2021

Japan’s Government Pension Investment Fund (GPIF) has appointed CBRE Global Investment Partners for a global real estate mandate of unspecified value.

This is the pension giant’s second real estate tender awarded to the US property manager since September 2018.

Japan’s Asset Management One Co. is the gatekeeper of the new mandate, GPIF says in a statement on February 26.

The mandate will focus on joint venture and club deal related investments. unlike the one in 2018 which is primarily for commingle fund investments, a GPIF spokesperson tells Asia Asset Management.

GPIF set up an asset management registration system for mainstream investments in 2016, and a separate one for alternatives in 2017. It has since hired five Japanese and foreign fund managers for global real estate, infrastructure and private equity mandates.

GPIF, the world’s largest pension fund, had 167.5 trillion yen (US$1.57 trillion) of total assets as of September 2020, including 1 trillion yen allocated to alternatives.

Texas-headquartered CBRE currently has $114.5 billion of assets under management.