Japan's GPIF starts
recruiting managers for alternative assets
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[April 11, 2017]
By Thomas Wilson
TOKYO (Reuters) - Japan's
Government Pension Investment Fund (GPIF) on Tuesday
began recruiting asset managers for investments in
private equity, infrastructure and real estate, as the
world's largest pension fund's embrace of riskier assets
gathers pace. |
![](../images/041117pics/busine13.jpg)
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 |
In
its first recruitment of outside managers for investments in
so-called alternative assets, GPIF is looking to hire an
unspecified number of institutional investors to oversee bets in
Japan and other developed countries.
The fund in 2014 reduced its holdings of low-yielding domestic
government bonds and invested more in stocks. The landmark move
followed a government push to spur higher returns on pension
investments and jolt Japan out of deflation.
The scale of investment in the three asset classes would not be
decided until after the fund has assessed candidates' investment
capacities, a GPIF spokesman said. Initial checks on
applications are set to begin on June 1.
As with GPIF's current investments in stocks and bonds, the
managers for alternative assets will oversee "fund of funds"
products in accounts created especially for GPIF, according to
an advertisement on the fund's website.
GPIF managed 144.8 trillion yen ($1.31 trillion) worth of assets
as of December, and last month posted a third-quarter gain of
$92 billion on the back of a rally in the Japanese stock market.
GPIF's upper limit on alternative investments was set at 5
percent of its total pension reserve fund, but as of the end of
December it stood at 0.07 percent.
(Reporting by Thomas Wilson; Editing by Randy Fabi)
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