Japan’s GPIF awards its first global real estate mandate

Japan’s ¥156 trillion ($1.43 trillion) Government Pension Investment Fund (GPIF) has awarded its first global real estate mandate to CBRE Global Investment Partners to manage a global fund-of-funds account.

It has also appointed Asset Management One as gatekeeper for the account.

GPIF determined global real estate markets would be divided by U.S. and non-U.S. regions last year at its orientation for RFP for alternative fund managers. It is expected that GPIF will announce appointments of multiple fund-of-funds managers and gatekeepers for its global real estate investment.

GPIF is targeting a 5 percent allocation to real estate, infrastructure and equity.

The last RFP announcement was in April this year, when the pension appointed DBJ Asset Management as an asset manager for global infrastructure (mainly domestic). In February, GPIF announced Nomura Asset Management Co. Ltd. as its gatekeeper, and Pantheon as its fund-of-funds manager for global infras