News

Japan's pension giant picks infrastructure manager

Rail_transit_constructionThe Government Pension Investment Fund (GPIF) of Japan has selected StepStone Infrastructure & Real Assets to manage an infrastructure fund of funds mandate. The mandate is part of a plan to raise the alternative asset class allocation of the world's largest pension fund to 5%. The fund also appointed Sumitomo Mitsui Asset Management as “gatekeeper” of the infrastructure fund of funds mandate, a role that will reportedly involve carrying out due diligence, overseeing custody and setting up a managed account structure. In a similar announcement in December, the fund appointed Mitsubishi UFJ Trust and Banking as the manager of a real estate “core strategy” fund of funds. StepStone Infrastructure & Real Assets says it has allocated more than $130 billion of assets and currently manages more than $34 billion. The firm is part of StepStone Group, a global private markets firm. ©2018 funds global asia

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