Japan's GPIF awards its first global real estate mandate

Japan’s ¥156trn (€1.17trn) Government Pension Investment Fund (GPIF) has awarded its first global real estate mandate. The world’s largest pension fund has announced the hire of CBRE Global Investment Partners to manage a global fund-of-funds account. It has also appointed Asset Management One as gatekeeper for the account. The mandate is one of the most anticipated in the real estate fund management industry and is part of the pension fund’s wider push into alternative investments. GPIF is targeting a 5% allocation to real estate, infrastructure and equity, which would equate to ¥7.8trn in investments. The appointment of CBRE Global Investment Partners, the multi-manager arm of CBRE Global Investors, comes several months after it hired its second global infrastructure fund-of-funds manager, StepStone Infrastructure & Real Assets.