Japan’s Government Pension Investment Fund (GPIF), the largest pension fund in the world, is among investors in Blackstone’s global real estate fund that raised more than US$30bn (€26.9bn) earlier this year.
In its latest annual report, GPIF has confirmed that it committed US$500m to Blackstone Real Estate Partners X.
The report also shows that the size of the pension fund, which was established in 2001, had exceeded ¥200trn (€1.4trn) for the first time, while its real estate portfolio increased over 12 months from ¥773bn to ¥919bn.
Based on previous figures, GPIF was ranked 81st in IPE Real Assets’s top 150 ranking of institutional real estate investors, just above Italy’s Enpam and below Australia’s Hostplus.
GPIF already employs three fund-of-funds managers to run its real estate exposure, including a domestic-focused mandate with Mitsubishi UFJ Trust Bank and a global mandate with CBRE Investment Managers. Most recently, it hired LaSalle Investment Management for a core mandate.
The annual report also showed that GPIF’s infrastructure investments had risen to ¥1.45trn. The pension fund recently hired EDHEC Infrastructure and Private Assets (EDHECinfra) to evaluate the fair value of the portfolio.
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