Searches and Hires

Japan’s GPIF hires CBRE Global for global real estate fund-of-funds strategy

Japan's 158.6 trillion ($1.42 trillion) Government Pension Investment Fund hired CBRE Global Investment Partners to manage a global core real estate fund-of-funds strategy.

A GPIF spokeswoman declined to provide details on the size of the mandate, noting that the pension fund announces specific manager amounts once a year with the July release of its annual report.

The CBRE mandate is GPIF's first for global real estate since the Tokyo-based fund issued an RFP in April 2017 for multimanager alternative strategies for real estate, private equity and infrastructure.

Since then, the fund has awarded one domestic real estate fund-of-funds allocation and three separate infrastructure fund-of-funds mandates.

The GPIF spokeswoman noted in an email the possibility that additional mandates for global real estate could be awarded in the future.