Japan's Pension Fund Association for Local Government Officials, known as Chikyoren, hired Tokyo-based Alternative Investment Capital to manage a domestic private equity allocation for the ¥24.3 trillion ($232.2 billion) fund.
Tokyo-based Chikyoren only provides details on the amounts it awards external managers once a year in July, when it issues its annual report for the fiscal year ending March 31.
Chikyoren is also changing the way it announces the hiring of external managers, it said in a notice on its website. It will now announce selected managers when a contract with a new manager is signed. Previously, the fund would announce the selection of external managers only after those managers had begun investing Chikyoren's money.
With that decision, Chikyoren announced four additional hires of managers already contracted but not yet investing on the fund's behalf:
- Tokyo-based Asset Management One as adviser for an overseas real estate allocation, with CBRE Global Investors as subadviser
- Tokyo-based Norinchukin Trust and Banking Corp. as adviser for an overseas private equity allocation, subadvised by Blackstone Management Partners
- Norinchukin Trust and Banking Corp. as adviser for a domestic private equity allocation, subadvised by Carlyle Investment Management, and
- Tokyo-based Sumitomo Mitsui Trust Bank as adviser for a domestic private equity allocation, subadvised by Tokyo-based Integral Partners.
Chikyoren's latest annual report showed the fund making mostly modest allocations to alternatives firms, with an average allocation of less than $50 million for the 21 external managers already in Chikyoren's lineup before the latest announcement.
