Japan's ¥193 trillion ($1.33 trillion) Government Pension Investment Fund hired LaSalle Investment Management to run a core global real estate fund-of-funds strategy.
An announcement posted on the Tokyo-based pension fund's website, didn't provide details regarding GPIF's allocation to LaSalle. A GPIF spokeswoman declined to comment.
The latest hiring comes amid signs the pace of GPIF's alternatives allocations, following years of incremental gains, has begun to pick up over the past 12 months.
GPIF's report in July on the first quarter of its new fiscal year showed infrastructure, real estate and private equity assets climbing to roughly ¥2.5 trillion, or 1.32% of the fund's portfolio, still well below its board-approved 5% ceiling but almost double the 0.76% reported 12 months earlier.
Chicago-based LaSalle Investment Management had $82 billion in assets under management globally as of March 31.
