The Government Pension Investment Fund, Tokyo, committed $500 million to Brookfield Strategic Real Estate Partners V, according to a published list of its commitments to alternative investment managers dated Oct. 31.
GPIF is the world's largest pension fund with ¥219.32 trillion ($1.47 trillion) in assets as of Sept. 30.
The allocation is the fund's second direct real estate fund manager commitment, with the first being a $500 million allocation to Blackstone Real Estate Partners X, which was revealed in GPIF's limited partnership list dated March 3.
Both commitments have an investment period of 10 years that may be extended, the listing said.
Brookfield Strategic Real Estate Partners V is an opportunistic real estate fund that is expected to have its first close later this year, according to a letter to shareholders published by the alternative investment management firm in August.
Brookfield Asset Management aims to raise $15 billion through the fund, $2 billion less than the fourth vintage of the fund, which closed last year.
Brookfield Strategic Real Estate Partners V has secured commitments from several U.S. pension funds, including the $71.9 billion Pennsylvania Public School Employees' Retirement System, Harrisburg, which has up to $300 million of commitments approved by the board; the $134.7 billion Minnesota State Board of Investment, St. Paul, which has up to $200 million approved; and the $40.6 billion South Carolina Retirement System, Columbia, which has committed up to $100 million to the fund.
Brookfield has around $850 billion in assets under management.
GPIF has historically invested in alternatives through fund-of-fund providers, but in 2017 began accepting bids from fund managers through its registration system.
Its first commitments to alternative fund managers were $400 million to TA XV and $750 million to Hellman & Friedman Capital Partners XI to manage private equity investments, and $500 million to Blackstone, a GPIF spokeswoman confirmed.
The fund has since committed a further $500 million to CVC Capital Partners IX and $500 million to EQT X for more private equity investments.
GPIF posted -0.31% returns for the quarter that ended on Sept. 30, and has a 1.54% allocation to alternatives — far below its 5% cap.
