The Government Pension Investment Fund has awarded a “global infrastructure core strategy” mandate to StepStone Infrastructure & Real Assets. The arrangement will see the firm investing so far unknown amounts on GPIF’s behalf in both property funds and co-investments.
The Fund sought RFPs from firms capable of managing this multi-manager approach in April 2017.
Since then it has been clear that GPIF is keeping its property and infrastructure investment separate both at home and abroad. Last month it appointed Mitsubishi UFJ Trust to handle its domestic real estate investments (see archive 20 December 2017) but there is no word yet on who will get the first foreign property mandate.
The California-headquartered StepStone notes in its website that is currently handling more than US$130 billion in allocations of which more than US$34bn is in assets under management.
Sumitomo Mitsui Asset Management has been appointed ‘gatekeeper’ (ゲートキーパー) on the new mandate and although GPIF does not specify what tasks it includes in that role StepStone it has a reputation in the market place as being strong in customised reporting to clients and downstream servbice providers such as custodians.
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