StepStone wins GPIF global infrastructure funds mandate

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.

© 2018 Japan Pensions Industry Database/Jo McBride. Reporting on, and analysis of, the secretive business of Japanese institutional investment takes big commitments of money and time. This blog is one of the products of such commitment. It may nonetheless be reproduced or used as a source without charge so long as (but only so long as) the use is credited to and a link provided to the original text on that site.

This blog would not exist without the help and humour of Diane Stormont, 1959-2012



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