Japan’s GPIF Pursues Feasibility Studies on Alternative Assets

Japan’s aging population and low birth rate are mounting pressure on the pension system to generate higher returns. A Japanese government agency showed a survey that said by 2060, the population of Japan will fall by 30%, down to 90 million people. Historically, the GPIF has been one of the largest purchasers of Japanese government debt. Japan’s US$ 1.3 trillion Government Pension Investment Fund (GPIF) has chosen four companies to conduct feasibility studies on conceivable future investments in alternative assets. These assets include private equity, real estate, and infrastructure investments. The chairman of the GPIF, Takahiro Mitani has ruled out hedge funds as a possible asset class.

The GPIF is contemplating private equity style investment programs.

The solicitation went out in August 2012. These studies will be due by the end of March 2013. The feasibility study results will be presented to the Japanese public and to the members of fund’s investment committee for review in the future.

The firms selected are the following:

  • Brightrust PE Japan Co., Ltd.
  • Atsumi & Sakai, Japanese legal firm
  • Capital Dynamics
  • T&D Asset Management

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