​Japan’s GPIF hires LaSalle for core real estate fund-of-fund strategy

Japan’s €1.35trn Government Pension Investment Fund has hired LaSalle Investment Management to run a core global real estate fund-of-fund strategy.

The pension fund offered no details on the size of allocation that would be made to LaSalle.

GPIF, the world’s largest pension fund, has stated its intention to increase allocations to alternatives, including property, infrastructure and private equity to 5% of assets under management. At the end of July, unlisted assets made up ¥2.5trn of GPIF’s total portfolio. GPIF awarded its first global real estate mandate in 2018. 

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LaSalle Investment Management said Mizuho Trust & Banking would act as gatekeeper and the mandate would pursue co-investments, joint ventures and club deals.

Mark Gabbay, LaSalle’s global CEO, said: “It is an honour to be selected by GPIF for this investment mandate.

“Our global scale, wide-ranging real estate investment capabilities and long track record will help shape our strategy and we look forward to delivering strong performance on behalf of GPIF for years to come.”

Jon Zehner, the head of LaSalle’s global partner solutions business, added: “We are pleased to have earned the trust of GPIF to manage real estate investments on their behalf. Our team is focused on sourcing and delivering compelling opportunities, and we look forward to strengthening our relationship of trust as we build a global portfolio.”

Source: IPE

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