Japan’s Government Pension Investment Fund (GPIF) has committed $500m to a private equity vehicle managed by Thoma Bravo, underscoring the world’s largest pension fund’s growing shift into alternative assets.

The 10-year commitment, completed by March 2025, is part of GPIF’s long-term strategy to diversify away from traditional equities and bonds and increase its exposure to private markets. The fund, which oversees around $1.8tn in assets, currently allocates just 1.65% to alternatives, well below its 5% ceiling.

Thoma Bravo, known for its software and technology focus, manages over $179bn and has recently made headlines with its $10.6bn acquisition of Boeing’s aviation software business – an example of its high-profile dealmaking that continues to attract institutional capital.

The GPIF commitment adds to its growing list of private equity relationships, which include TA Associates, EQT, CVC Capital Partners, and Hellman & Friedman. The pension fund has also allocated capital across infrastructure and real estate strategies. Altogether, GPIF’s private equity exposure now exceeds $5.15bn and €2.3bn ($2.6bn).

The latest investment reinforces the continued institutional appeal of Thoma Bravo’s sector-driven model and signals further momentum in GPIF’s alternatives programme.

Source: Bloomberg

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