Government Pension Investment Fund, Japan

Government Pension Investment Fund, Japan

The Government Pension Investment Fund (GPIF) is an incorporated administrative agency that manages and invests the reserve funds of Japan's Employees' Pension Insurance and National Pension plans, entrusted by the Minister of Health, Labour and Welfare, to contribute to the financial stability of both plans by remitting investment profits to the Special Accounts (per firm Profile page). Established as an independent administrative institution in fiscal 2006 under the Act on the Government Pension Investment Fund (Act No. 105 of 2004), it is the world's largest pension fund. As of the end of fiscal 2025 (March 31, 2026), assets under management stood at ¥293,643.7 billion (per FY2025 investment results summary, July 3, 2026). GPIF invests from a long-term perspective according to a policy asset mix targeting 25% each in domestic bonds, foreign bonds, domestic equities and foreign equities (with narrowed deviation limits effective April 1, 2025 for the Fifth Medium-Term Objectives Period), while allocating alternative assets (infrastructure, private equity, real estate) up to 5% of the total portfolio within traditional classes by risk-return profile (per Policy Asset Mix details PDF). It employs passive and active management, promotes sustainability investment incorporating ESG and impact factors (per Sustainability Investment Policy established March 31, 2025 and Investment Principles), and fulfills stewardship responsibilities. Headquartered at Toranomon Hills Mori Tower in Tokyo, capital is 100 million yen (per Profile page).