# Government Pension Investment Fund, Japan

Government Pension Investment Fund, Japan is a Pension Fund based in Tokyo, Japan.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Tokyo, Japan
- **Region:** Asia
- **Address:** Tokyo, Japan
- **Founded:** 2006
- **Assets under management:** ≈$1.9T (¥293.6T, Mar 2026)
- **Website:** gpif.go.jp
- **LinkedIn:** https://www.gpif.go.jp/

## Regulatory record

- **Reports private funds:** No

## About

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).

## Sectors

- Real Estate
- Infrastructure
- Private Equity
- Venture Capital
- Hedge Funds
- Energy Transition & Renewables

## People

- UCHIDA Kazuto — President
- YOSHIZAWA Yusuke — Executive Managing Director (Chief Investment Officer)
- IZUMI Junichi — Executive Managing Director (Planning and General Affairs)
- OKINA Yuri — Chairperson of the Board of Governors
- AIHARA Yasunobu — Governor

## Questions

### What is the Government Pension Investment Fund (GPIF)?

GPIF is an Incorporated Administrative Agency that manages and invests pension reserves of the Employees' Pension Insurance and National Pension to stabilize pension finance for future generations, with reserves expected to cover about 10% of benefits over a ~100-year horizon (per GPIF FAQ 'Who is GPIF?' page).

### What is GPIF's current assets under management?

As of the end of fiscal 2025 (March 31, 2026), GPIF's assets under management totaled ¥293,643.7 billion (per (Summary) Investment results for fiscal 2025 PDF, July 3, 2026).

### How does GPIF construct its portfolio?

GPIF invests based on its policy asset mix of 25% each domestic bonds, foreign bonds, domestic equities and foreign equities (effective April 1, 2025 for the Fifth Medium-Term Objectives Period), managed within deviation limits to achieve a real return of 1.9% with minimal risk (per GPIF FAQ 'How does GPIF construct its portfolio?' and Policy Asset Mix PDF).

### What is GPIF's approach to sustainability and ESG?

GPIF promotes Sustainability Investment incorporating ESG and impact factors to reduce sustainability-related risks and improve long-term portfolio performance while securing market-average returns, as outlined in its Sustainability Investment Policy established March 31, 2025 (per Sustainability Investment Policy PDF).

### When was GPIF established?

GPIF was established as an incorporated administrative agency in fiscal 2006 under the Act on the Government Pension Investment Fund (Act No. 105 of 2004), with annual reports measuring performance from FY2006 (per FY2024 Annual Report and Medium-Term Objectives documents).

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Last updated: 2026-07-17T18:44:40.000Z

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