Government Pension Investment Fund (GPIF)

At a glance. GPIF invests the reserves of Japan's public pension system and is the largest pension fund in the world. It held JPY 293.6 trillion at 31 March 2026 (about USD 1.84 trillion) and JPY 317.8 trillion at 30 June 2026. The portfolio is split roughly evenly across Japanese bonds, foreign bonds, Japanese equities and foreign equities, almost all run by outside managers against market benchmarks. S1 S6 S7 S8

Key points

• Policy mix for FY2025 to FY2029 puts 25 percent in each of four buckets: Japanese bonds, foreign bonds, Japanese equities and foreign equities. S4
• Returned 16.47 percent in FY2025 and 4.67 percent a year since market investing began in FY2001. S9
• Long-term target: a real return of nominal wage growth plus 1.9 percent; it achieved 4.33 percent a year in real terms over FY2001 to FY2025. S3
• Alternatives (infrastructure, real estate, private equity) are capped at 5 percent; market value was JPY 5.2 trillion with JPY 7.9 trillion committed at March 2026. S4 S3
• Runs about 80 managers and benchmarks and about 250 funds with 210 staff, 76 of them investment specialists. S3
• Japanese equities must be managed externally by law; some Japanese bond management is done in house. S3
• Posted a record JPY 24.1 trillion gain (8.2 percent) in April to June 2026, taking assets above JPY 300 trillion for the first time. S6

Interesting facts

• Its holdings files list about 20,900 lines: some 15,155 bond issues, 5,756 equities and 38 alternative funds at March 2026. S10
• Its single largest equity holding is Nvidia, valued at JPY 3.62 trillion, ahead of Apple at JPY 3.15 trillion. S10
• Before 2014 the fund held 60 percent in Japanese bonds and only 12 percent in Japanese stocks. S11

Mandate and goals

GPIF earns the return the public pension system needs, at minimum risk and solely for the benefit of insured persons, over a long horizon. The reserve covers roughly a tenth of benefit funding averaged over 100 years. S3

• Secure the return pension finance requires with the least risk, for the benefit of insured persons only. S3
• Diversify across assets, regions and time while keeping enough liquidity to pay benefits. S3
• Set a policy asset mix and manage risk at the portfolio, asset class and manager level, using passive and active styles. S3
• Match or beat the composite benchmark over the FY2025 to FY2029 medium-term period. S3
• Promote sustainability investing, including ESG and impact, and act as a responsible steward. S3
• Return target: Real return of nominal wage growth plus 1.9 percent a year over the long term S4

How it invests

Asset mix: Japanese bonds 26.91%, Foreign bonds 24.48%, Japanese equities 23.81%, Foreign equities 24.8% (as of 2026-03-31) S1

Largest holdings: Nvidia JPY 3.62T, Apple JPY 3.15T, Toyota Motor JPY 2.42T, Mitsubishi UFJ Financial Group JPY 2.35T, Microsoft JPY 2.23T, Amazon JPY 1.69T, Hitachi JPY 1.64T, Sony Group JPY 1.61T (as of 2026-03-31) S10

Published criteria

• Alternatives must fit inside the four main asset classes and stay below 5 percent of the portfolio. S4
• Deviation bands around the 25 percent targets: plus or minus 6 points for Japanese bonds, Japanese equities and foreign equities, 5 points for foreign bonds. S4
• Benchmarks: NOMURA-BPI ex ABS, FTSE WGBI ex Japan ex China, TOPIX with dividends, MSCI ACWI ex Japan ex China A. S4

Fund commitments

Past investments

Case studies

The 2014 shift from bonds to stocks S11 S9

• What: Cut the Japanese bond target from 60 percent to 35 percent and raised Japanese equities from 12 percent to 25 percent.
• When: 2014
• Size: Policy change across the whole reserve
• Why: Low yields on Japanese bonds could not deliver the return pension finance needs.
• Outcome: Returns over the 10 years to FY2025 averaged 7.69 percent a year, against 4.67 percent since FY2001.

Four equal buckets S4 S3

• What: Moved to 25 percent each in Japanese and foreign bonds and equities, and kept it for FY2025 to FY2029.
• When: April 2020; renewed April 2025
• Size: Whole portfolio, about JPY 294T
• Why: Modelled as the mix most likely to meet wage growth plus 1.9 percent with acceptable shortfall risk.
• Outcome: FY2025 return of 16.47 percent, slightly behind the 16.64 percent composite benchmark.

Building an alternatives book through managers S10 S3

• What: Committed to 38 infrastructure, real estate and private equity funds inside the 5 percent cap.
• When: Ongoing; 38 funds held at March 2026
• Size: JPY 5.2T invested, JPY 7.9T committed
• Why: Adds diversification and income beyond listed markets.
• Outcome: Private equity returned 15.01 percent and infrastructure plus real estate 8.71 percent in FY2025.

Investment process

The Minister of Health, Labour and Welfare sets five-year medium-term objectives. The Board of Governors decides the policy asset mix and oversees execution; the President runs operations. The mix is reviewed every year and can be revised mid-period. S4 S5

1. The Minister sets the medium-term objectives and target return. S4
2. A project team and the Board model and approve the policy asset mix and deviation limits. S4
3. GPIF hires managers through its Manager Entry process for public assets and alternatives. S15
4. Results are reported each quarter, with full holdings and fees published every year. S14 S10

How to approach: Asset managers apply through the Manager Entry pages (public equities and bonds, and alternatives); brokers use Broker Entry and index firms use Index Posting. No route for private investors. S15

Size and returns

• Headline size: JPY 293.6T (Fund market value, as of 2026-03-31) S1 S7
• In US dollars: about USD 1,841B. JPY 293,643.7 billion at the ECB rate of JPY 159.5 per US dollar on 31 March 2026.
• Assets at 30 June 2026: JPY 317.76T (about USD 1.96T) (Fund market value, as of 2026-06-30) S6
• Alternative assets, market value: JPY 5.2T (1.7% of reserve) (Portfolio value, as of 2026-03-31) S3
• Return, FY2025 (to March 2026): 16.47 percent (time-weighted, before fees) S9
• Return, 10 years to FY2025: 7.69 percent a year S9
• Return, since FY2006: 5.16 percent a year S9
• Return, since FY2001: 4.67 percent a year S9
• Staff: 210 employees at end FY2025, 76 of them investment specialists S3
• Size over time (JPY trillion): 2025-06 260, 2025-09 278, 2025-12 293, 2026-03 293.6, 2026-06 317.76 S3 S6

Leadership

Governance and transparency

• Legal basis: Incorporated administrative agency under Japanese law, established in 2006 S1
• Oversight: Reports to the Minister of Health, Labour and Welfare, who sets its medium-term objectives S4
• Publishes fees by manager, excess return analysis, full holdings and an English annual summary. S3
• Tracking error stayed between 13 and 31 basis points in FY2025. S3
• Not on the IFSWF members list. S2

Transparency score: 9.5 of 10 (band 5 of 5). Our own 10-item rubric; see the methodology page.

• Published: total assets, annual return, long-term returns, asset allocation, holdings or deal list, audited financial statements, governance and mandate documents, named leadership, regular reporting schedule. S3 S5 S9 S10 S12 S13 S14
• Partly published: geographic or sector split. S3

History

Reports

• Annual report summary FY2025 (English): https://www.gpif.go.jp/en/performance/73509681gpif/annual_report_summary_2025_en.pdf S1
• Policy asset mix, fifth medium-term plan: https://www.gpif.go.jp/en/15324685gpif/policy_asset_mix_for%20the%205th-term_details.pdf S4
• Investment results data file FY2025: https://www.gpif.go.jp/operation/73509681gpif/unyoujoukyou_2025_01.xlsx S9
• Holdings data file FY2025: https://www.gpif.go.jp/operation/73509681gpif/unyoujoukyou_2025_12_1.xlsx S10

Common questions

How big is GPIF?

JPY 293.6 trillion (about USD 1.84 trillion) at 31 March 2026 and JPY 317.76 trillion at 30 June 2026. S1 S6

What is GPIF's asset allocation?

25 percent each in Japanese bonds, foreign bonds, Japanese equities and foreign equities, with alternatives capped at 5 percent. S4

What returns has GPIF made?

16.47 percent in FY2025, 7.69 percent a year over 10 years and 4.67 percent a year since FY2001. S9

Who runs GPIF?

President Kazuto Uchida since April 2025. Yuri Okina chairs the Board of Governors. S16 S5

How can a manager work with GPIF?

Through its Manager Entry pages for public market and alternative mandates. S15

Is GPIF a sovereign wealth fund?

It is a public pension reserve fund owned by the Japanese state, often compared with sovereign funds because of its size. S8 S1

Related profiles

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• Armed Forces Fund Board Malaysia · RM13.36B
• China Investment Corporation China · USD 1,567B
• GIC Private Limited Singapore · About USD 1.16T, estimate
• SAFE Investment Company China · About USD 1T, estimate
• Danantara Indonesia Indonesia · About USD 900B to USD 1T (unaudited), estimate

All sovereign wealth funds in Asia · All pension reserve funds · All funds in Japan

Sources

1. S1GPIF, annual report summary FY2025 (English)
2. S2IFSWF, members list
3. S3GPIF, FY2025 results press conference deck (Japanese)
4. S4GPIF, policy asset mix for the fifth medium-term plan
5. S5GPIF, Board of Governors
6. S6The Japan Times, GPIF first-quarter result, 7 August 2026
7. S7ECB reference rate via Frankfurter, USD/JPY on 31 March 2026
8. S8Wikipedia, Government Pension Investment Fund (revision of 28 May 2026)
9. S9GPIF, FY2025 investment results data file
10. S10GPIF, FY2025 holdings data file
11. S11Reuters Japan, GPIF first-quarter result and policy mix, 7 August 2026
12. S12GPIF, annual reports and financial statements
13. S13GPIF, Officers
14. S14GPIF, investment results
15. S15GPIF, organisation and manager entry pages
16. S16The Japan Times, new GPIF president named, 25 March 2025