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Manager Registration System
(Alternative Assets)

GPIF has introduced "Asset Manager Registration System for Alternative Assets" to collect information of various investment strategies and to have more flexibility on Manager Selection and to have access to new investment idea and expertise of Asset Managers.

Application (Entry) is acceptable at any time. In the case where Asset Manager doesn't meet GPIF's qualification, such Asset Manager can provide us with product information, e.g. performance data. When the Asset Manager meets GPIF's qualification, the Asset Manager can apply for Asset Manager Registration System.

Ⅰ.Asset Class/ Investment style

Fund of Funds products, to be established as Separate Managed Account especially for GPIF, for the following assets.

(1) Fund of Funds product

This product is to invest in the portfolio of alternative investment funds through a separately managed account for GPIF.

① Private Equity

Global -Diversified
Investment Style: Diversified investments in Private Equity funds with various strategies.
Region: Global

② Infrastructure

Global -Core
Investment Style: Diversified investments in mainly Core / Brown field Infrastructure funds
Region: Mainly developed countries

③ Real Estate

Global -Core
Investment Style: Diversified investments in mainly Core-type Real Estate funds.
Region: Mainly developed countries (in principle excluding Japan)

Japan -Core
Investment Style: Diversified investments in mainly Core-type Real Estate funds.
Region: Japan

(2) Single Fund product

This product is to invest in the portfolio of alternative assets through either a separately managed account or a commingled fund.

① Real Estate

Japan -Core
Investment Style: Core (including Build-to-Core program)
Region: Japan

② Other assets

When new RFP for other alternative assets is called, announcements would be posted on GPIF website and other media.

Ⅱ. Qualification of Asset Managers for Application

(1) Asset Managers which have registration of Investment Management Business under "Financial Instrument and Exchange Act (Act No. 25 of 1948)" and which could conduct Investment Management Business. If investment decision is effectively made by other organization, that subcontracting institution should obtain permission from supervisory authority of the country where their investment teams are located, or that subcontracting institution should do registration/ notification based on the laws and regulations of the country.

(2) Current Asset Under Management (AUM) of the company group (*1) from domestic and foreign pension funds should be 100 billion Japanese Yen or more (by e.g. Discretionary Investment Contract, individually operated designated trust agreement). If total AUM from pension funds is less than 100 billion Japanese Yen, total AUM including assets from other institutional investors e.g. financial institutions, foundations should be 100 billion Japanese Yen or more. The company group (*2) which subcontracting institution belongs to needs to meet the same qualification regarding AUM. In this case, the Asset Manager which outsources investment management to subcontracting institution doesn' t need to meet this qualification.

(*1) The company group including applying Asset Manager consisting of a parent company, subsidiaries and group companies submit consolidated balance sheets based on the Principle of Consolidated Balance Sheet.

(*2) The company group including applying subcontracting institution consisting of a parent company, subsidiaries and group companies submit consolidated balance sheets based on Account Standards of the country where investment teams are located.

(3) In principle, the manager should have five-year track record in the mandate (either commingled fund accounts, separate accounts, and/or outsourced accounts), the manager should also have the current AUM of 30 billion Japanese Yen or more in the mandate. If an Asset Manager in Japan outsources investment management to subcontracting institution, the subcontracting institution is required to meet the same qualification above as an effective investment manager. In this case, the Asset Manager is not required to meet this qualification.

(4) If investment decision is effectively made by other organization, the investment decision should be made in that subcontracting institution.

(5) None of companies in the company group is involved in significantly inappropriate behavior regarding investment management business in the past 3 years. If investment decision is made by other organizations/ subcontracting institution, same rule is applied to the company group of subcontracting institution as well.

Ⅲ. Evaluation Standard for selection

Information regarding Evaluation Standard, please refer to GPIF's Operation Policy. (under preparation)

Ⅳ. Method of application for Asset Manager Registration / Product Information

For an application, a submission of application form is required.

(1) Request of an application form

Please download "Request for Application Form" shown below, and fill in necessary information. Please send the form to the e-mail address below for requesting an application form. After GPIF receives the form, GPIF would send the application form via e-mail to the e-mail address provided by the Asset Manager.

On the e-mail sent to GPIF, please specify, if the Asset Manager would like to apply for either "Request for Asset Manager Registration Form" or "Request for Product Information Application Form" as a title. The manager name also should be included in a title of the email.

(2) Application

① Application for Asset Manager Registration (Asset Managers which meet GPIF's qualification)

For an application, after GPIF confirm that the entry meets the qualification and there is no insufficient data, GPIF would send e-mail to the e-mail address of Asset Manager that registration is completed. Asset Manager could confirm that registration is completed by receiving this e-mail from GPIF.

② Application of Product Information (Asset Manager which doesn't meet GPIF's Entry qualification.)

For an application, after GPIF confirm that there is no insufficient data, GPIF would send e-mail to the e-mail address of Asset Manager that registration is completed. When the Asset Manager meets GPIF's qualification, the Asset Manager can apply for Asset Manager Registration System.

(3) Disclosure policy of registered information

Please note that the registered information can be provided to GPIF's consultants, for Asset Manager selection purpose, if necessary. These consultants have a confidential agreement with GPIF, and the registered information is treated as confidential.

Ⅴ. Update and Cancelation of the registered information

(1) After the process of (2), investment performance needs to be updated, by sending e-mail to the e-mail address for application, on a quarterly basis in principle. Please update the information each time if there are any changes in important registered information.

(2) Regarding (1) above, if the update of registered information by Asset Manager is not updated over 9months and if GPIF cannot contact with the Asset Manager, GPIF might cancel the application.

Ⅵ. Interview

GPIF will select Asset Managers among registered funds for interview. To have meeting with Asset Managers, GPIF might ask Asset Managers for additional information for interview.