Japan’s Pension Fund Association mulls illiquids

Japan’s ¥10 trillion ($123 billion) Pension Fund Association is interested in broadening its portfolio of alternative investments, but is chary of fund managers looking to use leverage in illiquids such as infrastructure. Daisuke Hamaguchi, CIO, says the PFA has reacted to the global financial crisis by shifting away from funds of funds and relying more on single strategies. This is already happening in its hedge-fund exposures. He is also keen to broaden PFA’s exposure to priva…