Request for Information (RFI) on illiquidity assets

1. Background/Purpose
According to Annual Plan, The Government Pension Investment Fund will conduct followingresearch.

In light of this, GPIF is requesting information on illiquidity assets. We will consider conducting
further research on the development of such a methodology based on the information we receive.

(Note) “Information and ideas” includes academic research, investment methods, investment
technologies, systems, indices, and analysis tools, etc.

Annual Plan
（１） To respond of the economic and social fluctuation, rapidly development oftechnology, we set project on theory of policy asset mix and innovative investment
strategy based on long term perspective.
（２） Diversification and sophistication of investment and risk management, fostering
sustainability investing, verification of activity of government and companies forrealizing for Sustainable Development Goals,（３） Toward sustainable investment activity, we set research project on considerationof ESG investment.

２．Requested Content
We request information on the illiquidity assets.

Basic information on illiquidity assets, including infrastructure, real estate and private equity.
(information on market environment, market size, trading volume, types of investments, andacademic findings and papers)

Measurement methods for illiquid assets, including infrastructure, real estate and private equity.
(measurement methods related to expected return, risk, performance assessment, and ESG
assessment)

Basic information on illiquidity assets other than those currently considered by the corporationas assets under management (GPIF currently invests on domestic bonds, domestic stocks, foreign
bonds, foreign stocks, real estate, infrastructure, private equity)(e.g., basic information on forests, farmland, gold, crypto-assets (bitcoin etc.) of investment examples,investment philosophy, how to incorporate into the portfolio of institutional investors)
Others・ The estimated cost required for these research studies.
・ Other matters that GPIF should be aware of.

３．Submission Details（１）Deadline
April 19st, 2024, 5:00PM Japan standard time（２）Submission method
Please submit information via e-mail in the format below.
E-mail: RFI_Chosa@gpif.go.jp
Tittle: <Information Provision> Information on illiquidity assets (Your institution’s name)
File format: MS Word, PowerPoint, or PDF
Language: Japanese (preferred), English
Paper size: A4(Note) Please make sure to include your contact information, including name, title, department,institution name, telephone number, address, and e-mail address.
（３）Contact Information
7th Floor, Toranomon Hills Mori Tower, 1-23-1 Toranomon, Minato-ku, Tokyo Japan
Postal code: 105-6377
Research and Actuary Department, Government Pension Investment Fund, Japan
E-mail： RFI_Chosa@gpif.go.jp

４．Other details（１）Qualification
No qualifications are required for information providers.
（２）Briefings on the RFI will not be held.
（３）Usage and disclosure of information received• The information we receive may be used in future operations and reviews, and in general will not
be disclosed to external parties.
• No compensation will be provided for any information received.
• We may issue further requests for other specific purposes.
（４）Feedback and clarification• In general, we will not provide any feedback on the information we receive.
• We may ask for further clarification on the information we receive.