GPIF extends CIO Mizuno’s appointment

Hiromichi Mizuno, who joined the pension giant in 2014 as its first-ever CIO, will serve until end-September 2017, in line with a law to reform GPIF’s governance structure from October.

The Government Pension Investment Fund, Japan’s $1.3 trillion pension fund, has extended the tenure of chief investment officer and executive managing director Hiromichi Mizuno until 30 September 2017, according to a statement released on Monday.

Mizuno’s extension of service with GPIF is irregular and not the usual two-year term. It will last for another six months that began on 1 April, following a revised law to reform the pension giant’s governance structure from October, a spokeswoman for GPIF told Private Equity International.

Mizuno, a former partner at London-based secondaries firm Coller Capital, officially joined as GPIF’s first-ever CIO in January 2015. Prior to assuming his role, Mizuno had joined GPIF’s investment advisory committee in July 2014.

Mizuno’s appointment came amid a strategy and governance revamp in which the pension fund said it will have a target allocation to alternatives of up to 5 percent of its total assets.

In an interview with Pension & Investments in June 2015, Mizuno said his goal was “to build GPIF’s team into a world- manager of money managers, or in terms of alternatives, fund of funds manager.”

Since his appointment, GPIF has expanded its in-house portfolio management team, hiring Mitsui Fudosan managing director Hideto Yamada as its first head of real estate. In 2015 the pension fund introduced a performance-based fee structure for external managers and also joined the London-based Principles for Responsible Investment network, of which Mizuno is a board member.