Judge's report

NPS has increased its allocation towards alternative investments, including real estate, as the fund has continued to grow, with contributions exceeding pension payouts. This has allowed for more active investments and a focus beyond its domestic market. In the past year, the real estate division took a more proactive role in responding to the fast-evolving global real estate market, focusing on niche sectors with strong growth potential, such as student housing and build-to-rent housing. In addition, NPS expanded its investments in commingled real estate debt funds and, through information sharing between the real estate, private equity and infrastructure teams, new investment opportunities were uncovered.

NPS continues to expand investments in overseas and alternative assets to boost its long-term risk-return outlook. The fund continues to diversify its investment strategy and strengthening its global strategy research functions in preparation for an increase in its size and volatile financial markets.