Judge's report 

National Pension Service (NPS) has shown outstanding responsiveness to rapidly changing real estate market conditions and shifting fee/cost requirements. NPS has increased its allocation to alternative investments, including real estate, as the fund continues to grow with contributions exceeding pension payouts. This allows for more active investments and a focus beyond its domestic market.

In 2024, NPS increased its allocation to international investments, alternatives, including real estate, and new strategies within real estate. Specifically, 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.

Additionally, it made significant investments in opportunistic real estate funds to take advantage of cyclical opportunities. The fund is further investing in developing its global research function and its international on-the-ground investment capability.

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.