Judge's report

National Pension Service (NPS) has a well-diversified portfolio with a progressive, innovative and proactive investment strategy, which is set up to anticipate market and lifestyle trends and opportunities, including alternatives. Through a focus on well-performing sectors and emerging opportunities, NPS has diversified its portfolio with new sectors to adapt to the rapidly evolving global alternative investment landscape. Its commendable focus on reducing fees and costs has helped boost performance.

NPS has transformed into a global investment leader through diversification into niche sectors like UK single-family rentals and build-to-rent housing in Australia. In 2024, it allocated €1.5bn to opportunistic strategies, including real estate debt and commingled funds, amid volatile market conditions. Its infrastructure arm also expanded globally, investing in renewables and transport. Interdisciplinary collaboration across its global offices facilitates innovation and proactive asset management, reinforcing NPS’s agile, opportunity-driven investment model.