Recognised for its scale, discipline and strategic evolution, the judges selected National Pension Service as a winner for its sophisticated approach to real estate and infrastructure investing. The fund has developed a robust investment framework centred on portfolio stability, combining a reference portfolio approach with direct investments in major global cities. Strategic partnerships with leading global asset managers further strengthen access, execution and diversification capabilities. Particularly notable is the focus on efficiency, including active management of costs and tax structures across the portfolio. NPS also demonstrates a proactive ability to adapt to changing market conditions, expanding into sectors such as retirement living, senior housing and data centres as part of broader geographic and sector diversification efforts. The strategy reflects an active buy-and-manage philosophy aimed at delivering resilient long-term performance through market cycles. Overall, NPS stands out as a highly sophisticated institutional investor with global reach and strong execution capabilities.