根据日本政府养老投资基金（GPIF）最新发布的2025财年可持续发展报告，该机构正寻求超越传统的基于ESG（环境、社会和治理）指数的投资方式，以提升长期投资绩效并实现与市场平均水平相当的投资回报。
Japan’s Government Pension Investment Fund (GPIF) is looking beyond ESG index-based investing as it seeks to improve long-term investment performance and achieve market-average returns, according to its newly released sustainability report for fiscal 2025.
在截至2026年3月的财年中，GPIF改进了其投资决策中的ESG考量机制，并首次开始投资新的ESG相关基金。同时，该养老基金还加强了自身的管理职责及与可持续发展相关的风险分析工作，旨在将ESG因素更全面地融入其投资策略中。
In the fiscal year ended March 2026, GPIF revamped its framework for incorporating environmental, social and governance (ESG) considerations into investment decisions and began investing in new ESG funds for the first time. The pension fund also expanded its stewardship activities and sustainability-related risk analysis as part of a broader effort to integrate ESG considerations into its investment approach.
因此，截至2026年3月底，基于ESG指数的投资在国内股票中的占比降至10.6%，在外国股票中的占比降至6.5%。
As a result, ESG index-based investments declined to 10.6% for domestic equities and 6.5% for foreign equities at the end of March 2026.
报告指出：“未来，机构投资者的参与度将变得更加重要。”报告还强调，企业价值的提升将有助于实现GPIF作为资产所有者所设定的长期目标。GPIF的可持续发展举措同样适用于其另类投资组合；在该组合中，GPIF在房地产、私募股权和基础设施领域的投资均取得了显著进展。
“Engagement by institutional investors will assume even greater importance going forward,” GPIF said in the report, adding that enhancement in corporate value would contribute to “the long-term objectives of GPIF as an asset owner.”GPIF’s sustainability initiatives also extend to its alternative investment portfolio, where the fund reported progress across real estate, private equity and infrastructure.
在房地产领域，87%的基金管理机构设定了净零排放目标（这一比例高于2024年的76%）。GPIF的私募股权投资组合在应对气候变化方面的风险表现优于外国股票投资组合，这得益于其对信息技术和医疗保健等低排放行业的投资。在基础设施领域，通过基础设施基金投资于国内可再生能源项目所产生的电力增加了30%；同时，2025年通过使用可再生能源替代传统能源而避免的碳排放量也增加了24%。
In real estate, 87% of managers had set net-zero targets, up from 76% in 2024. GPIF’s private equity portfolio recorded lower negative climate value-at-risk exposure than foreign equities, supported by investments in lower-emission sectors such as information technology and healthcare. frastructure, electricity generated by domestic renewable energy projects through infrastructure funds rose 30%, while the theoretical amount of emissions avoided through the substitution of renewable energy increased 24% in 2025.
GPIF的另类投资在2025财年末总计达5.2万亿日元（约合330亿美元），占养老金储备基金总价值的1.74%。该基金已与包括StepStone、Pantheon、Brookfield、EQT、TA Associates、Hg和Blackstone在内的管理人合作投资。
GPIF’s alternative investments totalled 5.2 trillion yen ($33 billion) at the end of fiscal 2025, representing 1.74% of the pension reserve fund’s total value. The fund has invested with managers including StepStone, Pantheon, Brookfield, EQT, TA Associates, Hg and Blackstone.
另类投资仍低于GPIF设定的5%配置上限，而地方政府已呼吁养老金基金增加对私募资产的投资。
Alternative investments remain below GPIF’s 5% allocation ceiling, while the local government has called for pension funds to invest more in private assets.
不过，扩大配置需要针对另类资产特点量身定制的专业投资能力和风险管理框架。GPIF表示，其计划加强识别和甄选高质量基金的能力，在投资后监督管理人，并完善风险管理实践。
Expanding allocations, however, requires specialised investment expertise and risk management frameworks tailored to the characteristics of alternative assets. GPIF said it intends to strengthen its ability to identify and select high-quality funds, monitor managers after investment and enhance its risk management practices.
该基金对另类投资的长期价值仍持乐观态度。其另类投资组合自成立至2026年3月的日元计算内部收益率（IRR）为10.83%，凸显了该资产类别的长期回报潜力。
It remains bullish on the long-term value of alternative investments. Its alternative portfolio generated an internal rate of return (IRR) of 10.83% in yen terms from inception through March 2026, highlighting the long-term return potential of the asset class.
该基金所有资产类别的累计投资回报在2025财年末达到196.9万亿日元。自成立以来的年化回报率为4.67%，而2025财年的回报率为16.47%。
The fund’s cumulative investment returns across all asset classes reached 196.9 trillion yen by the end of fiscal 2025. The annualised rate of return since inception was 4.67%, while return for fiscal 2025 was 16.47%.