The Government Pension Investment Fund (GPIF) is the world’s largest pension fund, Japan’s largest public fund investor and a recent product of the country’s pension system reform. GPIF is a predominantly liquid investor, with 99.5% of its portfolio allocated to stocks and bonds (53% of it in Japan), but given its gargantuan size, its portfolio of alternatives is still larger than some SWFs. As of April 2020, the fund elected new CEO and CIO, and it yet remains unclear what changes and effects they will have in the organization.