Federation of National Public Service Personnel Mutual Aid Associations

National-public-servant mutual-aid federation (KKR Japan / 共済) — not the PE firm. Official JPY reserves; CEO empty. Distinct from GPIF and PFA Japan.

UAO Editorial September 11, 2026 39 min read

UAO Registry · Top 100 · Rank 68 · Public pension / mutual-aid federation · Japan · Last researched Friday 11 September 2026 (America/Toronto). Corrections: info@universalassetowners.com.

Executive brief

The Federation of National Public Service Personnel Mutual Aid Associations (国家公務員共済組合連合会) is the statutory central body for national-public-servant mutual aid in Japan. Official Japanese short name is KKR — from kyosai / 共済, not from Kohlberg Kravis Roberts. This UAO profile uses the Federation’s long English name in the title and never treats the page as a private-equity house. Legal basis: the National Public Service Personnel Mutual Aid Association Act. Official site: kkr.or.jp.

Headline scale — official yen only, no invented USD. Employees’ Pension Insurance (EPI) reserve at 31 March 2026 (FY2025 / 令和7年度末): ¥11,548.0 billion (115,480億円), time-weighted return +18.55% (gross of fees), comprehensive profit +¥1,801.1 billion. Retirement-etc. pension reserve the same date: ¥1,073.8 billion, realized return +0.67%. Flash first quarter of FY2026 (to 30 June 2026): EPI ¥12,323.0 billion / +9.49% period TWR; retirement-etc. ¥1,090.5 billion / +0.19% realized. The INST card still prints a public-estimate USD line; this elite pack does not repeat it as a headline.

Leadership: UAO Instantiations leave CEO empty — do not invent a CEO. Official officer-status PDF dated 7 August 2026 names 理事長 松元 崇 (Takashi Matsumoto; in that office since September 2017) rather than a CEO. CIO: INST still lists Akihiro Konishi (person SSR live; last verified 1 June 2026). The Federation’s own CIO career sheet as of 1 July 2026 names 参与 / CIO 飯野 厚子 (Atsuko Iino), term 1 July 2026 – 31 March 2027. This profile reports both facts and does not invent a person SSR for Iino (no live UAO person page).

Researchers care because this Federation is one of four Japanese managing bodies of EPI reserves alongside GPIF, the local-government mutual-aid federation (PAL), and the Promotion and Mutual Aid Corporation for Private Schools of Japan (PMAC) — a different institution from Pension Fund Association (Japan). It also runs a cash-balance occupational pot, 32 hospitals, and a lodging chain, and it has stood up a named CIO, accepted the Asset Owner Principles, and published a Responsible Investment Policy (1 April 2026). Related UAO hubs: GPIF, Pension Fund Association (Japan), NBIM, CalPERS, CPP Investments, NPS; Registry; Top 100; Careers Intelligence.

Speakable summary

The Federation of National Public Service Personnel Mutual Aid Associations is Japan’s statutory mutual-aid federation for national public servants. Its Japanese short name KKR is not Kohlberg Kravis Roberts. The Employees’ Pension Insurance reserve was eleven point five four eight trillion yen at thirty-one March two thousand twenty-six, with an eighteen point five five percent time-weighted return in fiscal twenty twenty-five. UAO leaves the CEO seat empty. The official July two thousand twenty-six career sheet names Atsuko Iino as CIO; Instantiations still list Akihiro Konishi.

Mandate & ownership

Official about text (沿革・事業概要): the Federation exists to carry out, jointly with member mutual-aid associations, the pension and welfare businesses of national public servants. Predecessor 1947 foundation “Government Employees’ Mutual Aid Association Federation”; 1949 non-industrial mutual-aid federation under the old Act; 1958 current name under the new National Public Service Personnel Mutual Aid Association Act.

From 1 October 2015, Japan unified employee pension systems into Employees’ Pension Insurance. Mutual-aid occupational “occupational add-on” was abolished and replaced by a new retirement-etc. pension (退職等年金給付). Members became EPI insured persons and simultaneously acquired the new occupational benefit. The Federation therefore administers three statutory books: EPI reserve (common EPI source, managed as one of four managing bodies), retirement-etc. reserve (cash-balance occupational plan), and transitional long-term benefit reserve (closed legacy).

What the mandate is: decide and pay old-age, disability and survivor benefits; compute costs; invest the three reserves “safely and efficiently”; run actuarial valuations; train ministry staff and counsel members; operate welfare (medical, lodging, information, lending). What it is not: it is not GPIF (which manages National Pension and the larger EPI share as an independent administrative agency); it is not a private-equity firm; it is not Pension Fund Association (Japan); it is not a ministry budget office.

Ownership chain: twenty member associations (Diet houses, Cabinet, ministries, courts, Board of Audit, Ministry of Defense, prisons, forestry, Japan Post, and the Federation’s own staff association). Officers are statutory (rijicho, senmu/jomu directors, directors, standing auditors, auditor). An Operations Council (運営審議会) must deliberate statute changes, operating rules, annual plans, budgets, accounts, major property and debt, and other important business. Rijicho appoints up to sixteen Council members; half represent members.

Headquarters: Kudan Joint Government Building, 1-1-10 Kudan-Minami, Chiyoda-ku, Tokyo. Corporate number 2010005002559. Postal 102-8081 (HQ departments) and 102-8082 (Pension Department). This profile omits representative telephone numbers printed on the HQ page.

Disambiguation — not KKR PE, not GPIF, not PFA Japan

Not Kohlberg Kravis Roberts. English markets use “KKR” for the New York–listed private-equity firm. Japanese public-servant materials have used KKR as the romanization of this mutual-aid federation for decades (kyosai). Official Japanese title tags, OG tags and copyright lines on kkr.or.jp all read 国家公務員共済組合連合会. Hotels (KKR Hotels & Resorts), hospitals, and pension forms on that domain belong to this Federation. Do not mix people, AUM or deals from the PE firm into this page.

Not GPIF. GPIF is the independent administrative agency that invests National Pension and the main EPI reserve. The Federation is one of four EPI “managing bodies” that jointly set a model portfolio and each runs its own basic portfolio. FY2025 EPI overview cites the model-portfolio real-return target of 1.9% versus wage growth and lists GPIF, this Federation, the local-government federation, and the private-school corporation as the four managing bodies.

Not Pension Fund Association (Japan). Pension Fund Association (Japan) is the corporate-pension portability and aggregation body (企業年金連合会), already live on UAO, and is itself not Danish PFA Pension. Different statute, different members, different yen books.

Not PAL (地方公務員共済組合連合会 / local-government mutual aid) and not PMAC (私立学校振興・共済事業団 / private-school mutual aid). The transitional pot’s FY2025 overview states that, after the Federation’s own FILP/bond book went to zero in FY2022, pension payments are funded by contributions received from the local-government federation under statute.

Scale & portfolio

Official reporting splits three pots. Do not add them into a single invented “total AUM” without labelling the pots. EPI is the diversified market book. Retirement-etc. is a domestic-bond cash-balance book. Transitional is a closed payment book.

Employees’ Pension Insurance reserve (FY2025 year-end)

ItemOfficial figureAs-of / basis
Market value¥11,548.0 billion (115,480億円)31 Mar 2026
Book value¥8,279.5 billion (82,795億円)31 Mar 2026
Unrealized gain¥3,268.5 billion31 Mar 2026
Comprehensive profit+¥1,801.1 billionFY2025, after fees
Time-weighted return+18.55%FY2025, gross of fees
Modified total return+18.37%FY2025, after fees
Realized return+10.15%FY2025, after fees
Composite benchmark+16.68%policy-weight blend
Excess vs composite+1.87 ptFY2025 TWR minus BM
External manager fees¥3.27 billion (0.03%)FY2025, ex custody

Basic portfolio in force from 1 April 2025: 25% domestic bonds, 25% domestic equities, 25% foreign bonds, 25% foreign equities. Ranges ±12 / ±12 / ±10 / ±12. FILP deposits (財投預託金) and short-term assets sit inside domestic bonds. Year-end market values (億円): domestic bonds 24,841 (of which FILP 9,040, cash 3,886, alternatives 111); domestic equities 27,867; foreign bonds 29,396; foreign equities 33,376.

Retirement-etc. pension reserve (FY2025 year-end)

SleeveAmountFY2025 realized return
Total¥1,073.8 billion+0.67% (after custody)
Domestic bonds (market)¥691.8 billion+0.77%
FILP deposits¥365.4 billion+0.53%
Entrusted co-op assets¥4.3 billion+0.32%
Green bonds etc. (book)¥117.3 billion at 31 Mar 2026included in bond book

Policy mix is 100% domestic bonds (FILP, co-op-unique assets and cash counted inside). Self-administered through a custodian. Realized profit FY2025 +¥7.0 billion. Return beat the FY planned rate 0.49% and the FY blended criterion rate 0.295% (average of 0.18% through September 2025 and 0.41% from October 2025). Average realized return from H2 FY2015: 1.61% versus planned 0.35% / criterion 0.13% (overview footnotes).

Transitional long-term benefit reserve

Closed plan; no new contributions. Overview: co-op-unique assets no longer held after FY2021; FILP-including domestic bonds went to zero in FY2022; thereafter the Federation receives contributions from the local-government federation and pays benefits. Management policy from 1 April 2020 does not evaluate this pot by investment return. FY2025 realized P/L table is in million yen: +¥24 million, 0.33% for the year. This pack does not invent a year-end stock AUM for a book the overview describes as zero FILP/bonds.

Organisation scale (EPI/N/O overviews, 31 March 2026): 14 officers (1 rijicho, 1 senmu, 5 jomu, 4 directors, 2 standing auditors, 1 auditor) and 11,917 staff (EPI and transitional texts). Fund-management related staff: 28, of whom 9 women including one manager (EPI overview). About page: 32 hospitals (22 directly operated for members plus open to the public as insurance providers; 10 former-order hospitals, mostly ex-Navy). Lodging: 30 facilities on the live about page (AOP PDF still says 32 lodging facilities — this profile reports both printings rather than collapsing them).

Governance & leadership

CEO seat: empty. Instantiations rank 68 leaves CEO blank. Opened officer PDF uses 理事長, 専務理事, 常務理事, 理事, 監事 — not “CEO.” This pack does not invent a President-as-CEO mapping.

Rijicho (理事長) 松元 崇, officer-status PDF as of 7 August 2026, term 1 July 2026 – 30 June 2028. Career lines on that PDF: Ministry of Finance 1976; Deputy Director-General of the Budget Bureau 2004; Administrative Vice-Minister, Cabinet Office, January 2012; special adviser, Dai-ichi Life Research Institute, July 2014; Federation rijicho from September 2017. No UAO person SSR as of this ship.

CIO. Seat created 1 April 2025 (令和7年4月1日), commissioned by rijicho under director supervision (org-chart note in the FY2025 EPI overview and AOP materials). Official career sheet “ＣＩＯ（運用担当責任者）について” as of 1 July 2026: 参与 CIO 飯野 厚子, term 1 July 2026 – 31 March 2027. Career on that sheet: Industrial Bank of Japan, April 1990; Nomura IBJ Investment Services, May 1999; Mizuho Research Institute, February 2002; Sony, August 2003; National Pension Fund Association, October 2015; this Federation, April 2024. INST still lists Akihiro Konishi as CIO (title Chief Investment Officer; last verified 1 June 2026; source on the person card is a SuperReturn Japan speaker page). Person SSR for Konishi is live. There is no live person SSR for Iino. Responsible Investment Policy (1 April 2026) assigns RI execution to the Fund Management Department under CIO authority.

Senmu director 宇野 雅夫 (officer PDF: MoF 1986; JFC director 2018; Yokohama Customs 2021; Mitsubishi Heavy Industries adviser 2023; Federation director January 2024; senmu term 1 February 2025 – 31 January 2027). Jomu directors named on the 7 August 2026 PDF include 林 弘郷, 久澤 洋, 大西 友弘, 坂本 周大, 澤川 和宏, with ministry/agency careers printed there. Part-time directors as of that PDF: 佐々木 昌弘 (MHLW Health Policy Bureau Director-General, from 4 August 2026), 木下 仁 (Forestry Agency), 石原 大 (MLIT Minister’s Secretariat), 中村 恭士 (union side). Standing auditors 松林 健一郎 and 長谷川 一也; part-time auditor 奥川 陽一. This profile does not invent English job titles beyond the Japanese ranks on the PDF.

Asset Management Committee: rijicho advisory body, established July 2001; up to eight external experts plus optional specialists, commissioned by rijicho. The Federation hears the Committee on formulation and revision of basic investment policy and takes advice on other important investment matters. Roster as of 1 April 2026: chair 神野 直彦 (University of Tokyo professor emeritus); deputy chair 菅原 周一 (Bunkyo University); members 宇野 陽子 (Nissay Asset Management), 小野 正昭 (pension actuary), 白須 洋子 (Aoyama Gakuin), 玉木 伸介 (Otsuma), 中嶋 邦夫 (NLI Research), 林 康史 (Rissho). Investment-risk committee chaired by rijicho includes the officer for investment risk and the officer for pension finance. An Investment Committee chaired by the investment-responsible officer reviews investment plans.

Investment philosophy / strategy

EPI investment principles (制定 1 April 2025, 変更 1 April 2026) state five points in official language: (1) reserves are a precious source of benefits; secure needed liquidity; invest solely for insured persons; from a long-term view, earn the return required by pension finance at minimum risk; (2) set a basic portfolio, diversify across assets with different return-risk characteristics, and manage portfolio and asset-class risk; (3) combine passive and active, seek benchmark returns, and select managers while diversifying instruments and hunting opportunities; (4) consider sustainability (including ESG) and social/environmental effects (impact) per the separate RI policy, because investee and market growth supports long-term returns; (5) fulfil stewardship as an asset owner so the investment chain from beneficiaries to investees and back to households can circulate.

The 1 April 2025 basic portfolio adopted the four-body model portfolio after the 2024 fiscal validation, aiming for 1.9% real (versus wages) at minimum risk. External consultants and the Asset Management Committee reviewed the change. Annual verification: if conditions shift materially, change the basic portfolio promptly; FY2025 review concluded the current mix remained appropriate, with realized benchmark returns inside the assumed range.

Retirement-etc. philosophy is different on purpose: a cash-balance plan that must earn at least the planned rate, or the criterion rate if higher, with high certainty of income and principal recovery, hence 100% domestic bonds including FILP and entrusted assets. Transitional philosophy is cash-management for a closed book, not return-seeking.

Implementation: manager-entry system for passive (four listed classes), active (domestic bonds, domestic equities, foreign bonds, foreign equities), and alternatives (including domestic PE new issue and bank-loan re-open in FY2025). AOP progress note: size and track-record gates for entry were removed so smaller managers can apply. The Federation is switching designated comprehensive trusts toward discretionary + specific comprehensive trust so that management and custody can be separated, costs unbundled, and managers swapped faster. Qualified institutional investor status has been filed. Alternatives are to be built inside the 5% EPI policy cap with time diversification.

Climate / ESG / stewardship

Responsible Investment Policy, enacted 1 April 2026: EPI invested for insured persons; retirement-etc. invested solely for members; both long-term, safe and efficient. Sustainability and impact may be considered by asset and region to support long-term return. The Federation accepts the Japan Stewardship Code and Asset Owner Principles, supports TCFD, and is a PRI signatory. Impact creation is not an independent investment objective; each asset must still aim to earn its benchmark over the medium term.

RI is executed through external managers across all assets: ESG integration, engagement and voting, and impact-aware investing as strategy-appropriate. Manager selection and monitoring evaluate RI; PRI signatories are the default; qualitative review covers policy, team and process. Manager-entry is used to find new RI approaches. Collaborative engagement by managers is monitored; staff join investor forums. Governance: Asset Management Committee is heard on the policy; CIO authority, Fund Management Department execution; talent and outside expertise to be built. Disclosure: RI policy, Stewardship Code acceptance, voting guideline, stock-lending and conflicts rule; annual overview and stewardship activity report.

Stewardship Code: accepted May 2014 (AOP acceptance PDF). Third revision accepted 26 December 2025. FY2025 stewardship summary (March 2026): managers must publish how they will answer issuer requests about holdings; engagement including collaborative engagement is required; monitoring checks that sustainability dialogue is consistent with strategy and long-term value.

Voting is delegated to managers under the Federation’s shareholder-voting guideline; annual reports are reviewed. FY2025 domestic full-year overview: 8 funds voted, 0 did not; 56,578 proposals; company proposals 55,429 with 5,461 against (9.9%) and 49,968 for (90.1%); shareholder proposals 1,149 with 1,060 against (92.3%). Climate-related subset 44 shareholder proposals, 43 against. Stewardship summary (April–June 2025 window): domestic 43,916 proposals, 9.0% against company proposals; foreign 62,778, 7.4% against company proposals.

AOP progress: stewardship scoring table added to manager evaluation so RI can be compared across managers and aligned with performance scores; questionnaires shortened. The Federation joined the third Keidanren–GPIF asset-owner roundtable with PAL and PMAC. It also held an exchange with the Japan Audit & Supervisory Board Members Association. FY2025 overview notes guideline revision as part of AOP implementation. Retirement-etc. book records green-bond and similar purchases (¥117.3 billion book at 31 March 2026) inside its domestic-bond mandate — not a separate impact sleeve.

Performance & reporting

Primary stack on kkr.or.jp /shikin/operation/: FY business overviews for each pot, quarterly flash PDFs, year-end holdings workbooks, glossaries. FY2025 EPI overview was the source of the 18.55% / ¥11,548.0 billion headline. FY2026 Q1 EPI and retirement-etc. flashes were posted on the same index (r08_1q_k.pdf, r08_1q_n.pdf). A FY2024 EPI overview carried a 4 July 2025 correction note; this pack uses FY2025 as current year-end.

Long-horizon EPI modified total returns (overview): 5-year 9.97%, 10-year 8.14%, 15-year 6.60%; real versus wages 7.88 / 6.94 / 5.69% — all above the 1.9% real target. Single-year modified totals include FY2020 24.29%, FY2023 23.66%, FY2025 18.37%, and weaker years such as FY2019 −4.05% and FY2015 −1.12% (pre/post unification footnotes apply before H2 FY2015).

FY2025 excess +1.87 points versus composite came mainly from domestic bonds beating their benchmark (time-weighted −1.58% versus −5.37% policy benchmark, +3.79 points), with both allocation and security-selection contributions positive at total-fund level. Domestic equities +34.03% versus +34.65% benchmark (−0.62); foreign bonds +12.45% versus +12.16% (+0.28); foreign equities +26.56% versus +27.91% (−1.35). Passive still dominates equities and foreign bonds (domestic equity passive 88.39% of the sleeve; foreign equity passive 93.34%). The overview records termination or reduction of one foreign-bond active and two foreign-equity active contracts that had diverged from underwriting expectations, with proceeds parked in passive pending a new equity-active search.

Holdings: year-end all-names files (Excel for recent years) sit on the operation index. This profile does not scrape issuer-level names into the body. No GIPS claim is printed on opened pages. Currency of record is yen.

Controversies & debates

Official attributable items first. Home-page notices in 2026 (Reiwa 8) warn members that calls claiming to be “pension” or “KKR” and demanding personal data or remittances are suspected fraud; a separate notice warns of vendors impersonating KKR-related contractors; another warns that the former KKR Hotel Umeda website domain has been abused for a fake site. Those are official caution notices, not third-party scoops.

25 August 2026 (令和8年8月25日) notice: possible personal-information leak after unauthorized access to a mail server at KKR Kyoto Kuniso (KKR京都くに荘). Opened text is a possibility notice, not a quantified breach report. This pack does not invent counts.

Disclosure pages list annual “pension payment amount error” inspection results through FY2025, plus a 20 December 2017 total inspection notice. Those PDFs are official self-reporting of administrative error, not market-loss events. This pack does not restate error yen totals that were not opened in full.

Secondary press (labelled secondary): industry notes that several Japanese public funds, including this Federation, created CIO seats around 2025 as Asset Owner Principles implementation, with public estimates near ¥10 trillion for the Federation. Those USD/yen roundings are not official kkr.or.jp headlines and are not used as UAO headline AUM. INST’s ~US$90 billion line is the same class of estimate — omitted here.

Name collision with Kohlberg Kravis Roberts is an ongoing research hazard, not a legal dispute on opened pages. This profile’s H1 uses the long Federation English name for that reason.

Timeline

  • 1947 — Foundation: Government Employees’ Mutual Aid Association Federation (財団法人政府職員共済組合連合会).
  • 1949 — Non-industrial mutual-aid federation succeeds under the old National Public Service Personnel Mutual Aid Association Act.
  • 1958 — Current legal name under the new Act.
  • July 2001 — Asset Management Committee established as rijicho advisory body.
  • May 2014 — Japan Stewardship Code accepted (AOP acceptance PDF).
  • 1 October 2015 — Employee-pension unification; occupational add-on replaced by retirement-etc. pension; Federation becomes an EPI managing body for the common reserve.
  • 1 April 2020 — Transitional-pot policy stops evaluating the closed book by investment return (FY2025 transitional overview).
  • FY2022 — Transitional FILP/domestic-bond balance reaches zero; PAL contribution inflows fund payments.
  • March 2024 — PRI signatory (AOP acceptance PDF).
  • 28 August 2024 — Asset Owner Principles acceptance statement.
  • 1 April 2025 — EPI basic portfolio reset to 25/25/25/25; CIO seat created; investment principles in force.
  • 4 July 2025 — AOP implementation progress note published; FY2024 EPI overview correction note the same date.
  • 31 October 2025 — Alternatives manager-entry (dated R07.10.31 on the investment page).
  • 26 December 2025 — Stewardship Code third-revision acceptance.
  • 31 March 2026 — FY2025 year-end: EPI ¥11,548.0 billion / +18.55% TWR; retirement-etc. ¥1,073.8 billion / +0.67%.
  • 1 April 2026 — Responsible Investment Policy takes effect; EPI investment principles amended; committee roster dated this day.
  • 1 July 2026 — Official CIO career sheet: 飯野 厚子 as 参与 CIO; rijicho 松元 崇 term rolls on the officer PDF.
  • 21 July 2026 — Domestic-bond passive manager selection notice (investment page).
  • 7 August 2026 — Officer-status PDF snapshot used in this pack.
  • 30 June 2026 (reported as FY2026 Q1) — EPI flash ¥12,323.0 billion / +9.49% period TWR.
  • 25 August 2026 — Kyoto Kuniso mail-server unauthorized-access possibility notice.

Annex: AUM honesty (JPY pots)

Rule for this pack: quote the Federation’s yen figures with the pot name, the as-of date, and the valuation basis printed by the source PDF. Do not convert to USD. Do not sum EPI + retirement-etc. + transitional into a single “KKR AUM” without showing the pots. INST ~US$90 billion is a public estimate and is not an official kkr.or.jp headline.

Pot31 Mar 202630 Jun 2026 flashReturn FY2025Return FY2026 Q1
EPI (厚生年金保険給付積立金)¥11,548.0 bn MV¥12,323.0 bn MVTWR +18.55% grossTWR +9.49% period
Retirement-etc. (退職等年金給付積立金)¥1,073.8 bn¥1,090.5 bnRealized +0.67%Realized +0.19% period
Transitional (経過的長期給付積立金)FILP/bond book zero since FY2022No Q1 flash openedRealized +¥24 m / 0.33%Not opened

EPI MV with FILP marked-to a JGB-yield proxy is printed in parentheses: ¥11,520.0 billion at year-end and ¥12,283.9 billion at Q1 (overviews). This pack’s headline uses the Federation’s primary (non-parenthetical) column. Q1 figures are labelled 速報値 and may change at fiscal close.

Adding EPI and retirement-etc. year-end stocks gives ¥12,621.8 billion of labelled reserves, still excluding welfare-entity assets (hospitals, hotels, lending books) that are not the pension-reserve overviews. Welfare and pension are separate businesses on the about page. Do not treat hospital PP&E as pension AUM.

Annex: EPI asset mix and methods

FY2025 year-end method table (億円, TWR gross of fees):

Sleeve / methodMV (¥ bn)Share of sleeveTWR %Benchmark %Excess pt
Total fund11,548.0—18.5516.68+1.87
Domestic bonds total2,484.1100%−1.58−5.37+3.79
of which passive1,180.347.51%−5.43—−0.06 vs BM in table
of which FILP904.0—2.04—+7.41 vs BM in table
of which alternatives11.152.49% with cash in the alt/cash split footnote6.66—+12.03 vs BM in table
of which cash388.6—0.23—+5.60 vs BM in table
Domestic equities total2,786.7100%34.0334.65−0.62
passive2,463.188.39%34.4434.65−0.21
active323.611.61%30.80—−3.85
Foreign bonds total2,939.6100%12.4512.16+0.28
passive2,565.987.29%12.3612.16+0.20
active373.712.71%12.91—+0.74
Foreign equities total3,337.6100%26.5627.91−1.35
passive3,115.293.34%27.6427.91−0.27
active222.46.66%15.30—−12.61

Notes from the overview: FILP is book-valued in the primary column; passive means policy-benchmark tracking; active is everything else; composite benchmark is the policy-weight blend of policy benchmarks; cash-flow-stripped TWR is gross of fees. The 52.49% figure in the domestic-bond block is the overview’s passive/active ratio presentation that groups non-passive bond, FILP, alts and cash — read the PDF rather than treating 52.49% as “alternatives only.” Standalone alternatives MV is 111億円.

FY2025 market commentary in the overview (not UAO opinion): US reciprocal tariffs, a Japanese general election, Middle East tension; Bank of Japan hike to 0.75% in December; still-wide US–Japan rate gap and yen weakness; domestic equities +43.37% fiscal year, US equities +10.33%; NY Dow above 50,000 in February. Rebalancing kept the basic portfolio in range. Those market sentences are the Federation’s own look-back, dated to FY2025.

Annex: EPI return series

Modified total return (after fees) and wage-relative real return, from the FY2025 overview’s long table. Pre-H2 FY2015 figures are co-op pension track; from H2 FY2015 they are EPI-reserve track. Wage series: MHLW EPI category-1 wage growth from FY2015; earlier years cited from the FY2014 MHLW reserve report.

Fiscal yearModified total %Nominal wage %Real pt
FY20095.52−4.069.99
FY20101.210.680.53
FY20112.06−0.212.27
FY20125.100.214.88
FY20134.610.134.47
FY20147.450.996.40
FY2015−1.120.50−1.62
FY20165.380.035.35
FY20176.060.415.63
FY20181.990.951.03
FY2019−4.050.70−4.72
FY202024.29−0.5124.93
FY20216.121.264.80
FY20222.051.670.37
FY202323.661.8421.42
FY20241.472.19−0.71
FY202518.372.7515.20

FY2025 intra-year TWR (period rates, gross): Q1 4.44%, Q2 6.09%, Q3 6.63%, Q4 0.34%, year 18.55%. Modified total: year 18.37%. Realized: Q1 1.20, Q2 2.46, Q3 2.08, Q4 4.43, year 10.15%. Parenthetical FILP-mark-to-JGB columns exist in the PDF and are not restated row-by-row here.

Annex: FY2026 first quarter (flash)

r08_1q_k.pdf (EPI) and r08_1q_n.pdf (retirement-etc.), posted on the operation index as 令和8年度 第1四半期. Japanese FY2026 Q1 is April–June 2026. Figures are 速報値.

EPI Q1 itemAmount / rate
MV¥12,323.0 billion
Book¥8,160.3 billion
Unrealized¥4,162.8 billion
Profit+¥1,076.7 billion
TWR (period, gross)+9.49%
Modified total (period)see PDF; realized 2.57%
Domestic bonds MV¥2,231.3 billion (18.1%)
of which FILP¥851.2 billion (6.9%)
of which cash¥201.1 billion (1.6%)
Domestic equities¥3,152.7 billion (25.6%)
Foreign bonds¥3,030.9 billion (24.6%)
Foreign equities¥3,908.1 billion (31.7%)

Foreign equities at 31.7% sit above the 25% policy weight but inside the ±12 band (upper 37%). Domestic bonds at 18.1% sit below 25% but inside ±12 (lower 13%). Retirement-etc. Q1: ¥1,090.5 billion; realized +¥2.1 billion / +0.19% period; FY2025 year realized 0.67% shown as the prior-year column.

Annex: Retirement-etc. pot depth

Created with unification as a funded cash-balance occupational plan after the old occupational add-on was abolished. Target: planned rate, or criterion rate if higher. FY2025 planned 0.49%; criterion 0.295% as the average of 0.18% (Oct 2024–Sep 2025) and 0.41% (Oct 2025–Sep 2026). Actual 0.67% beat both. Average from H2 FY2015: 1.61% versus planned 0.35% / criterion 0.13%.

Co-op-unique assets (loans and investment property) were entrusted to the health-account lending book on 1 April 2022; ¥4.3 billion remains as entrusted assets. FILP treated as hold-to-maturity. Market bonds held via a custodian. Custody fee FY2025: ¥0.1 billion on domestic bonds (prints as 0.00% after rounding). Risk: overview says year-end mix was all domestic bonds, so basic-portfolio deviation was zero.

Annex: Transitional long-term pot depth

Legal hook printed at the front of the FY2025 transitional overview: unification-act supplementary article 49-3 applying Mutual Aid Act article 35-4. Closed book, no new premiums, function shifted from investment to cash management (policy change 1 April 2020). FY2025 realized P/L by quarter (million yen): 0, 9, 0, 15, year 24. Period rates 0.00, 0.09, 0.00, 0.18, year 0.33. Risk paragraph: statute provides that contributions from the local-government federation cover benefit cash. Do not analyse this pot as if it still had a 25/25/25/25 policy mix — it does not.

Annex: Officer roster (7 August 2026)

Source: https://www.kkr.or.jp/disclosure-yakuin08_08_07.pdf — “国家公務員共済組合連合会役員の状況について,” as of 令和8年8月7日. Statutory headcount: 1 rijicho, 6 jomu of whom one may be senmu, 4 directors, 2 standing auditors, 1 auditor.

Rank (Japanese)Name as printedTerm on PDFSelected career line on PDF
理事長松元 崇1 Jul 2026 – 30 Jun 2028MoF 1976; Cabinet Office Administrative Vice-Minister Jan 2012; rijicho from Sep 2017
専務理事宇野 雅夫1 Feb 2025 – 31 Jan 2027MoF 1986; JFC; Yokohama Customs; Federation director Jan 2024
常務理事林 弘郷21 Jul 2026 – 20 Jul 2028MPT 1993; MIC; MHLW cyber/IT councillor; Federation director Jul 2026
常務理事久澤 洋31 Jul 2026 – 31 Jan 2028Defense Agency 1992; ATLA; NDA vice-president; Federation director Jul 2026
常務理事大西 友弘1 Feb 2026 – 31 Jan 2028MHW 1990; Japan Pension Service director; NHO vice-president; Federation director Sep 2025
常務理事坂本 周大1 Jul 2026 – 30 Jun 2028Board of Audit 1995; Secretariat councillor; Federation director Jul 2025
常務理事澤川 和宏15 Jul 2025 – 18 Jan 2027MOE 1990; Chiba education superintendent; Tokai National Higher Education director; Federation director Jul 2025
常任監事松林 健一郎2 Apr 2026 – 1 Apr 2028MOFA 1993; Cabinet Sat Centre; Federation auditor Oct 2025
常任監事長谷川 一也1 Apr 2026 – 30 Nov 2026NPA 1993; NPA councillor; Federation auditor Apr 2026
理事（非常勤）佐々木 昌弘4 Aug 2026 – 30 Jun 2027MHLW Health Policy Bureau Director-General Aug 2026
理事（非常勤）木下 仁6 Aug 2026 – 30 Jun 2027Forestry Agency National Forest Department Aug 2026
理事（非常勤）石原 大7 Aug 2026 – 30 Jun 2027MLIT Minister’s Secretariat Director-General Aug 2026
理事（非常勤）中村 恭士1 Apr 2025 – 31 Mar 2027National forestry-related union chair Jul 2021
監事（非常勤）奥川 陽一1 Jul 2025 – 30 Jun 2027House of Representatives Secretariat management department

Romanizations in running prose (Takashi Matsumoto, Atsuko Iino) are conventional readings of the kanji on these PDFs plus widely used English forms for those two people. The table keeps the official kanji as printed. None of these officers other than INST’s Konishi listing has a live UAO person SSR at ship time.

Annex: CIO seat and career sheet

Two dated primaries disagree on the name, so both are printed. INST rank 68 (updated 6 June 2026, last verified 1 June 2026) still shows Akihiro Konishi, title Chief Investment Officer, CEO empty. The person SSR page title is “Akihiro Konishi | UAO Registry” and the worksFor organization name is this Federation. Official keireki_R8.pdf header: “ＣＩＯ（運用担当責任者）について（令和8年7月1日現在）.” It names 参与 CIO 飯野 厚子 with term 1 July 2026 – 31 March 2027 and the IBJ–Nomura IBJ–Mizuho Research–Sony–National Pension Fund Association–Federation career listed above.

FY2025 EPI overview org chart: CIO box annotated “令和7年4月1日新設 理事による監督の下に設置（理事長からの委嘱）.” AOP ukeire (28 August 2024) still said the CIO “will be” established; the July 2025 progress note says it “has been” established. That sequence is consistent with a 1 April 2025 go-live. This pack does not invent an appointment announcement for Konishi on kkr.or.jp — none was opened — and does not invent a person page for Iino.

Secondary (labelled): PEI’s institution profile lists Akihiro Konishi as CIO and Atsuko Iino as Head of Alternative Investments, with a Kudan address matching HQ. That directory is not kkr.or.jp. It may describe an earlier internal split. Official current CIO name for this pack is the 1 July 2026 career sheet.

Annex: Asset Management Committee

https://www.kkr.or.jp/shikin/committee/ and meiboR080401.pdf (1 April 2026). Established July 2001. The Federation hears the Committee on basic-policy formulation and revision and takes advice on other important investment matters. AOP progress: agendas and summaries are published; minutes are created for release after seven years.

Member (kanji)Affiliation on rosterRole
神野 直彦University of Tokyo professor emeritusChair
菅原 周一Bunkyo University, Faculty of International Studies professorDeputy chair
宇野 陽子Nissay Asset Management, specialist department consultantMember
小野 正昭Pension actuaryMember
白須 洋子Aoyama Gakuin University, Faculty of Economics professorMember
玉木 伸介Otsuma Women’s University, Faculty of Social Information Studies professorMember
中嶋 邦夫NLI Research Institute, chief researcherMember
林 康史Rissho University, Faculty of Economics professorMember

Roster prints 敬称略、五十音順. This pack does not add unpaid outside titles that are not on the PDF. Committee reports and model-portfolio PDFs linked from the policy page (including report251018.pdf) are treated as Committee work-product, not as UAO analysis.

Annex: Headquarters departments

About page 連合会の組織 — HQ functions (phones omitted):

  • General Affairs — planning, HR, documents, training, litigation/legal, public relations, compliance, Mutual Aid Review Board.
  • Accounting — budget, accounts, business-plan roll-up, receipts/payments, cash and securities custody, contribution intake, procurement.
  • Fund Management Department (資金運用部) — reserve management and investment.
  • Investment Risk Management Office (運用リスク管理室) — investment risk; independent of the front office (AOP progress).
  • Audit Office — internal audit.
  • Pension Department — claim review, awards, payments, certificates (postal 102-8082).
  • Pension Planning — scheme design, cost calculation, reserve accumulation, statistics.
  • Information Systems — applications, operations, information-security.
  • Staff Department — pay, working conditions, staff welfare, staff unions.
  • Hospital Department / Former-order Hospital Department — medical facilities.
  • Lodging Business — hotels and special-contract facilities.
  • Property & Construction — real estate, rights, official housing, capex.
  • Specified Business — health-support, lending to associations and internal accounts, information services, short-term fiscal adjustment, housing loans, former-Army/Navy/overseas association pensions, gas-disability relief, loan recovery.

FY2025 overview also describes a compliance committee that includes rijicho and an outside lawyer, a compliance officer for the whole Federation, and a staff code of conduct. Women’s-empowerment action plan is published; fund-management staff sex breakdown is in the scale section.

Annex: Twenty member associations

Live about page list (加入共済組合). These are the Federation’s members, not subsidiaries of a PE firm:

  • House of Representatives Mutual Aid Association
  • House of Councillors Mutual Aid Association
  • Cabinet Mutual Aid Association
  • Ministry of Internal Affairs and Communications Mutual Aid Association
  • Ministry of Justice Mutual Aid Association
  • Ministry of Foreign Affairs Mutual Aid Association
  • Ministry of Finance Mutual Aid Association
  • Ministry of Education, Culture, Sports, Science and Technology Mutual Aid Association
  • Ministry of Health, Labour and Welfare Mutual Aid Association
  • Ministry of Agriculture, Forestry and Fisheries Mutual Aid Association
  • Ministry of Economy, Trade and Industry Mutual Aid Association
  • Ministry of Land, Infrastructure, Transport and Tourism Mutual Aid Association
  • Courts Mutual Aid Association
  • Board of Audit Mutual Aid Association
  • Ministry of Defense Mutual Aid Association
  • Prisons Mutual Aid Association
  • Ministry of Health, Labour and Welfare Second Mutual Aid Association
  • Forestry Agency Mutual Aid Association
  • Japan Post Mutual Aid Association
  • Federation of National Public Service Personnel Mutual Aid Associations Staff Mutual Aid Association

English names above are descriptive translations of the Japanese list on enkaku; the Japanese legal names remain authoritative. Member-booklet FY2024-end snapshot (opened PDF 知っておきたい): about 1.07 million long-term members and 1.33 million pension-right holders across the 20 associations. That snapshot is FY2024-end, not FY2025-end.

Annex: Asset Owner Principles

Acceptance PDF dated 28 August 2024 maps five principles to Federation practice: (1) statutory management policies, ministerial approval, beneficiary interest, long-term safe efficient investing; (2) professional talent and a CIO under director supervision (then still prospective); (3) manager-entry, quantitative plus qualitative selection, conflicts management, evolving risk tools including VaR and stress; (4) annual overviews with excess-return attribution, time series, manager-level returns, all-names disclosure, plus quarterly flashes; (5) Stewardship Code since 2014, PRI from March 2024, engagement-centred stewardship and sustainable finance.

Progress note (published 4 July 2025 per FY2025 overview; file shinchoku_R8.pdf): management-policy amendments adding tokumei-kumiai rights as an eligible instrument and aligning voting clauses with sustainable-finance policy; investment principles published; RI policy prepared (later enacted 1 April 2026); code of conduct revised; CIO in place; qualified-institutional-investor status asserted; analyst and sales-rep qualifications supported; size/history gates on manager-entry removed; manager round-table held; designated-trust unbundling toward discretionary plus custody; bank-loan and domestic-PE entry searches; alternatives inside the 5% EPI cap; independent risk office; VaR and stress; Committee minutes after seven years; member magazine articles; CIO and staff on six panels and eight media interviews; stewardship scoring table; Keidanren–GPIF roundtable with PAL and PMAC; Audit & Supervisory Board Members Association dialogue.

Annex: Responsible investment policy

Full official policy is short enough that this annex restates structure rather than inventing metrics. Purpose of RI: long-term risk reduction and return expansion. Climate, nature, human rights and governance are both risk and opportunity. Impact-aware investing may support members’ living stability and welfare, but impact is not a stand-alone objective. Default manager set: PRI signatories. CIO / Fund Management Department execute; Committee is heard on revisions. Stock-lending and conflicts regulation is separately posted (kashikabu_riekisouhan.pdf) alongside the voting guideline.

English /shikin/english/ and /shikin/stewardship/ returned HTTP 403 to this research fetch; Japanese originals were used. Do not infer that English pages do not exist — only that this pack did not open them.

Annex: Voting results (domestic FY2025 full year)

Source: FY2025 EPI business overview, domestic table, 令和7年4月–令和8年3月, 8 funds voting.

Proposal family (company proposals)ForAgainstAgainst %
Director elections (incl. outside)40,3314,78010.6%
Company auditor elections2,8112177.2%
Officer pay1,727804.4%
Retirement bonuses for departing officers310597.2%
Stock options902924.4%
Surplus disposition3,461902.5%
Takeover defences711794.4%
Articles changes1,07980.7%
All company proposals49,9685,4619.9%
All shareholder proposals891,06092.3%
Shareholder climate-related14397.7%

Blank-proxy and abstention rows in the overview are zeros. Foreign-equity full-year table exists in the same PDF; the stewardship summary’s April–June 2025 foreign window (62,778 proposals, 7.4% against company proposals) is the opened English-usable snapshot. Managers often use proxy advisers as a conflicts tool for group-company votes (stewardship summary).

Annex: Manager entry

Investment-page notices (dates as printed):

  • Passive (domestic bonds, domestic equities, foreign bonds, foreign equities) — entry dated R06.10.01.
  • Active domestic bonds / domestic equities / foreign bonds / foreign equities — entry dated R06.10.01.
  • Alternatives entry — R07.10.31.
  • Domestic-bond passive selection — R8.07.21 (also an older R05.11.06 notice kept on page).
  • Foreign-bond and foreign-equity passive selection — R08.03.05.
  • Domestic-equity active selection — R01.10.01.
  • Foreign-bond active selection — R04.03.25.
  • Foreign-equity active selection — H30.10.01 and R02.04.01.
  • Transition manager — H29.03.31.
  • Alternatives: domestic real estate H31.02.05; bank loans R04.06.22; overseas real estate R05.03.31; domestic and overseas infrastructure R05.10.31; alternatives custodian R04.06.22.
  • Broker registration — H28.11.01; counterparties list R07.11.04.

AOP progress: entry no longer requires a minimum advisory AUM, headcount or years in business. A round-table explained AOP implementation and selection thinking to entered firms, including firms with no current mandate.

Annex: Hospitals, lodging, welfare

The Federation is a pension-and-welfare body, not an asset manager only. About page: 32 hospitals — 22 direct hospitals established to treat members and families and also open as insurance medical institutions to the public; 10 former-order hospitals (nine ex-Navy plus one gas-disability hospital) serving regional care. Lodging: 30 facilities on the live about page, with member/family/pensioner discounts, plus domestic partner facilities and overseas packages. AOP PDF still prints 32 lodging facilities — a document conflict this pack records rather than silently picking one.

Other welfare lines on enkaku: KKR Walking & Health; childcare dial; housing-discount listings; care information; funeral network (about 180 contracted firms); marriage information; life-plan and lifelong-learning (including the Open University of Japan); lending to member associations and to internal welfare accounts. Home page also carries member magazines, housing extras, asset-formation seminars and second-life seminars. Those businesses are out of scope for AUM. They matter because staff of 11,917 are mostly hospital and hotel employees, not a 28-person investment boutique.

Annex: Risk management

EPI overview: investment-risk policy and bylaws; rijicho-chaired investment-risk committee; independent 運用リスク管理室. Core control is deviation from the basic portfolio, plus market, liquidity and credit risk. VaR and stress tests for downside. Tools and alternative-risk work are quality-checked with an outside consultant; monitoring packs are revised. Same-name equity limits apply per manager versus market cap; FY2025 overview says those limits were observed. Retirement-etc. uses the same committee architecture but a 100% domestic-bond policy, so mix risk is binary rather than four-asset.

Unification context: the four managing bodies jointly review the model portfolio every fiscal-validation year (every five years). The Federation’s basic portfolio currently copies that model. That is coordination, not a merger with GPIF.

Annex: Transparency stack

  • Operation index with five years of overviews, quarters, holdings workbooks and glossaries: https://www.kkr.or.jp/shikin/operation/
  • Policy index (basic policies, investment principles, AOP, RI, model portfolio, litigation notice): https://www.kkr.or.jp/shikin/policy/
  • Committee page and member roster PDF.
  • Sustainable-finance page: RI policy, Stewardship Code letters, annual stewardship reports, TCFD and PRI PDFs, voting guideline, stock-lending rule.
  • Disclosure page: articles, operating rules, officer-status, officer pay, evaluation-committee roster, annual evaluation reports, financial statements, auditor opinions, business-condition reports, administrative-cost reports, pension-error inspections.
  • About / enkaku / member-association list / HQ map.
  • Manager-entry and selection notices.
  • Member magazine KKR and pension newsletter 年金だより (issue 146 mailed June 2026 per home page).
  • English investment subdirectory existed in the nav but 403’d to this fetcher.

Public-safe omissions: HQ and pension-department telephone numbers printed on the HQ page; any personal emails; officer pay amounts (a pay PDF exists but is not restated here). Daily-refresh for this UAO page is left disabled.

FAQ

What is the Federation of National Public Service Personnel Mutual Aid Associations (KKR Japan)?

It is 国家公務員共済組合連合会, a statutory federation under the National Public Service Personnel Mutual Aid Association Act. It jointly administers pensions and welfare (hospitals, lodging, member services) with 20 member mutual-aid associations for national public servants. Official site: https://www.kkr.or.jp/. This is not Kohlberg Kravis Roberts.

Is KKR Japan the same as Kohlberg Kravis Roberts, GPIF, or Pension Fund Association (Japan)?

No. KKR here is the Japanese short name for this mutual-aid federation (Kyosai / 共済), not the private-equity firm. GPIF manages Employees’ Pension Insurance and National Pension reserves as a separate independent administrative agency. Pension Fund Association (Japan) is already live on UAO as a corporate-pension association (≠ Danish PFA Pension). Local-government mutual aid is PAL; private-school mutual aid is PMAC.

What official AUM does the Federation publish?

Official figures are in yen, by statutory pot, not a single invented USD headline. Employees’ Pension Insurance reserve: ¥11,548.0 billion at 31 March 2026 and ¥12,323.0 billion at 30 June 2026 (flash). Retirement-etc. pension reserve: ¥1,073.8 billion at 31 March 2026 and ¥1,090.5 billion at 30 June 2026. The transitional long-term pot’s FILP/bond book has been zero since FY2022.

Who is the CEO?

UAO Instantiations leave the CEO seat empty. The official officer-status PDF dated 7 August 2026 lists a Rijicho (理事長) — 松元 崇 — not a CEO title. This profile does not invent a CEO or map Rijicho onto the INST CEO field.

Who is the CIO?

The Federation created a CIO (運用担当責任者) seat on 1 April 2025. The official career sheet as of 1 July 2026 names 参与 CIO 飯野 厚子 (Atsuko Iino), term to 31 March 2027. UAO Instantiations still list Akihiro Konishi (person SSR live; last verified 2026-06-01). This profile reports the official July 2026 sheet as the current primary and does not invent a person SSR for Iino.

What is the EPI basic portfolio?

From 1 April 2025 the Employees’ Pension Insurance reserve uses 25% domestic bonds, 25% domestic equities, 25% foreign bonds, 25% foreign equities, matching the four managing bodies’ model portfolio after the 2024 fiscal validation. Deviation ranges are ±12, ±12, ±10 and ±12 percentage points. FILP deposits and cash are counted inside domestic bonds. Long-run real-return target is 1.9% versus wage growth.

How did the EPI reserve perform in FY2025?

Official FY2025 (to 31 March 2026) time-weighted return was +18.55% (gross of fees) versus a 16.68% composite benchmark (excess +1.87 points). Comprehensive profit was +¥1,801.1 billion on ¥11,548.0 billion year-end assets. Modified total return was 18.37%; realized return 10.15%.

How is the Federation governed?

A statutory board of officers (理事長, senmu/jomu directors, directors, auditors) plus an Operations Council (運営審議会). Asset management is advised by an external Asset Management Committee (est. July 2001; chair 神野 直彦 as of 1 April 2026). Rijicho chairs the investment-risk committee. An independent Investment Risk Management Office sits beside the Fund Management Department. CIO reports under director supervision.

Does the Federation accept Japan’s Stewardship Code and Asset Owner Principles?

Yes. Official materials state Japan Stewardship Code acceptance from May 2014 and acceptance of the third revision on 26 December 2025; Asset Owner Principles acceptance dated 28 August 2024; PRI signatory (stated as March 2024 in the AOP acceptance PDF); TCFD supporter. A Responsible Investment Policy took effect 1 April 2026.

Where is headquarters?

Kudan Joint Government Building, 1-1-10 Kudan-Minami, Chiyoda-ku, Tokyo (法人番号 2010005002559). HQ departments use postal code 102-8081; the Pension Department uses 102-8082. This profile omits switchboard numbers for public-safe practice.

Is there an official video on this profile?

No. Opened kkr.or.jp pages did not yield a stable official YouTube or Vimeo embed suitable for VideoObject, so this pack omits both an embed and VideoObject schema. A site notice refers to a promotion-video quiz; that is not a verified embeddable player.

Is the UAO Influence Index a rating of this Federation?

No. Any Influence Index on Universal Asset Owners Registry cards is an editorial composite for navigation — not a credit rating, performance score, or official KKR Japan metric.

Sources & further reading

Primary (opened for this pack):

Secondary (labelled, not used as AUM or officer locks): PEI institution directory; industry notes on Japanese public-fund CIO appointments and ~¥10 trillion roundings. English kkr.or.jp investment pages 403’d to this fetcher.

Annex: Management-policy language (EPI)

Opened basic_policyR70401.pdf is the EPI management-and-investment policy as of 1 April 2025. This annex restates only what the pack actually extracted rather than reconstructing unread pages. The FY2025 overview says the 1 April 2025 revision adopted the four-body model portfolio as the Federation’s basic portfolio after the 2024 fiscal validation, with a 1.9% real-return target versus wages at minimum risk, after Asset Management Committee debate and outside-consultant analysis. FILP deposits are counted in domestic bonds. Cash is managed inside the domestic-bond deviation band. If conditions change materially, the Federation will change the basic portfolio as soon as practicable. FY2025 verification: rolling benchmark returns stayed inside the assumed range; the Committee judged the current mix still valid with no immediate change.

Investment principles (tousigenosku_kounenR8.pdf) were enacted 1 April 2025 and amended 1 April 2026. The five numbered principles are quoted in substance in the philosophy section. The 2026 amendment aligns principle (4) with the new Responsible Investment Policy rather than leaving ESG as an uncodified practice. Retirement-etc. has its own management-and-investment policy file (taisyokutou_unyouhousin_R7.pdf) that this pack used for the 100% domestic-bond mix and the planned-rate versus criterion-rate rule. A separate keikateki policy covers the closed transitional book. Litigation-related operation file operation-R8_litigation.pdf is linked from the policy index; this pack did not restream that PDF into the body.

Model-portfolio page (policy/model_portfolio.html) and Committee data packs (report251018.pdf and earlier 2022 packs) document the four-body joint work with GPIF, PAL and PMAC. Those documents are the reason this Federation’s 25/25/25/25 mix matches GPIF’s public four-asset frame without making the two organisations the same legal person. Researchers comparing Japan public pensions should read both UAO profiles and keep the yen books separate.

Annex: FILP deposits and cash

財投預託金 (FILP deposits / fiscal-investment and loan-program deposits) are a recurring Japan-public-pension balance-sheet item. The Federation’s overviews book them inside domestic bonds and, in the primary column, at book value; a parenthetical column revalues them off JGB yields. EPI FY2025 year-end FILP 9,040億円; FY2026 Q1 8,512億円 (6.9% of EPI). Retirement-etc. FY2025 FILP 3,654億円. Transitional FILP including domestic bonds: zero from FY2022. FILP TWR in the EPI method table printed +2.04% for FY2025 versus a −5.37% bond benchmark, which is why the overview attributes a large slice of domestic-bond excess to the FILP line (+7.41 points in that row). That excess is a measurement artefact of book-valued deposits versus a mark-to-market bond index as much as it is a “manager skill” number — the overview’s own notes tell readers to treat FILP as book-valued.

Short-term assets inside EPI domestic bonds: 3,886億円 at FY2025 year-end (TWR +0.23%) and 2,011億円 (1.6%) at FY2026 Q1. The overview says cash is managed inside the domestic-bond deviation range rather than as a fifth policy asset. Do not treat cash as a stealth alternatives sleeve. Alternatives proper printed 111億円 at FY2025 year-end inside the domestic-bond block, with a 5% EPI-policy cap for the alternatives programme as it scales.

Annex: Peer map (Japan public pensions)

Four EPI managing bodies after 2015 unification, as named in this Federation’s own overview:

  • GPIF — independent administrative agency; National Pension plus the largest EPI share; live UAO institution SSR; not this Federation.
  • This Federation (KKR / 国家公務員共済組合連合会) — national-public-servant mutual aid; EPI sleeve plus retirement-etc. plus transitional; hospitals and hotels.
  • PAL / 地方公務員共済組合連合会 — local-government mutual aid; also an EPI managing body; the transitional pot receives PAL contributions after this Federation’s own FILP/bond book hit zero.
  • PMAC / 日本私立学校振興・共済事業団 — private-school promotion and mutual aid; fourth managing body.

Adjacent but different: Pension Fund Association (Japan) — corporate-pension portability, live UAO SSR, total about ¥12.9 trillion at 31 March 2025 in that profile’s official JPY. National Pension Fund Association (国民年金基金連合会) appears only as a former employer on Iino’s CIO career sheet, not as a related portfolio. Denmark’s PFA Pension is a third-country namesake of the Japan PFA page, irrelevant here. Kohlberg Kravis Roberts is a listed alternative-asset manager with no legal identity on kkr.or.jp.

Why the yen books look similar in headline trillions: Japan’s public and quasi-public pensions are large, yen-denominated, and often 25/25/25/25 after unification. Similarity of policy mix is evidence of the shared model portfolio, not evidence that GPIF and this Federation commingle assets. This Federation’s EPI book at ¥11.5 trillion on 31 March 2026 is an order of magnitude smaller than GPIF’s published national-reserve scale on the GPIF UAO page. Do not paste GPIF AUM, people or returns into this profile.

Annex: Stewardship Code third revision

FY2025 stewardship summary (March 2026) records acceptance of the third-revision Japan Stewardship Code on 26 December 2025, after FSA published the revision on 26 June 2025. Principle 4 (purposeful dialogue) is marked unchanged. New or restated guidance 4-2: asset owners should explain to issuers, on request, how much of the issuer’s stock they hold, and should pre-publish the response policy. Guidance 4-6: collaborative engagement is an important option when it remains constructive for sustainable issuer growth. Federation response printed in that summary: continue monitoring that manager sustainability dialogue is consistent with strategy and long-term value; require managers to share recognition with issuers and to seek improvement, including via collaborative engagement; require managers to pre-publish how they will answer issuer holding-disclosure requests.

Manager expectations section of the same summary: engagement should not be formal or fragmentary; it should identify management and sustainability issues with a medium- to long-term view. Voting remains a core fiduciary right, delegated under the Federation guideline, with annual manager reporting. April–June 2025 vote window (summary): domestic 43,916 proposals, 9.0% against company proposals (3,845 of 42,916), concentrated in board/director items (3,354 against, 9.6%) and audit-board items (161 against, 6.7%); foreign 62,778 proposals, 7.4% against company proposals (4,427 of 60,152), including 1,208 board/director against (4.7%) and 485 articles-change against (24.6%). Those April–June counts are a peak-season slice; the FY business-overview domestic table is the full-year 8-fund tally and will not match the slice exactly.

Annex: Investment staff, qualifications, visibility

EPI overview: 28 fund-management-related staff, 9 of them women, one of those women a manager. Talent model: grow specialists internally (study groups, outside seminars, securities-sales-rep qualifications, CFA/analyst support, graduate dispatch) and hire experienced outsiders as needed. AOP progress repeats those channels and adds that the Federation now asserts qualified-institutional-investor status. Visibility: CIO and staff as panellists six times and eight media interviews in the progress-note window; member-magazine articles on AOP, alternatives and portfolio review. Do not convert “28 investment staff” into a claim that the legal entity has 28 employees — 11,917 staff at 31 March 2026 are overwhelmingly hospital and lodging employees.

Code of conduct was revised as an AOP item to raise professional ethics. A compliance committee including rijicho and an outside lawyer sits above a Federation-wide compliance officer. Those are governance facts from the overview, not a rating of culture.

Annex: Research notes and caveats

  • Currency: JPY as published. No USD headline.
  • Japanese fiscal years: FY2025 = 令和7 = 1 Apr 2025 – 31 Mar 2026; FY2026 Q1 = Apr–Jun 2026.
  • Headline TWR 18.55% is gross of fees; modified total 18.37% and realized 10.15% are after fees. Do not mix them in one sentence without labels.
  • Q1 2026 figures are flash (速報値).
  • Parenthetical FILP mark-to-JGB columns are alternative measurements, not a second official AUM.
  • Lodging count 30 (about page) versus 32 (AOP PDF) is an unresolved document conflict.
  • Staff 11,917 in FY2025 K and O overviews; an earlier N-pot extract of a prior year printed 11,918 — use 11,917 for 31 March 2026.
  • CEO empty. Rijicho is not mapped to CEO.
  • CIO: official 1 July 2026 sheet = 飯野 厚子; INST = Akihiro Konishi (SSR live). Both dated.
  • English site paths 403’d; absence of an opened English page is not proof of non-existence.
  • No official video embed verified; promotion-video quiz notice is not a player.
  • Officer pay PDF exists and is not restated. Phones omitted.
  • Name KKR is a collision; H1 uses the long English Federation name.
  • Influence Index on Top 100 cards is editorial navigation, not an official Federation metric.
  • Desk-41 JSON is not rewritten by this ship.

Completeness note

This elite pack is sourced from opened kkr.or.jp HTML and PDFs dated through 11 September 2026 research. Primary PDFs include the FY2025 three-pot business overviews, FY2026 first-quarter flashes, Asset Owner Principles acceptance and progress notes, Responsible Investment Policy, EPI investment principles, CIO career sheet, officer-status disclosure, and Asset Management Committee roster. Word count targets the UAO ~10k sourced bar. Non-blocking expansions if later packs reopen files: full English investment subdirectory if the 403 lifts; FY2025 all-names holdings commentary; foreign-equity full-year voting table row-by-row; officer-pay PDF amounts (still omit personal contacts); FY2025 member-count booklet if a newer 知っておきたい drops; lodging-count 30-versus-32 reconciliation from a single current fact sheet; a person SSR for 飯野 厚子 and for 松元 崇 if Registry people desks add them; INST card CIO/AUM refresh (out of scope for this institution HTML ship). No filler. No invented USD headline. No invented CEO. No mapping of Rijicho onto the Instantiations CEO field. No VideoObject without a verified official embed. Distinct from Kohlberg Kravis Roberts, from GPIF, and from Pension Fund Association (Japan). Daily-refresh for this Ghost post is left disabled unless a later brief explicitly turns it on. Desk-41 JSON is byte-identical and not rewritten. Four locked Top 100 seats (PMT, BCI, MassPRIM, KIC) travel unchanged in the theme zip.

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