Key Takeaways
- • Taiwan's Bureau of Labor Funds (BLF) selected five external managers for a $3 billion, five-year Global Climate Transition Passive Infrastructure Securities mandate, the second overseas investment mandate of fiscal 2026.
- • Each of Amundi Asset Management, BNP Paribas Asset Management Europe, Geode Capital Management, Northern Trust Asset Management Australia and State Street Global Advisors Singapore receives an equal $600 million allocation.
- • Funding splits across the Labor Pension Fund ($400 million per manager), the Labor Insurance Fund ($100 million per manager) and the National Pension Insurance Fund ($100 million per manager).
- • Managers will track the FTSE Global Core Infrastructure ex-China TPI Climate Transition Index, selecting companies with forward-looking climate transition management capabilities.
- • The BLF framed the mandate as a low-cost passive way to access global infrastructure, rebalance alternatives exposure and benefit from electricity demand tied to AI and cloud computing.
Summary
Taiwan's Bureau of Labor Funds, the government-run body overseeing the country's retirement system, selected five external asset managers for a $3 billion Global Climate Transition Passive Infrastructure Securities mandate, according to a BLF statement reported by Chief Investment Officer. The selection was completed in mid-July 2026, with the Post reporting that the BLF finalized the managers on July 16. The mandate is the second overseas investment mandate the BLF has awarded in fiscal 2026.
The BLF is acting on behalf of three funds: the Labor Pension Fund, the Labor Insurance Fund and the National Pension Insurance Fund. Each of the five managers, Amundi Asset Management, BNP Paribas Asset Management Europe, Geode Capital Management LLC, Northern Trust Asset Management Australia Pty. Ltd. and State Street Global Advisors Singapore Ltd., receives $600 million. That allocation comprises $400 million from the Labor Pension Fund and $100 million each from the Labor Insurance Fund and the National Pension Insurance Fund. The total term is five years.
Each manager will run the mandate passively against the FTSE Global Core Infrastructure ex-China TPI Climate Transition Index, targeting companies with forward-looking climate transition management capabilities. The BLF said the approach aims to participate in global infrastructure at relatively lower cost while supporting companies in advancing structural transition and capturing investment growth. The agency also stated that the mandate is intended to help the funds meet their long-term objective of consistently earning stable returns.
The BLF described the strategy as a way to strengthen the alternative investment balance within the overall portfolio and enhance diversification. In its March announcement of the search, the agency said infrastructure assets typically offer stable cash flows, essential demand and resilience to economic cycles, and that power and related infrastructure are shifting toward low-carbon development under the global energy transition. It also linked the allocation to rapid growth in artificial intelligence, cloud computing and the digital economy, which it said has expanded investment opportunities in related infrastructure. The article was originally published by Financial Standard, a sister publication of Chief Investment Officer, both owned by ISS STOXX.
The BLF is acting on behalf of three funds: the Labor Pension Fund, the Labor Insurance Fund and the National Pension Insurance Fund. Each of the five managers, Amundi Asset Management, BNP Paribas Asset Management Europe, Geode Capital Management LLC, Northern Trust Asset Management Australia Pty. Ltd. and State Street Global Advisors Singapore Ltd., receives $600 million. That allocation comprises $400 million from the Labor Pension Fund and $100 million each from the Labor Insurance Fund and the National Pension Insurance Fund. The total term is five years.
Each manager will run the mandate passively against the FTSE Global Core Infrastructure ex-China TPI Climate Transition Index, targeting companies with forward-looking climate transition management capabilities. The BLF said the approach aims to participate in global infrastructure at relatively lower cost while supporting companies in advancing structural transition and capturing investment growth. The agency also stated that the mandate is intended to help the funds meet their long-term objective of consistently earning stable returns.
The BLF described the strategy as a way to strengthen the alternative investment balance within the overall portfolio and enhance diversification. In its March announcement of the search, the agency said infrastructure assets typically offer stable cash flows, essential demand and resilience to economic cycles, and that power and related infrastructure are shifting toward low-carbon development under the global energy transition. It also linked the allocation to rapid growth in artificial intelligence, cloud computing and the digital economy, which it said has expanded investment opportunities in related infrastructure. The article was originally published by Financial Standard, a sister publication of Chief Investment Officer, both owned by ISS STOXX.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.