Japan & Korea Allocator Intelligence · GP Playbook
90-Day GP Playbook: Japan + Korea
Week 1–2 (now → ~12 October)
| Action | Japan | Korea |
|---|---|---|
| Re-issue materials | Send the late-September rates page to Japanese committees. Say plainly that the hurdle has not moved | Lead Korean meetings with the hedge ratio, not the hedge cost; show won returns with and without a hedge across June–September |
| Supervisory annex | Add the one-page "FSA/BOJ lens" to every data-centre and private-credit pitch: concentration, post-closing monitoring, PIK share, covenant counts | Build the NPS conflict-of-interest file: every former NPS employee among team, advisers and placement agents |
| Live deadlines | Watch the FSA working group's first meeting on 1 October | KOBC pre-registration by 1 October and in-person close 8 October, 16:00, Busan; FSC fair-value M&A comments close 6 October; secondaries buyers contact PJT on KIC |
Week 3–6 (through ~9 November)
| Action | Japan | Korea |
|---|---|---|
| Tenders and audits | Read GPIF's next board agenda (early October) for a vote on a portfolio review | MMAA first-round packs due 16 October, 15:00, if you have a Korean-licensed, Korea-staffed entity; track the NPS audit (14 October) and KIC audit (20 October) |
| Meetings | Before any Japanese IC in October, pre-empt the SoftBank comparison with a one-page side-by-side | ASK 2026 on 28 October: book NPS, KIC and mutual-aid meetings around it; pitch KIC as "better than what you hold" |
| Rates | Re-run the rates page after the BOJ decision on 30 October | — |
| Registration | File or update GPIF manager entry for a domestic-classified fund; read GPIF's Q2 results on 6 November | — |
Week 7–10 (through ~7 December)
| Action | Japan | Korea |
|---|---|---|
| Insurer targeting | When all FY2025 ESR figures appear (around November), rank target lifers by capital headroom; map your product against the July reinsurance guideline | MMAA shortlist and diligence run through to the 4 December award, for eligible entities |
| Bank facilities | List every Japanese bank facility renewing in the next 12 months; build a lender pack on the BOJ stress-test questions; watch the banks' next quarterly results for comment on fund-finance balances | — |
Week 11–13 (through year-end)
| Action | Japan | Korea |
|---|---|---|
| Vehicles | For wealth-channel placement, map SMBC Nikko's new leadership; plan around its retail network, not the January 2027 wholesale JV | Have an evergreen or SMA wrapper with KRW-hedged classes and PIK disclosure ready before 1 January 2027, when undrawn commitments start to count against broker liquidity ratios |
| Pipeline | Digital-infra debt GPs: approach Nippon Life's structured-finance team before its US team exists | Real-estate GPs: plan NPS commitments for Q1 2027, not Q4 2026 |
Disclaimer: Japan & Korea Allocator Intelligence is published for general information and education only. It is not investment advice, and it is not an offer, solicitation or recommendation to buy, sell or hold any financial instrument, nor an invitation to engage in any investment activity. Nothing in it takes account of any reader's circumstances, objectives or needs. Figures and sources are believed accurate at the dates shown, but completeness and continuing accuracy are not guaranteed. Take your own professional advice before acting on anything here.