The National Pension Service of Korea (NPS) reported infrastructure assets under management (AUM) grew by 13.4% in 2024, a notable deceleration from the 24.2% growth rate recorded in 2023, according to data cited by Infrastructure Investor.

The slowdown reflects broader market conditions and a shift in allocation strategy as the pension fund navigates evolving infrastructure investment opportunities. NPS, one of the world's largest pension funds with over $900 billion in total assets, has been a major player in global infrastructure markets, but the reduced growth rate signals a more cautious approach amid economic uncertainty and higher interest rates.

Despite the slower growth, the absolute AUM figure continues to rise, underscoring NPS's long-term commitment to infrastructure as a core asset class. The fund's infrastructure portfolio spans renewable energy, transportation, and digital infrastructure across Asia, Europe, and North America. Investors and fund managers are closely watching whether this trend persists into 2025, as NPS recalibrates its deployment pace.