(Bloomberg) -- Japan’s state pension fund, the world’s largest, should look at investing 10 trillion yen ($95 billion) in private equity and venture capital over ten years, a buyout-fund head and government adviser on pensions said.

The Government Pension Investment Fund, which manages 124 trillion yen, should start by putting as much as 3 trillion yen in private equity and venture capital in about April 2015 and increase that to 10 trillion yen by 2023, said Yasushi Ando, an adviser to the ruling Liberal Democratic Party on pensions. That would bring the fund in line with global standards, according to Ando, who is also chief executive officer of Tokyo-based buyout firm New Horizon Capital Co.

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