In a rapidly evolving investment landscape, the Institutional Investor Recognition Awards spotlight the professionals shaping the future of asset management. Among this year’s standout honorees is Juli Avlokhashvili, Macro Investment Strategist at the Pension Fund of Georgia, who has been named a recipient of the Next Generation Allocator Award. Her journey from economist to strategic leader in just three years is a testament to her vision, analytical rigor, and commitment to public service.
How did your journey in the Pension Fund of Georgia begin, and what has shaped your trajectory?
“When I joined the Fund three years ago, I was driven by a desire to contribute to the development of Georgia’s nascent pension system,” Avlokhashvili shares. “It was an opportunity to help build something from the ground up — to create frameworks that would have a lasting impact on the financial security of future generations.”
Starting as an economist, Avlokhashvili quickly distinguished herself through her deep understanding of macroeconomic dynamics and her ability to translate complex data into actionable investment strategies. Her work has been instrumental in shaping the Fund’s macroeconomic and investment strategy function, a cornerstone of its institutional development.
What are some of the key initiatives you’ve led at the Fund?
Avlokhashvili has played a central role in designing both strategic and tactical asset allocation frameworks for the Pension Fund of Georgia, which manages assets equivalent to approximately 7% of the country’s GDP. “We’ve focused on building a resilient, long-term investment approach that aligns with our fiduciary responsibilities,” she explains. “This includes integrating macro-financial scenario analysis into our decision-making and risk management processes.”
Now leading the Macro Strategy team, she oversees the development of forward-looking economic scenarios that inform the Fund’s investment positioning. Her work ensures that the Fund remains agile in the face of global uncertainty while staying true to its long-term objectives.
Can you tell us more about the Pension Fund of Georgia and its significance?
“Established in 2018, the Pension Fund of Georgia is the country’s first mandatory, defined-contribution (Pillar II) pension system, operating alongside the legacy pay-as-you-go scheme,” Avlokhashvili explains. “It’s the first time in post-Soviet Georgia that workers accumulate inheritable, fully funded pension savings, which improves retirement income replacement and reduces long-term fiscal pressure.”
The Fund operates in a fast-growing emerging economy of 3.7 million people with a GDP per capita of approximately USD 9,000 (2024). As of June 2025, the Fund’s assets under management (AUM) stand at GEL 7.1 billion, equivalent to about 7% of the country’s GDP, with projections to reach around 20% of GDP by 2035. The Fund has 1.4 million participants and 140,000 contributing companies.
How has the Fund performed in recent years?
“In 2023, Georgia’s Pension Fund generated an impressive 11.2% real return, ranking among the top performers globally according to OECD data,” Avlokhashvili notes. “In 2024, our portfolio performance ranged from 9.5% to 11.5% in real terms. Over the past five years (2019–2023), the Fund achieved a 14% real cumulative return, well above the OECD average of 3%.”
What does this recognition mean to you personally and professionally?
“It’s incredibly humbling,” Avlokhashvili says. “This award is not just a personal milestone — it’s a reflection of the progress we’ve made as a team and as a country in building a robust, forward-thinking pension system. I hope it also inspires other young professionals in emerging markets to see the impact they can have.”
‘’I would like to take this opportunity to highlight the incredible team at the Pension Fund that surrounds me. Their expertise, dedication, and collaborative spirit are fundamental to the Fund’s success. In particular, for the answer to the fourth question, I would like to acknowledge even more their significant contributions, as the achievements we have made are truly the result of a collective effort rather than individual accomplishments. Their commitment ensures the Fund continues to deliver strong performance and innovation for our participants.’’
As one of the few young professionals in Georgia with direct influence over national pension investment policy, Avlokhashvili’s recognition underscores the growing importance of diverse, next-generation voices in institutional investing.
What advice would you give to other young professionals aspiring to make a difference in public asset management?
“Be curious, be bold, and stay grounded in your purpose,” she advises. “Public investing is about more than returns — it’s about improving lives. That perspective has guided every decision I’ve made.”
A CFA Charterholder and a rising voice in the global investment community, Juli Avlokhashvili exemplifies the promise and potential of the next generation of allocators. Her work at the Pension Fund of Georgia is not only shaping the country’s financial future but also setting a benchmark for innovation and integrity in public investment leadership.
I would like to express my gratitude to the Institutional Investment team.
This piece has been edited for length and clarity.
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