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The purpose of this paper is to examine the contribution of real estate to the performance of mixed-asset portfolio of Nigeria Pension Fund with a view to providing a guide on investment decision making for institutional investors and portfolio managers.

Data on capital value were collected from the quarterly and annual reports of Nigeria Pension Commission over a period of ten (2007–2016) years, and the data were analyzed using descriptive statistics.

The findings show that there is diversification benefit resulting from integrating real estate to other assets of the Nigeria Pension Fund, and that the fund’s portfolio performed better when real estate is integrated in the mixed-asset portfolio.

Investment portfolio managers can benefit from the findings of this study by making investment decisions that are performance-driven. The study will serve as a guide in making investment decisions on mixed-asset portfolio of institutional investors other than pension funds.

There is no known paper on the contribution of real estate in the performance of asset portfolio of the Nigeria Pension Fund.