Various alternative investment issues are occurring depending on the size of the rapidly growing alternative investment market, and new challenges are being demanded. One of the biggest problems with alternative investments in pension funds in Korea is the lack of overall management from the stage of alternative investment planning to the stage of investment, operation, recovery and evaluation. Most of all, establishing a fist-of-the-mill investment plan from the planning stage of alternative investments is a problem, and there is a lack of fair value assessment and risk management. Alternative investments are characterized by different characteristics from those of existing products that seek absolute returns and therefore have no correlation with traditional assets. In addition, the investment decision-making process is not simple. This study looks at the issues and improvements of alternative investment that arise at each stage of investment and seeks to draw up improvement measures. Most important of all, the problem is that the fair value assessment is insufficient. Therefore, risk management and performance evaluation of alternative investments are very important. In this study, we wanted to examine the problems of the phase-by-step alternative investment in special job pensions (public official pension fund, private school pension fund, and military pension fund), as well as the direction of response of the public pension fund to activate the alternative investment of the pension fund, and the direction of the government policy implementation. The results of the study are as follows: First, close investment and review should be made from the investment stage. Second, the government should make every effort to manage various risks in the operational stage. Third, fair value performance and evaluation of alternative investment instruments should be reasonably conducted. Fourth, liquidity should be considered as a recovery stage. Fifth, various risk management, including various operational and tax risks, should be carried out. This study was intended to emphasize the management of various risks in alternative investments of domestic pension funds and the management of operating returns through rational fair value assessment, and to explore ways to revitalize the nation's pension funds by referring to the investment cases of overseas pension funds. It is meaningful in that the government wanted to draw up problems and improvement measures by dividing them into the preliminary stages of alternative investment, the stage of investment management, the stage of investment recovery, and the stage of performance evaluation, and sought to revitalize alternative investment in domestic pension funds