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SWIB confirms $350m in commitments

The US public pension has backed two multifamily vehicles and an industrial real estate fund in its latest round of commitments.

Institution: State of Wisconsin Investment Board
Headquarters: Madison, United States
AUM: $148.9 billion
Allocation to alternatives: 17.3%

State of Wisconsin Investment Board has approved $350 million-worth of commitments across three real estate vehicles, according to the pension’s June 2021 board meeting documents.

The commitments comprise $150 million to Hudson Single-Family Rental Fund, $100 million to Penwood Select Industrial Fund VI, and $100 million to Nuveen Real Estate’s open-ended US Cities Multifamily Fund.

SWIB’s real estate portfolio had a market value of approximately $8 biillion as of February 2021, representing 6.6 percent of the pension’s Core Trust Fund investment portfolio, which comprises most of its assets.

Whilst this is below the 8 percent target size, SWIB’s real estate portfolio manager Jason Rothenberg and his team have been “actively and prudently” deploying capital in the market and reviewing “active pipelines” for future investments.

As illustrated below, the $148.9 billion pension’s recent fund commitments have primarily targeted North American investments across multiple sectors and strategies.

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