State of Wisconsin Investment Board, Madison, disclosed 10 private equity commitments totaling more than $800 million that were completed in the first quarter of 2023 in a report included with materials for SWIB's board meeting on Wednesday.
The board, which manages the $126.8 billion Wisconsin Retirement System, committed $200 million to Ashbridge Annex Fund I, a buyout fund managed by Morgan Stanley; $150 million to GTCR Fund XIV, a buyout fund managed by GTCR; $75 million to NGP Natural Resources XIII, a vintage oil and gas fund managed by NGP; $75 million to STG VII, a buyout fund managed by STG Partners; $75 million to Cortec Group Fund VIII, a buyout fund managed by Cortec Group; €60 million ($65 million) to Waterland Private Equity IX, a Dutch buyout fund managed by Waterland Private Equity Investments; $50 million to Gemspring Capital Fund III, a buyout fund managed by Gemspring Capital; $50 million to Hg Titan 2, a buyout fund managed by Hg Capital; $40 million to Tritium Fund III, a buyout fund managed by Tritium Partners; and €35 million to Hg Mercury IV, a buyout fund also managed by Hg Capital.
In addition, the board also made a health care co-investment of $25 million; industrials co-investments of $24 million and $15 million; a materials co-investment of 4.3 million euros; and an information technology co-investment of $2 million.
Chris Preisler, spokesman for SWIB, said by email that "these co-investments are confidential."
SWIB previously made commitments of $50 million to Cortec Group Fund VII in March 2020; $30 million to Gemspring Capital Fund II in June 2020; $125 million to GTCR Fund XIII in March 2021; $35 million to Hg Titan I in December 2021; $80 million and $40 million, respectively, to NGP Natural Resources X and NGP Natural Resources XII in June 2022; and $71 million to Waterland Private Equity Fund VIII in March 2021.
SWIB also made private debt commitments totaling $20 million in the first quarter, including $17 million to consumer/entertainment and $3 million to a logistics company.
Mr. Preisler said these debt commitments are also confidential.
As of March 31, SWIB's core trust fund had a 18% allocation to private equity and debt.
SWIB also made real estate commitments totaling $225 million in the first quarter. Specifically, the board committed $100 million to Penwood Select Industrial Partners VII, a real estate value added fund managed by Penwood Real Estate Investment Management; $100 million to Partner Solutions/Wilson Joint Venture; and $25 million to HUSREF VII RTC Co-Investor, a co-investment fund managed by Harbert Management.
SWIB previously committed $100 million to Penwood Select Industrial Partners V in February 2018.
As of March 31, the core trust fund had a 10.1% allocation to real estate.