State of Wisconsin Investment Board, Madison, disclosed about $1.7 billion in commitments and investments completed in the fourth quarter in a report included with materials for its upcoming March 19 board meeting.
Within the board's funds alpha asset class, which manages $162.8 billion in assets including the $139.5 billion Wisconsin Retirement System, invested $250 million each in an emerging markets debt hard currency portfolio and an emerging markets debt local currency portfolio managed by Pacific Investment Management Co.; and $50 million in Silver Point Select Overflow Fund, an equity hedge fund managed by Silver Point Capital.
Within real estate, SWIB committed $110 million to Bridge Logistics Value Fund II, a value-added real estate fund managed by Bridge Investment Group; $100 million to Berkshire Bridge Loan Investors–MF1 III, a real estate debt fund managed by Berkshire Residential Investments and Limekiln Real Estate; and $50 million to 1547 Data Center Fund III, a noncore real estate fund managed by fifteenfortyseven Critical Systems Realty.
SWIB also committed an additional $50 million to WESCO V, a real estate joint venture with Essex Property Trust. The board originally committed $150 million in 2017.
Within private equity, SWIB committed $100 million each to Ares Special Opportunities Fund III, a middle-market distressed credit fund managed by Ares Management; Sixth Street Sports & Live Entertainment, a buyout fund managed by Sixth Street Partners; large-cap buyout fund Thoma Bravo Fund XVI and middle-market buyout fund Thoma Bravo Discover Fund V; $75 million to middle-market buyout fund GTCR Capital Solutions Fund; $65 million to small-cap buyout fund New State Capital Partners Fund IV; $55 million to buyout fund LFM Capital Partners IV; €45 million ($49 million) to Nordic buyout fund Adelis Equity Partners Fund IV; $45 million to growth equity fund Avenue Growth Partners Fund II; and $40 million to buyout fund Godspeed Capital Fund III.
Also in private equity, SWIB made a follow-on commitment of $50 million to Audax Private Equity/Strategic Capital–SW, a customized multistrategy fund managed by Audax Group. The board previously committed $250 million to the fund in the first quarter of 2024 and $100 million in the fourth quarter of 2023.
SWIB also made follow-on commitments of $25 million each to middle-market buyout fund Lindsay Goldberg VI (SWIB originally committed $100 million); buyout fund PSG VI (originally committed $100 million) and Searchlight Capital Partners IV, a buyout fund managed by Searchlight Capital Partners ($75 million).
As of Dec. 31, the Wisconsin Retirement System core trust fund’s actual allocations to public equities, private equity/debt and real estate were 36.9%, 20.3% and 9.3%, respectively; their respective targets are 38%, 20% and 8%.
