State of Wisconsin Investment Board, Madison, disclosed just under $1.2 billion in commitments completed during the third quarter in a report included with materials for its Dec. 11 board meeting.
Within real estate, the board, which oversees a total of $166.4 billion in state assets including the $131.5 billion Wisconsin Retirement System core trust fund, committed $150 million to Lone Star Real Estate Fund VII, an opportunistic real estate fund managed by Lone Star Funds; and $50 million each to FPA Core Plus Fund VI, a core-plus multifamily real estate fund managed by FPA Multifamily, and RLIF Co-Investment Fund II, a co-investment fund managed by Realterm.
Also, the board made a follow-on commitment of $50 million to real estate debt fund Heitman Real Estate Debt Partners III. SWIB originally committed $100 million earlier in 2024.
Another follow-on commitment was $21 million to open-end industrial real estate fund Realterm Airport Logistics Properties. SWIB has previously committed $26 million each to the fund in 2022 and 2020.
As of Sept. 30, the core trust fund’s actual allocation to real estate was 8.1%.
Within private equity/debt, the board committed $100 million each to Sterling Group Credit Fund III, a private credit fund managed by The Sterling Group, and Sixth Street Specialty Lending Europe III, a direct lending fund managed by Sixth Street Partners; $75 million each to opportunistic credit fund Blackstone Capital Opportunities Fund V, North Haven Capital Partners VIII, a buyout fund managed by Morgan Stanley Investment Management, and Peninsula Fund VIII, a private credit fund managed by Peninsula Capital Partners; €60 million ($63 million) to AshGrove Specialty Lending Fund II, a direct lending fund managed by AshGrove Capital; $50 million each to Hughes Growth Equity Fund II, a growth equity fund managed by Hughes & Co., and VMG Consumer VI, a buyout fund managed by VMG Partners; and $25 million to StoneTree Investment Partners Fund I, a lower-middle-market buyout fund.
The board also made a follow-on commitment of $70 million to Brandon Lane Partners Fund, a secondary private equity fund managed by Morgan Stanley Investment Management. SWIB previously committed $200 million to the fund in 2023.
Another follow-on commitment was $50 million to SPC Wilson Point, a buyout fund managed by Stone Point Capital. SWIB previously committed $150 million each to the SPC fund in 2023 and 2021.
The board also completed six undisclosed private equity co-investments: $30 million to an industrials co-investment, $28 million to a consumer co-investment, $25 million to an energy co-investment, $20 million to an industrials co-investment, $10 million to an industrials co-investment and $2 million to an information technology co-investment.
As of Sept. 30, the core trust fund’s actual allocation to private equity/debt was 17.5%.
