State of Wisconsin Investment Board (SWIB) is considering up to $240m (€203.2m) in US new real estate commitments during the second half of the year, according to a board meeting document.
SWIB is reviewing commitments, including a $100m allocation to a core retail joint venture, representing a new manager relationship for the pension fund.
The pension fund is also considering a $100m commitment to a closed-end real estate debt fund managed by an existing partner to finance non-core assets and a $40m commitment to a non-core industrial fund.
At the close of 2025, SWIB’s real estate portfolio held a valuation of $12bn. When accounting for current unfunded commitments, the pension fund’s total exposure to the asset class reaches $15.1bn.
SWIB’s real estate portfolio missed its benchmark by 114 basis points over the past 12 months. However, the portfolio’s longer-term performance remains ahead of the NFI-ODCE Index, with outperformance of 325, 181 and 147 basis points over the three, five and 10-year periods, respectively.
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