State of Wisconsin Investment Board (SWIB) has increased its US real estate portfolio exposure by making two new commitments totalling $95m (€82.8m) to strategies managed by Beacon Capital Partners and Carson Companies.
The pension fund disclosed in a board meeting document that it made a $50m commitment to the Beacon Capital Strategic Partners 9 value-add office fund and placed $45m into the Carson Industrial JV II joint venture.
SWIB’s commitment to the Beacon Capital fund stands out among large US public pension funds, as few are currently increasing their office exposure.
Many limited partners are seeking to reduce their holdings in office assets due to the property type’s recent underperformance.
Beacon Capital declined a request for comment.
The Carson industrial joint venture invests in non-core industrial assets. Carson is known for investing in key labour and distribution markets in California, New Jersey, Pennsylvania and Texas.
SWIB disclosed in the meeting document that it has two US residential real estate commitments under review by its investment staff, which involve a possible $100m allocation to a core open-ended fund and a $60m investment in a non-core joint venture.
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