State of Wisconsin Investment Board (SWIB) has made five new real estate fund investments worth $321m (€296.8m) in total, the pension fund disclosed in a board meeting.
The $156bn pension fund placed $150m into the Lone Star Real Estate Fund VII fund, approved $50m each into the FPA Core Plus Fund VI US apartments fund, Heitman Real Estate Debt Partners III and the Realterm-managed RLIF Co-Investment Fund II core US industrial fund.
SWIB has also made a $21m commitment to Airport Logistics Properties, a Realterm-managed core open-ended North America industrial fund.
As reported last month, Lone Star Funds raised $2.7bn for its latest global opportunistic and value-add commercial real estate fund.
FPA Multifamily is seeking to raise $1bn for its latest core-plus US multifamily fund to acquire apartments that can achieve a net internal rate of returns of 9% to 11%.
SWIB’s latest commitment of $50m to the Heitman fund follows an initial $100m commitment made in March of this year. The fund targets a $1bn fundraise to invest in a variety of debt structures to invest the capital including subordinate debt, senior bridge loans and senior construction loans.
SWIB also disclosed in the meeting document that it is considering three more non-core real estate investments worth $200m in total. These investments include a $100m investment in a US industrial fund, and two $50m possible investments in US speciality and domestic debt funds.
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