State of Wisconsin Investment Board (SWIB) has approved a $100m (€84.6m) commitment to form a distressed hotel investment joint venture with Barings, according to the pension fund’s meeting document.

The pension fund told IPE Real Assets that the Barings Distressed Hotel Opportunity Venture is expected to invest in a variety of hotel assets including a “range of product types focused on markets/submarkets with good underlying demand characteristics”. 

All of the investments for the venture will be with existing assets.

“The pension fund feels comfortable investing in hotels now based on its assessment of the pandemic rebound with the property type,” SWIB said.

Barings did not respond to a request for comment.

According to the meeting document, SWIB has also made a $215m co-investment to US Cities Office Fund, a Nuveen Real Estate fund launched earlier this year. Nuveen declined a request for comment.

SWIB also issued a $300m commitment to Wilson DWS Senior Finance, a construction loans fund managed by DWS.

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