State of Wisconsin Investment Board (SWIB) has hired Sentinel Real Estate Corporation to manage a $150m (€140m) separate account focused on US apartments, according to a board meeting report.
The pension fund told IPE Real Assets that Sentinel would need to gain approval for all investments made.
The mandate is to invest in core and core-plus apartments across the US.
Sentinel did not respond to a request for comment.
The new separate account is part of $543m of new real estate commitments made by the pension fund during the third quarter of the year.
Other investments include a $116m co-investment with Heitman focused on self-storage assets.
SWIB has also added a new real estate manager to its roster, hiring AIG Real Estate for the first time.
The pension fund is committing $100m to AIGGRE US Real Estate Fund IV, which pursues value-add investments across property types in the US.
AIG Real Estate declined to comment.
The pension fund also issued three commitments to BlackChamber Partners for investing in opportunistic real estate totaling $103m.
This included a $30m investment in BlackChamber Real Estate Opportunity Fund II and a $73m allocation for co-investments.
The third commitment was a $25m co-investment alongside the Barings Innovation & Growth Real Estate Fund, managed by Barings.