State of Wisconsin Investment Board (SWIB) has made $200m (€175.8m) worth of US real estate commitments, through investments in a data centre fund managed by Digital Realty and an apartment fund managed by FPA Multifamily.

The pension fund disclosed in a board meeting document that it has placed $150m into the non-core Digital Realty DC Partners NA fund and also approved a $50m commitment to the FPA Core Plus Fund VI fund.

The investment in the Digital Realty fund represents a new manager relationship for the pension fund. Digital Realty did not respond to a request for comment.

The commitment to the FPA fund marks the second investment SWIB has made to the apartment fund in the past year, following a previous allocation of $50m in October 2024.

FPA expects to raise $1.25bn for the fund focused on acquiring core-plus apartment assets at prices below replacement cost. The fund targets net levered internal rate of return of 9% to 11% and expects to employ 50% leverage.

SWIB disclosed in the meeting document that it has two additional US real estate joint venture commitments in its investment pipeline, each valued at $50m. One is expected to target non-core residential and the other non-core industrial opportunities.

SWIB declined a request for further comment.

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