State of Wisconsin Investment Board (SWIB) has approved to lower its real estate target allocation from 8% to 7%, according to a meeting document.
The $147.3bn pension fund has also increased its private equity/debt from 11% to 12%.
The pension fund told IPE Real Assets in October that “the recommendation change is driven by the current market values across asset classes and pacing assumptions for future capital deployment”.
As of the third quarter of the year, SWIB’s real estate portfolio was valued at $9bn or 6.9% of the total plan. The targeted range allowed for real estate is 5% to 11%.
SWIB has issued a $47m (€41.5m) commitment to the Campus at SGV Venture. This capital is being used to acquire a core office building in the greater Los Angeles market. MetLife Investment Management, the manager of the separate account investment, declined a request for comment.
SWIB also reveal in the meeting document that it made a $15m investment into its private debt portfolio to target US distribution/cold storage portfolio opportunities.
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