State of Wisconsin Investment Board (SWIB) is putting $235m (€202.5m) into US office strategies and is reviewing an additional $890m of potential commitments into real estate.
The pension fund said in a meeting document that it made a debt co-investment through a long-running separate account with Heitman by providing a $135m loan for an office building in Pasadena, California. SWIB also invested $100m into a value-add fund managed by Beacon Capital Partners.
As at the end of the first quarter, Beacon Capital Strategic Partners VIII fund had raised $1.08bn of capital, according to sources that track capital raising activities.
Beacon Capital had an initial target of $1.25bn, which was later increased to $1.5bn. The fund has a hard cap of $1.75bn. Strategic Partners VIII will be investing in office buildings in the US.
The fund manager declined a request for comment.
SWIB said an additional $890m of potential real estate commitments pipeline is currently being reviewed by its investment staff.
Six of the eight potential commitments are for core investment with one each for value-add and opportunistic investment.