SWIB to increase senior-living exposure and review $1bn of commitments

The State of Wisconsin Investment Board (SWIB) has expanded its senior-living separate account with Blue Moon Capital Partners and has $1bn (€878m) of additional real estate commitments under review for 2019.

A board meeting report shows the pension fund is committing a further $50m to the $100m it gave Blue Moon at the beginning of 2018.

The separate account – the first established by SWIB to focus on the senior-living market – focuses on core, stabilised properties.

The report also says SWIB is considering increasing its exposure to the sector by committing $150m in aggregate to two value-add, senior-living funds.

These fund investments form part of a $1bn of commitments due to be reviewed by the pension fund, the largest of which is a $300m allocatioin to an unnamed global opportunistic real estate fund.

The report said SWIB is also considering a $100m commitment to another opportunity fund.

The pension fund is also looking at investing in real estate debt, which could include setting up a $100m separate account to invest in debt backed against value-add office buildings in the US.

It is also considering investing $100m in an open-ended real estate debt fund that writes loans on core real estate in the US.

Other investments being considered include a $100m commitment to an open-ended industrial real estate fund, and an $80m joint venture to invest in medical offices.

Related images

  • Cedarbrook of Bloomfield Hills senior-housing community in Michigan

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