State of Wisconsin Investment Board is looking to award a separate account mandate to invest in the UK residential market.
The pension fund could invest $100m (€87.6m) in a value-added strategy targeting apartments, according to board meeting documents.
The potential mandate is one of 14 real estate investments SWIB is reviewing and that could see the pension fund commit $1.48bn in real estate deals and funds.
The pension fund is considering core, value-add and opportunistic strategies in the US and globally. These could employed in the form of separate accounts, joint ventures, and closed-ended and open-ended funds.
SWIB has completed two real estate commitments worth $176m, including $76m to a separate account with AmCap, a company that focuses on investing in grocery-anchored shopping centres. AmCap Separate Account II follows on from a similar $150m separate account established last year.
It is also committed $100m office co-investment with one of its existing separate account managers.