The State of Wisconsin Investment Board (SWIB) is planning to invest between $750m (€666m) and $1bn in real estate in 2016.
The US pension fund, according to a board meeting document, is to focus on income-producing properties.
The fund will target a mixture of office, industrial, retail and apartment assets, with a preference for the US and some capital invested internationally.
SWIB is planning to sell assets from its separate accounts and joint ventures.
It will also press managers of some of its closed-end funds to do the same.
The pension fund made $438m of new real estate commitments in the first quarter of this year, according to a board meeting document.
The commitments included funds, separate accounts and joint ventures.
SWIB made a $150m commitment to Lone Star Real Estate Fund V and a $100m investment into the CASA Partners VII.
The latter will invest in US apartments financed by tax-exempt bonds.
SWIB’s allocation is a follow-up commitment, having made the same-sized investment in 2013.
The pension fund has also made a $98m investment in the National Press Building in Washington DC through one of its separate-account managers.
A $90m commitment to the Carson Companies Industrial joint venture has also been made, with the manager focusing on assets in the US.
