The State of Wisconsin Investment Board (SWIB) is investing $300m (€275.7m) in value-add real estate, with a further $557m in its pipeline.
The US pension fund has approved a $150m commitment to Beacon Capital’s Strategic Partners Fund VII, as well as $100m to Aeroterm Fund and $50m to the Security Capital Preferred Growth fund.
The total amount of equity raised for the manager’s fund is nearly $1.4bn, including co-investment commitments.
A capital raise was completed earlier this month for the fund, which targets value-add US assets.
Seven transactions have so far been completed, which make up about one-third of the total investment capacity.
Six of the deals were sourced off-market, while two of the deals provide co-investment opportunities to the fund’s new and repeat investors.
The properties include 575 Fifth Avenue and 85 Broad Street in New York City, 515 North State Street and 1 North Dearborn in Chicago, 160 Federal Street in Boston, the Maritime Building in Seattle and 400-450 North Brand Boulevard in California.
SWIB considers the Aeroterm Fund as one with a value-added strategy.
Aeroterm invests in industrial real estate near airports in the US and Canada.
SWIB said the pension fund focused on securities issued by US public real estate companies in all tranches of the capital structure.
SWIB has four new investments in its pipeline that all involve investing in core US real estate – $200m into a retail fund, $132m into an office building separate account, $125m into a retail separate account and $100m into an apartment fund.
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