The State of Wisconsin Investment Board (SWIB) has approved $240m (€229.7m) of new real estate commitments, according to a board-meeting document.

One of the commitments was a $90m allocation to a joint venture with the Carson Companies to invest in industrial properties, the first time the pension fund has invested with the manager.

The pension fund said the property type had a “supply/demand balance, potential rent and demand growth, and good relative performance to other property types”.

SWIB will be the majority owner of any assets in the joint venture.

The ownership breakdown for the venture is 90% to the pension fund and 10% to the manager.

Carson’s strategy will be to invest in existing and development industrial properties in the US.

According to the manager’s website, it is an active player in industrial assets in Southern California, Houston, New Jersey and Philadelphia.

The other new commitment is $150m for the Heitman Debt Separate Account V. 

This is a follow-on investment for the pension fund, which has invested more than $450m with Heitman in the past.

Capital will be invested in whole loans backed by the major US property types.

Most of the deals for the account will be for more than $20m.

SWIB has a potential investment totalling $323m under review by its investment staff.

The commitments are $165m for a value-add separate account to invest in US hotel properties and $158m for a value-add separate account to invest in US medical office buildings.