The State of Wisconsin Investment Board (SWIB) has allocated nearly $1.2bn to private equity, private debt, and real estate investments in the third quarter of 2024, according to a report by Pensions & Investments, citing information prepared for its 11 December board meeting.
The board oversees $166.4bn in total state assets, including the $131.5bn Wisconsin Retirement System core trust fund.
SWIB committed approximately $865m to private equity and debt investments during the third quarter, targeting a diverse range of funds and strategies, including $100m each to Sterling Group Credit Fund III (private credit) and Sixth Street Specialty Lending Europe III (direct lending); $75m each to Blackstone Capital Opportunities Fund V (opportunistic credit), North Haven Capital Partners VIII (buyout, managed by Morgan Stanley Investment Management), and Peninsula Fund VIII (private credit); and €60m ($63m) to AshGrove Specialty Lending Fund II, a direct lending fund managed by AshGrove Capital.
The board also committed $50m each to Hughes Growth Equity Fund II (growth equity) and VMG Consumer VI (buyout), plus $25m to StoneTree Investment Partners Fund I, a lower-middle-market buyout fund.
In addition, SWIB made two follow-on commitments to existing private equity funds: $70m to Brandon Lane Partners Fund (a secondary private equity fund managed by Morgan Stanley Investment Management), adding to the $200m committed in 2023; and $50m to SPC Wilson Point (a buyout fund managed by Stone Point Capital), following previous commitments of $150m in 2021 and 2023.
The board also completed six undisclosed private equity co-investments totalling $115m, spanning industrials, consumer, energy, and information technology sectors.
As of September 30, private equity and private debt accounted for 17.5% of the core trust fund’s portfolio allocation.
