State of Wisconsin Investment Board (SWIB) is backing a new opportunistic managed Lionstone Investments as part of $331m (β¬293m) worth of new real estate investments.
According to a board meeting document, the pension fund has committed $125m to the Lionstone Raleigh Development Partners, which will invest in mixed-use assets in the US on an opportunistic basis.
Lionstone declined to comment, but SWIB told ΒιΆΉΣ³» Real Assets that the fund was βattractive to the pension fund due to its compelling risk-adjusted returnsβ.
SWIBβs commitment could make up nearly a quarter of the fundβs capital-raising target, which has been set at $550m according to sources that track fundraising.
The pension fund has also approved a $100m commitment to the Hudson Single-Family Rental Fund, following a $150m commitment it issued in March last year.
SWIB said it made the additional commitment to the open-ended fund because it said the US single-family sector currently had βattractive fundamentalsβ.
SWIB has also invested $83m in the Crow Holdings Development Opportunities Fund I, which includes Illinois Municipal Retirement Fund among its investors and invests in various property types.
The pension fund has also invested $23m in the acquisition of a core apartment complex based in San Diego.
It is assessing a further $823m of potential commitments, $500m of which could be invested in industrial real estate funds, both open-ended core and closed-ended opportunistic vehicles.
A $150m commitment to a core-plus apartment fund is also being considered.
